Flare CEO Pushes Back Against XRP ‘FUD’

The Flare CEO emphasized that $XRP holders should instead concentrate their efforts on finding ways to improve the usability of the cryptocurrency.

In this context, Philion said that $XRP holders need to consider three main questions.

The first question is what $XRP holders are actually doing to utilize their $XRP holdings. The second is how they can convince potential investors to hold $XRP.

Finally, the third point that the Flare CEO mentioned is that the $XRP community should find a way to transform $XRP from a predominantly speculative asset into usable capital.

“And that’s part of the reason we created Flare because we feel like there’s always been more that can and should be done with $XRP,” the Flare CEO added.

Besides, the Flare CEO also invited $XRP holders to try Flare. According to Philion, it’s a way to make $XRP less dependent on Ripple.

The Flare CEO’s statements come amid increasing frustration around $XRP and the lackluster performance of the cryptocurrency.

Over the past year, the price of $XRP has gone down by around 50%, and at press time, the price of the cryptocurrency stands at $1.16.

Recently, Ripple’s former chief technology officer David Schwartz also faced some criticism over the poor performance of $XRP. Schwartz noted that his influence on the $XRP price was very limited.

Flare CEO addresses $FLR usability issues

One X user raised a question about whether $FLR holders are doing enough to demonstrate the value of the cryptocurrency, especially when it’s possible for $XRP holders to use Flare’s decentralized finance ecosystem without purchasing $FLR.

Still, Philion dismissed the claim that there is no need for $FLR when using FXRP (a tokenized version of $XRP on Flare).

“It’s incorrect btw that you can use FXRP without needing $FLR,” the Flare CEO clarified.

According to Philion, what Flare Smart Accounts do is simply abstract away the need to manage $FLR and make the experience more convenient. At the same time, $FLR is used to pay transaction fees on the underlying networks.

Besides, the Flare CEO also underlined that in the long term, there should be more use cases for the token apart from transaction fees.

“Usage is important. Need to get fee generation going in a broader way in the ecosystem,” he added.