What Brandt said
Brandt has repeatedly targeted XRP and its community. He described the token’s backers as cult-like and called XRP a “fool coin.” He accepted that XRP can move money cheaply but questioned whether that makes the token valuable, pointing to its large supply. In the same period, Brandt has projected an XRP move to $5.40.
“That’s not the XRP thesis”
Farina said Brandt’s core argument is that being useful for payments does not make an asset rise in value. “But that’s not the XRP thesis,” he said.
In his view, people who hold XRP own part of the protocol that moves value, rather than just using a service. He contrasted this with cross-border banking, which relies on correspondent banks, prefunded accounts, several ledgers and layers of fees. “Basically, the banks control the rails,” Farina said.
He described XRP as a neutral bridge asset that does not favour any single currency, country or institution. “That neutrality isn’t merely a feature of XRP, but the foundation of its entire value proposition,” he said.
Supply cap at the centre of the dispute
Farina’s sharpest objection was to what he called Brandt’s comparison of XRP with the US dollar. The Federal Reserve can expand the dollar supply through monetary policy. XRP’s total supply is capped at 100 billion tokens, and a small amount is permanently burned as a fee on every transaction.
“If usage of XRP for settlement increases, the protocol cannot simply create another 100 billion XRP to accommodate that demand,” Farina said. He argued that as more banks and payment firms need liquidity, rising demand will meet a supply that cannot grow. “This is why comparing XRP to the U.S. dollar is outrageous,” he added.
Charts versus fundamentals
Farina also pointed to what he sees as a contradiction in Brandt’s position. Brandt dismisses XRP’s fundamentals, he said, yet his own chart work points to a price of $5.40.
“Arbitrary lines drawn by a random person on a chart are very different from fundamentals,” Farina said. He added that he does not buy XRP hoping someone will pay more for it later. “Protocol ownership matters more than any TA. Peter Brandt doesn’t understand the XRP Liquidity Model,” he said.
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