An emotional open letter to Ripple CEO Brad Garlinghouse and CTO Emeritus David Schwartz has set off a wide debate in the XRP community. The question at its centre: what, if anything, does Ripple owe the people who hold XRP?
What The Letter Says
The letter was posted on X by an XRP holder. It argues that the community stood by Ripple through years of uncertainty, negative headlines and the long legal fight with the SEC, and that this support should now be rewarded.
The writer says:
- XRP holders “fought the same war” as Ripple and backed it during the lawsuit
- Ripple has focused on RLUSD, its dollar stablecoin, and other business lines at XRP’s expense
- Ripple should take market action to help lift XRP to what the writer called its fair value of $15 to $20
Many Holders Push Back
The letter drew a large number of replies, and many disagreed with it.
Several holders said Ripple has no obligation to raise the XRP price. One said people bought a commodity, not a share of the company, and pointed out that Ripple, not retail holders, paid the legal fees in the SEC case. Another noted that Ripple holds a large amount of XRP, so the company has its own reasons to want a higher price.
Others were more sympathetic. Some said they understood the frustration after years of waiting for a breakout that has not yet come.
Bill Morgan: “That Is On You”
Bill Morgan, a lawyer well known in the XRP community, pointed to a contradiction. During the lawsuit, he said, many holders insisted they did not rely on Ripple’s efforts to grow XRP’s value. That position helped Ripple’s legal defence, because reliance on another party’s efforts is a key test for whether an asset counts as a security.
Now, Morgan said, many of those same holders criticise Ripple for focusing on RLUSD instead of XRP. Anyone who bought at the top of the cycle because influencers promised $10, $20 or $100 XRP should take responsibility for that decision, in Morgan’s view.
The Escrow Question
Morgan also raised Ripple’s XRP escrow, a frequent target of criticism. In December 2017, Ripple locked 55 billion XRP into 55 escrow contracts. Ripple was allowed to release part of each month’s supply and lock the rest away again.
Morgan said that if Ripple had simply released 1 billion XRP every month, the escrow would have run out by the second half of 2023. About 95% of XRP’s total supply would then be in circulation, and the long-running complaints about Ripple “dumping” escrowed XRP would have ended.
Why The Debate Matters
The exchange shows a long-standing tension in the XRP community. Ripple is a private company with its own business goals, while XRP holders own a separate asset whose price Ripple does not control. As Ripple expands into stablecoins, custody and banking, that gap in expectations is likely to keep coming up.
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