In a sharp escalation of tensions within the cryptocurrency sector, Messari founder Ryan Selkis has intensified his criticism of Ripple, warning about its potential impact on the Trump administration’s cryptocurrency initiatives.
The latest development comes amid reports of Ripple’s growing influence and XRP’s significant market performance.
XRP is now bigger than Salesforce and approaching BofA in market cap.
+ Top 30 US company.
+ Twice the value of Uber.
+ Bigger than Shopify, PayPal, and Microstrategy combined.
+ 5x the size of Coinbase.Ripple’s crash and scandals will take down the entire crypto agenda in DC.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) January 16, 2025
Market Valuation Raises Concerns
Selkis expressed serious concerns about XRP’s recent market performance in a post on X on January 16. According to his analysis, while XRP’s market capitalization has reached significant milestones, Ripple might cause its downfall.
Selkis noted that XRP’s valuation exceeded Salesforce and was approaching Bank of America’s market capitalization. Although XRP’s market cap has surpassed Disney’s , current market data indicates XRP’s actual market cap stands at approximately $187.73 billion, notably below Salesforce’s valuation of over $300 billion.
Selkis also emphasized XRP’s substantial market presence. He compared it to several other major corporations. He noted that the cryptocurrency’s current valuation surpasses the combined market capitalization of prominent technology companies including Shopify, PayPal, and MicroStrategy, claiming it has reached five times Coinbase’s value.
Political Implications and Corporate Strategy
Selkis’s criticism coincides with recent developments in Washington, DC, where Ripple CEO Brad Garlinghouse and Ripple CLO Stuart Alderoty met with President-elect Donald Trump .
There are rumors that during this meeting, Garlinghouse proposed expanding Trump’s planned national Bitcoin reserve to incorporate additional cryptocurrencies.
While the Trump transition team has not officially confirmed these discussions, market speculation about potential inclusion has contributed to XRP’s price appreciation, bringing it to $3.39, its highest level since 2018.
Centralization Concerns Intensify
The cryptocurrency community’s concerns about Ripple extend beyond market valuations. Critics, including Selkis, point to fundamental issues regarding the project’s centralization. The primary point of contention centers on Ripple’s substantial holdings of XRP and its significant influence over the network’s development.
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These factors have led some industry observers to question whether Ripple accurately represents the decentralized principles that underpin cryptocurrency technology. However, Ripple CTO David Schwartz has debunked this claim multiple times, explaining how XRP is decentralized.
Personal Motivations Under Scrutiny
In a separate statement explaining his opposition, Selkis criticized Ripple’s leadership, specifically targeting chairman Chris Larsen and CEO Brad Garlinghouse. He suggested their motivations transcend financial success, claiming they “lust for power.”
While Selkis has no problems with XRP holders, he believes Ripple will be the downfall of XRP. However, Garlinghouse has been outspoken about progressing the entire crypto market, and while Ripple’s focus is on XRP, major developments like its victory over the SEC and influence in government set positive precedents for the crypto market and not just XRP.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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