A prominent voice within the Chainlink community, Zach Rynes, has labeled XRP a “bank-themed memecoin” and described the XRPL as a “ghost chain.” His critique, centered on the claim that token holders fund Ripple‘s growth without reciprocal benefit, has sparked a heated debate. A detailed fact-check by crypto commentator Diana now challenges these claims using public blockchain data, presenting metrics on tokenized assets and network activity that contradict the “ghost chain” narrative.
Zach Rynes, a community voice associated with Chainlink, ignited a controversy by labeling XRPL a ghost chain and XRP a “bank-themed memecoin.” He argued that Ripple prioritizes its equity shareholders, leaving XRP holders with no enforceable claims on profits. This perspective was echoed by commentator Pierre Rochard, who stated on X that XRP isn’t a security precisely because Ripple owes holders nothing.
Ripple CTO David Schwartz directly replied to Rochard, agreeing with the sentiment. “100% correct. IMO, Ripple can, will, and should act in its own interest,” Schwartz wrote. In response, commentator Diana presented a point-by-point fact check disputing the core accusations. She countered the ghost chain claim by citing public data showing XRPL holds approximately $1.42 billion in represented asset value and a $404 million stablecoin market cap.
Diana also addressed the argument that XRP‘s role as a bridge currency is obsolete. She noted that auto-bridging, where XRP acts as an intermediary, remains a functional part of the XRPL DEX. Furthermore, XRPL currently ranks second only to Ethereum in tokenized commodities, with around $1.14 billion in value. Regarding Ripple‘s stablecoin RLUSD, Diana acknowledged its larger presence on Ethereum but argued this reflects rollout strategy, not XRPL abandonment.
Data shows 79.71% of RLUSD is on Ethereum versus 20.29% on XRPL. The fact-check ultimately contended that the debate confuses holding a network asset with owning corporate equity. Diana concluded the narrative attempts to blur the fundamental line between owning equity in Ripple and holding XRP as a utility token on its native ledger. The presented blockchain data complicates the “memecoin” and “ghost chain” labels frequently used in the ongoing social media debate.
