XRP Prices Struggle Amid XRPL Exit Exodus: Ripple CTO Offers Insights

• XRP Ledger is hit with another departure as Dev Null Productions announces to be exiting soon after Alloy Network made the same decision. 

• According to the firm, Ripple leadership has prioritized personal gains over the interest of retail investors, disclosing their lack of belief in the digital asset. 

Following the recent departure of Alloy Network from the XRP Ledger (XRPL), an engineering firm focused on delivering reliable digital solutions, Dev Null Productions has announced that it will no longer be contributing to the ecosystem. According to the firm, it would no longer be supporting XRP nor would it recommend it to any individual or organization. 

Dev Null Productions Explains its Reasons for the Departure

In a long post titled “ The end of an era: Adieu XRP”, the firm highlighted some of its remarkable contributions to the XRPL over the last six years which include rippled source code, rippled analysis, xrpintel, Ledger City, etc. Its justification as reviewed by CNF discloses a major gap in the Ripple leadership which puts the future of the ecosystem in disarray. To begin with, Dev Null Productions accused the Ripple leadership of a lack of trust in the digital asset. According to them, this is evident in their recent decision to sell their XRP at the expense of retail investors. 

This action has shown that those at the helm do not believe in the digital asset strongly enough to forsake short-term monetary gains, which are being bestowed on them from the backs of the hard-working community. Sure they talk the good talk when in front of an audience or a TV camera, but actions speak louder than words, and the lack of transparency and accountability to those to whom they completely owe their success speaks louder than any prepared remarks ever can.

Speaking of this, Dev Null Productions also accused XRPL Foundation (XRPLF) of prioritizing their objectives to the detriment of the supportive community. According to them, the Foundation is responsible for managing funds meant for the general well-being of the ecosystem. Unfortunately, it has chosen to focus on “wallet and proprietary services sold by their private organization”. The post further accused those at the helm of affairs of consistently ripping off the innovations of others and passing them as their projects. With this, Dev Null Productions found it “shameful and dishonorable” to those who are supposed to be leaders of a Non-Profit Foundation. 

Concluding the justification, the firm disclosed that its decision to depart from the XRPL ecosystem in a way has to do with being fed up with the project remaining unprogressive over the years in terms of performance. An expert has also dived into some of these reasons as recently reported by Crypto News Flash. 

Finally, we are sick of losing to other assets. XRP is always lagging in terms of performance in the markets, and as the old Wall Street adage goes, don’t marry a position. If one thinks the eventual adoption by banks will result in a price increase… you thought wrong dude. The proof is in the pudding, a good trader knows when to cut his losses (or better yet, gets out when he is ahead.)

Ripple CTO Responds 

Responding to this post on X, Ripple CTO David Schwartz explained that it is almost impossible to avoid selling the asset even if they want to hold. Referring to a post made in 2021, Schwartz cited an example that when he receives a 1 million XRP bonus from Ripple, he would have no option but to sell half of it quickly since his marginal tax rate for earned income is around 50% of the distribution. However, he did not respond to the rest of the accusations raised by Dev Null Productions. 

At press time, XRP had reacted badly to the ongoing development as it declined by 4% in the last 24 hours to trade at $0.62.