Forbes Says XRP Has No Purpose, Calls XRPL a Ghost Chain

A recent article published by Forbes has criticized Ripple and the XRP Ledger, referring to the XRPL and 19 other blockchain networks as “functional ghost chains.” Despite the XRPL’s sustained popularity, with over 5.1 million wallets hosted on the network, Forbes dismisses it as a “zombie chain” with little utility. However, industry experts have criticized Forbes for their unfavorable characterization, highlighting the success of the XRPL in the remittance scene and its growing adoption for cross-border settlements. The article also refers to XRP as “useless” despite its $36 billion valuation, basing this claim on the accumulated transaction fees, which were notably low due to the XRPL’s extremely low fees compared to traditional payment systems. Critics argue that the XRPL’s low fees and limited transaction fee revenue are actually commendable traits for the network. Furthermore, Forbes compiled a list of 20 “zombie chains,” including XRP, Bitcoin Cash, Cardano, and Litecoin, while only recognizing Bitcoin and Ethereum as networks with sufficient utility. The article has faced backlash from industry pundits, who argue that the author, Steven Ehrlich, lacked thorough research.