First, the utility gap is real. RippleNet works without $XRP . Most banks that “partner” with Ripple use messaging and settlement software, not the token. On Demand Liquidity sounds great on paper, but adoption has been thin and very corridor specific. When banks can settle instantly with fiat rails or stablecoins, XRP stops being necessary.
Second, the bridge asset narrative aged badly. Back when nostro vostro accounts were slow and expensive, XRP made sense. Today, instant payment systems, CBDC pilots, and regulated stablecoins do the same job with less volatility risk. Volatility alone makes treasuries uncomfortable holding XRP even for seconds.
Third, demand is mostly speculative. Price moves track retail cycles, narratives, and supply events far more than usage metrics. Token unlocks and Ripple’s treasury sales matter more to price than transaction growth. That’s not how a “utility token” is supposed to behave.
But here’s the part people miss.
XRP isn’t useless. It’s just not essential.
Ripple pivoted away from making XRP mandatory years ago because banks won’t touch forced exposure to a volatile asset. That decision kept Ripple alive as a company but quietly sidelined the token. XRP now survives as a liquidity option, not a core rail.
So the real issue isn’t that $XRP failed. It’s that the market kept pricing it like a settlement backbone when it’s really a speculative asset with optional utility.
That gap between narrative and reality is why frustration keeps building.
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