An emotional open letter addressed to Ripple's CEO Brad Garlinghouse and honorary member CTO David Schwartz has sparked widespread discussion within the XRP community. At the heart of the debate is: does Ripple owe something to the owners of XRP to some extent?

What is written in the open letter?

This letter was posted on X by a holder with the identifier XRP. The letter states that the community has been supporting Ripple throughout years of uncertainty, negative media coverage, and a protracted legal battle with the U.S. Securities and Exchange Commission (SEC), and that such support should now be rewarded.

The author states:

• XRP holder "fought the same battle" as Ripple and supported it during the litigation period.
• Ripple focused on RLUSD, a US dollar-stabilized coin, as well as other business areas, at the cost of sacrificing XRP.
• Ripple should take market action to help push XRP to the fair value of $15 to $20, as mentioned by the author.

Many holders expressed their opposition.

This letter drew a large number of responses, and many people did not agree with it.

Some holders argue that Ripple has no obligation to drive up the price of XRP. Some people say that what people buy is a commodity, not shares of a company, and point out that in the SEC case, it was Ripple that paid the legal fees, not the retail holders. Others mention that Ripple itself holds a large amount of XRP, so the company also has its own reasons to hope for a higher price.

There are also people who can better understand the stance of this letter. Some people say that they understand the sense of frustration that arises after years of waiting for a breakthrough, which never comes.

Bill Morgan: The responsibility lies with you.

Lawyer Bill Morgan, who is quite well-known in the XRP community, pointed out a contradiction. He said that during the litigation period, many holders insisted that they did not rely on the efforts of Ripple to increase the value of XRP. Morgan stated that this stance helped with the legal defense of Ripple, as whether one relies on the efforts of another party is one of the key criteria for determining whether an asset qualifies as a security.

And now, Morgan says that it's these very same holders who criticize Ripple for focusing on RLUSD rather than XRP. In his view, anyone who buys at a high point in the cycle because of internet celebrities' promises that XRP will rise to $10, $20, or even $100, should be responsible for their own decisions.

Managed Account Issues

Morgan also mentioned the XRP custodial account of Ripple, which is also a topic that frequently comes under criticism. In December 2017, Ripple locked 55 billion XRP coins into 55 custodial contracts. Ripple was allowed to release a portion of this supply each month and re-lock the remaining amount back in.

Morgan indicates that if Ripple initially released only 1 billion XRP per month, then the managed accounts would be depleted in the second half of 2023. By then, approximately 95% of the total supply of XRP would be in circulation, and the long-standing complaints about "selling off" managed XRP surrounding Ripple would also come to an end.

Why is this debate important?

This confrontation reveals the long-standing tensions within the XRP community. Ripple is a private company with its own business objectives, while the owners of XRP possess an independent asset whose price is not controlled by Ripple. As Ripple continues to expand into stablecoins, custodial services, and banking operations, such expected disparities are likely to continue to emerge.

CoinPedia Trust Explanation

CoinPedia has been providing accurate and timely updates on cryptocurrencies and blockchain since 2017. All content is created by its team of expert analysts and journalists, and follows strict editorial guidelines based on E-E-A-T (experience, professionalism, authority, credibility). Each article undergoes fact verification against reliable sources to ensure accuracy, transparency, and reliability. Its review policy guarantees a fair assessment when recommending exchanges, platforms, or tools. The website is committed to providing all timely updates on cryptocurrencies and blockchain, covering everything from startups to industry giants.

Investment Disclaimer:All views and opinions shared in this text represent solely the author's perspective on the current market conditions. Please conduct your own research before making any investment decisions. Neither the author nor the publisher assumes any responsibility for your financial choices.

Sponsorship and Advertising:Sponsored content and affiliate links may appear on the website. Advertisements will be clearly marked, and the editorial content is completely independent of advertising partners.