Forbes Magazine has labeled XRP and Ripple Labs as “good-for-nothing” and “zombie” projects in a recent critical report. The analysis focused on crypto projects with billion-dollar valuations, with XRP and Ripple taking center stage.
The report delved into Ripple’s history, highlighting its aim to revolutionize global finance by enabling fast and cost-effective money transfers for banks. However, Forbes claimed that Ripple’s leadership created 100 billion XRP tokens and sold $1.4 billion worth to the public to fund their ambitious plans.
Despite XRP’s market capitalization exceeding $36 billion and ranking as the sixth most valuable cryptocurrency, Forbes dismissed it as “good-for-nothing.” The report suggested that its trading volume of around $2 billion per day is driven more by speculation than utility.
Forbes also argued that Ripple has failed to meet its objective of surpassing SWIFT, the global system used for interbank transfers. It noted that Ripple’s pilot programs with central banks in countries like Georgia and the Republic of Palau have not resulted in widespread adoption of its technology.
Furthermore, Forbes contended that Ripple faces competition from more efficient blockchain-based international payment solutions, such as stablecoins like USDT.
Interestingly, the crypto community seemed unfazed by Forbes’ criticism, with some interpreting it as a bullish signal. They pointed out inconsistencies in Forbes’ analysis, citing previous instances where the magazine listed XRP, Cardano, and even meme coin Shiba Inu as recommended financial instruments.
Forbes also deemed other blockchain projects as “zombies” and “good for nothing,” including Cardano (ADA), Bitcoin Cash (BCH), Litecoin (LTC), and Stellar (XLM), among others.