Crypto Expert Sets Record Straight, Says XRP Exists Before Ripple; “XRP Not Created for Banks”

Prominent crypto author Panos Mekras took to X to address the prevailing negative sentiment surrounding XRP within the crypto community.

Mekras emphasized that while individuals are entitled to their opinions, facts should remain constant. “You can have your own opinion but not your own facts,” he noted, opening the discussion.

You can have your own opinion, but not your own facts.
• $XRP exists before Ripple and will continue to exist after it.
• XRP was not created for banks, but to empower individuals and DeFi.
• XRP is not and can never itself be a security.
• XRP Ledger is decentralized with…

— Panos ????{X} (@panosmek) December 15, 2023

XRP Exists Before Ripple

The first point the renowned author countered was the frequently misconstrued relationship between XRP and Ripple. In particular, Mekras argued that XRP Ledger with the native token XRP existed before Ripple came into the limelight of the crypto space. 

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This view seeks to clarify the independence of XRP and Ripple, as many crypto market participants often falsely state that Ripple is the company behind XRP.

To emphasize, Ripple is a crypto payment firm based in San Francisco. In contrast,  XRP is the native asset of the XRP Ledger blockchain. Additionally, Ripple is one of the thousands of crypto firms utilizing XRPL, and by extension, XRP, for payment solutions.

XRP Not Created for Banks

Furthermore, Mekras underscored the original purpose of XRP, stating: “XRP was not created for banks, but to empower individuals and DeFi.” 

This assertion aimed to counter the perception that XRP was exclusively designed for institutional use amid Ripple’s use of XRP to facilitate cross-border payment services for institutions. 

As a result, Mekras emphasized XRP’s broader utility in empowering individuals and contributing to decentralized finance (DeFi) initiatives.

Besides, Mekras reiterated XRP’s clear regulatory status in the United States. “XRP is not and can never itself be a security,” Mekras proclaimed. This statement aimed to reaffirm XRP’s unique position in the digital asset space.

XRP Ledger Not Centralized

Also, Mekras stressed the decentralization of the XRP Ledger. Specifically, he remarked: “XRP Ledger is decentralized with hundreds of nodes and projects worldwide,” emphasizing the widespread participation in maintaining the network.

Lastly, Mekras touched on the deflationary nature of XRP. He noted that no more than the 100 billion units already in circulation will be created.