XRP Was Created To Destroy ‘Bank’s Monopoly,’ Says Mekras, Ripple CTO Agrees

Ripple CTO David Schwartz recently concurred with the author of “Understanding the Crypto Economy,” Panos Mekras, regarding the position of XRP. 

In a recent tweet, Mekras provided his viewpoint on the role of XRP, stressing that its purpose did not revolve around banks or aiding financial institutions. 

Instead, XRP was explicitly crafted to disrupt their monopoly and provide individuals with an enhanced peer-to-peer (P2P) transaction experience.

Panos Highlights Ripple Cutting-Edge Features

Panos highlighted Ripple’s earlier version, OpenCoin, which aimed to develop a P2P credit network and open payment system on the XRP Ledger (XRPL).

The financial expert explained that Ripple’s objective was to empower individuals by providing them with an alternative to the limitations imposed by traditional financial networks. 

He highlighted issues like high fees, currency exchange charges, and delays commonly associated with credit cards, PayPal, and other institutions.

Panos added that Ripple’s intention was not to assist banks and financial institutions even though they eventually shifted their focus towards the cross-border payments and banking system.

Instead, they aimed to level the playing field for smaller banks and disrupt the dominance of the ‘SWIFT cartel’ controlled by larger institutions.

Panos Raises Concerns Over XRP Community Misconceptions

Further, Panos expressed disappointment over certain members of the XRP community who still harbor misunderstandings about the token’s intended use. 

According to Mekras, these misconceptions originated from Bitcoin maximalists and were later disseminated by self-proclaimed “XRP influencers” and YouTubers, spreading false narratives.

Mekras emphasizes the importance of staying grounded in reality and acknowledges XRP as a tool intended to empower individuals dissatisfied with centralized entities’ limitations and high fees. 

XRP’s core purpose is to liberate people from the control of these institutions and restore power to individuals. 

The decentralized nature of the XRPL enables anyone, including individuals, businesses, and banks, to leverage its features based on their specific needs and preferences.

Notably, Mekras attracted many XRP supporters, including Ripple CTO David Schwartz, who tweeted, “100% agree with that thread. Awesome description!”

Another user supported Mekras, saying, “Well said, mate, and spot on. Too many have the facts twisted and have lost their way. To give the people power and sovereignty over their own lives and finances is the ultimate goal, and we all have a part to play.

XRP Price Shows Positive Momentum Despite Regulatory Challenges

XRP’s recent performance has been marked by volatility, influenced by regulatory scrutiny affecting the broader cryptocurrency industry. Initially reaching a significant level of $0.500 on May 30, XRP faced challenges due to uncertainty surrounding the industry’s future. 

Nonetheless, displaying resilience, the market has witnessed XRP reclaiming and surpassing the $0.500 threshold once more. As of the time of writing, the asset is trading at $0.519, representing an increase of 1.90% in the last 24 hours.

Notably, the asset is up by 21.05% in the last 30-Day trading period indicating a strong momentum from the XRP Community. This price movement suggests that investors and traders are still optimistic about the future of XRP, despite the regulatory challenges.

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