XRP’s long-term utility has again come under scrutiny after market analyst Rajat Soni, CFA, argued that the token lacks the attributes required for sustained institutional adoption. His assessment centers on decentralization, regulatory stability, and structural incentives within the XRP ecosystem.
Moreover, he noted that banks would lean toward USD-backed stablecoins or Bitcoin-linked settlement assets rather than incorporate XRP into their core payment infrastructure.
Centralization Claims Renew Pressure on XRP
Soni argued that XRP’s supply structure continues to challenge its credibility among financial institutions. He maintained that Ripple’s sizable holdings complicate efforts to create predictable market conditions and heighten concerns about supply-side risk. According to him, token sales tied to corporate operations may restrict XRP’s ability to support durable price formation.
He also identified speculation as the dominant driver of XRP’s valuation. Despite years of development, he says transactional demand remains limited relative to other large networks. He warned that heightened U.S. regulatory scrutiny could fuel volatility and amplify uncertainty for banks already navigating strict compliance requirements.
In contrast, he described Bitcoin as a more robust settlement option, citing decentralized governance and broadly distributed ownership as advantages during regulatory shocks.
Soni added that institutions increasingly prefer USD-backed stablecoins due to liquidity depth and operational alignment with existing payment standards. He also said that he expects banks to continue prioritizing regulated, dollar-based tokens over integrating XRP into their core workflows.
Institutional Backing Argument Gains Traction
A contrasting view emerged from market commentator John Squire, who challenged the narrative by pointing to the breadth of institutions that have interacted with XRP’s technology stack. He suggested that critics overlook the scale of enterprise-level pilots, studies, and technical evaluations involving Ripple or XRP-adjacent systems.
XRP is a scam:
🐋 BlackRock, Vanguard, Fidelity
🏦 JPMorgan, BofA, Goldman Sachs, Citi, HSBC, Santander, UBS, Deutsche, BNY Mellon, Standard Chartered
📊 Grayscale
💳 Mastercard & Visa
📈 Nasdaq & ASX
💼 Ripple Liquidity Hub + 100+ ODL partners worldwide
🏢 Interbank, Westpac,… https://t.co/IIYfyN7Lph— John Squire (@TheCryptoSquire) November 13, 2025
Squire highlighted engagement from major asset managers and banks, referencing names such as BlackRock, Fidelity, JPMorgan, HSBC, Goldman Sachs, and BNY Mellon. He suggested that their participation in research and testing phases reflects an ongoing institutional interest in cross-border settlement tools linked to Ripple’s infrastructure.
He also noted involvement from global payment firms, stock exchanges, and corporate networks, including Visa, Mastercard, Nasdaq, and ASX. In his view, the breadth of entities engaging in Ripple-connected solutions signals more meaningful traction than critics acknowledge.
Additionally, Squire points to Ripple’s Liquidity Hub and more than 100 On-Demand Liquidity partners as evidence of commercial deployment. He stressed that central banks and multilateral bodies, including the World Bank, IMF, BIS, SWIFT, and monetary authorities such as the Federal Reserve, Bank of England, RBI, SAMA, and MAS, have participated in consultations, pilots, or technical studies related to emerging digital settlement models.
The CoinRemark Team
Evans Kelvin
