XRP Faces Criticism Amid Digital Euro Speculation

The XRP Ledger has become a focal point of heated discussions, as speculation grows about its potential involvement in the European Central Bank’s (ECB) upcoming digital euro project. The controversy has drawn biting criticism from financial commentator Gary Cardone, who likened XRP to a second wave of COVID-19 in the financial world.

Cardone’s comments come amid chatter that the ECB might consider launching its digital euro on the XRP Ledger (XRPL). Although there has been no official confirmation from the ECB, the speculation has stirred a sharp divide in the crypto space.

In a fiercely worded tweet, Cardone argued that XRP would align with authoritarian regimes to ensure its own survival. He harshly criticized ECB President Christine Lagarde, calling her “Ms. Cringe” and accusing her of designs to turn Europe into a “prison continent.” According to Cardone, XRP and its potential alignment with institutions like the ECB represent “COVID-19 Part Two in finance.”

He went further to imply that supporting XRP was akin to backing “European warmongers,” illustrating a deep ideological rift among crypto investors. His comparison cast XRP as a threat to financial freedom, drawing a line between centralization and the decentralized ethos that underpins the cryptocurrency movement.

At the heart of this debate is the concept of central bank digital currencies (CBDCs), which many in the blockchain community view as instruments for governmental oversight. Critics argue that CBDCs contradict blockchain’s decentralized principles, raising alarms about privacy and freedom. Yet, there’s a contrasting narrative from enthusiasts who see institutional adoption, like partnering with central banks, as crucial for blockchain’s mainstream success.

Despite the skepticism, the rumor of XRPL’s potential role in the ECB’s digital euro has sparked excitement among Ripple supporters. A recent blog post emphasized that the XRP Ledger is more than just its native digital asset, highlighting its broader applicability in real-world financial infrastructure.

The XRP community hasn’t taken Cardone’s accusations lightly. Robert Doyle, known in crypto circles as Crypto Sensei, responded by stating that there is no verified information supporting claims that the ECB has chosen any specific blockchain platform, including XRP Ledger. According to Doyle, while the ECB plans to proceed with a digital euro — pending European Parliament approval — no technological framework has been selected.

Doyle was quick to mention that Ripple has successfully formed relationships with multiple central banks across the globe. Notably, nations like Georgia and Palau have already opted for Ripple’s technology in their own digital currency trials. This context casts XRP and its underlying ledger as actively engaged, though not yet officially aligned with the ECB.

Adding to the chorus of rebuttal, crypto influencer Moon Lambo fiercely defended XRP’s reputation. He accused Cardone of either being deceived by misleading narratives or intentionally spreading disinformation. Referencing the ECB’s official stance, Lambo clarified that no final decisions regarding the rollout or technology partner for a digital euro have been made.

Moon Lambo went on to describe Cardone’s attitude as symptomatic of an “XRP Derangement Syndrome,” contending that Cardone might be more interested in ideological warfare than in actual facts. He urged public figures to maintain integrity in their opinions as spreading misinformation only damages trust in the broader crypto ecosystem.

In a more reflective take, attorney Bill Morgan emphasized the irony in the notion that the XRP Ledger — a permissionless and transparent blockchain — could be cast as aligning with authoritarian interests. According to Morgan, such claims overlook the fundamental openness of XRPL and misconstrue its potential uses in both public and private sectors.

Related: Expert Advice: Sell XRP If You’re Confused

At present, while enthusiasm and skepticism persist, there remains no definitive word from the ECB about which platform it will use—if any—for the digital euro. The debate underscores the fault lines between crypto purists and those welcoming institutional integration, with XRP positioned squarely at the center of this evolving narrative.