[Digital Today reporter Yoonseo Lee] As controversy over the XRP Ledger (XRPL) multi-asset strategy flares up again, criticism has emerged that the community is absorbed in excessive price forecasts and missing discussion about expanding the ecosystem.

On June 4 local time, blockchain outlet The Crypto Basic reported that Panos (파노스), CEO of asset manager Anodos Finance, voiced strong dissatisfaction with a trend of chasing exaggerated price narratives without properly understanding the roles of XRP and XRPL.

The debate began with remarks by Vet (벳) of dUNL, an XRPL validator. Vet drew a line, saying stablecoins such as RLUSD and USDC are not competitors to XRP. He said XRPL is a multi-asset network designed from the start for multiple forms of value to coexist.

He said XRP has a unique role in supporting liquidity and payments across the ecosystem. He added that XRPL should not be limited to a structure only for XRP. He argued that doing so could weaken its core function as a decentralised exchange.

Vet said XRP and stablecoins have different roles depending on their use. He said XRP may not be suitable for users, such as institutions, that do not want volatility. He said XRP may fit users seeking profit opportunities through price fluctuations. He said stablecoins are more suitable for transactions that require moving funds without concerns about changes in value.

Panos described as "sad" some reactions posted under Vet's post. He said such reactions show a knowledge gap within the XRP community. He said people accept false narratives and exaggerated price forecasts pushed by influencers using clickbait without understanding what the technology aims for.

Panos said his concerns are focused on network structure, not price. The XRP Ledger has long been described as a foundation for an "internet of value". That means it aims for a system in which assets move naturally, just as information moves across borders and platforms.

He said value and assets must actually exist within the network for that structure to work. He said stablecoins, tokenised assets, commodities, stocks, lending protocols, decentralised applications and liquidity pools are all elements in building an active economic environment. He said the focus of XRPL discussion in 2026 should be expanding use cases, but some in the community view ecosystem expansion itself as a threat to XRP.

He said other layer-1 ecosystems have followed a similar growth path. Liquidity forms first, and that liquidity draws in applications. Users and developers then arrive, creating new products, and as a result more liquidity flows back in, forming a network effect.

The problem, he said, is that this virtuous cycle is not yet clearly appearing for XRP. Panos criticised what he called a lack of sufficient important changes in XRP and said the community is being swayed by "nonsense theories" and "fraudulent influencers" rather than addressing the issue.

His main argument is that a price rise cannot be separated from real utility. Without meaningful liquidity, active applications, consumer adoption and developers building products that users actually want to use, he said no network can easily generate long-term demand.

This view also intersects with other issues raised within the community. Analyst Jack Lector (잭 렉터) recently criticised influencers who predict unrealistic prices for XRP and said, "Even I feel embarrassed." As market attention focuses more on price figures, concerns are growing that understanding of XRP's actual role may drift further away.

The debate is converging not on whether stablecoins or other digital assets replace XRP, but on how much real demand XRPL can generate as a multi-asset network. Whether the community shifts its attention from price expectations to underlying indicators such as liquidity, applications and asset inflows is expected to be a key point to watch.

Reading all the comments made me sad and realize we are in a worse position than I expected. Many people still have no idea what XRP and the XRPL actually represent and what they were built for. It's 2026, other chains have billions in liquidity, stablecoins, stocks,… https://t.co/iN9Cg98HII