Anodos CEO Explains Key Factors Slowing XRP and Its Ledger

Panos, CEO of Anodos Finance, has expressed worries regarding the current performance of the XRP Ledger, pointing out falling ecosystem metrics and a lack of practical applications.

While he maintains a long-term bullish outlook on XRP and the XRPL, he argues that the network requires better execution, deeper liquidity, and true adoption to reach its full potential. Furthermore, his remarks place added responsibility on Ripple to leverage its resources and market standing to foster ecosystem growth.

In a detailed post on X, Panos offered his perspective drawing from over a decade in the cryptocurrency sector and multiple years spent building within the XRP ecosystem. He noted that backing the long-term potential of XRP does not oblige anyone to defend every choice made or offer blind loyalty to those guiding its path.

There seems to be a big controversy around XRP and XRPL. Again.

Here’s my perspective after more than a decade in this space, as an XRP holder and someone who spent years building and contributing to this ecosystem.

Am I bullish on XRP & XRPL long term? Yes.
Am I bullish on its… pic.twitter.com/KOOwdyR3Di

— Panos (@panosmek) November 8, 2026

Panos Raises Concerns Over XRPL’s Performance

Panos reaffirmed his long-term bullish stance on XRP and XRPL. Nevertheless, he voiced a different perspective concerning the network’s present direction and the choices driving its progress.

He drew attention to dropping ecosystem indicators, including total value locked (TVL), trading volumes, and liquidity. A chart shared alongside his X post indicated that the XRPL currently handles roughly $5 million in daily decentralized exchange (DEX) volume alongside about $35 million in TVL.

Panos argues these metrics ought to worry the community, given the historical background, industry ties, and resource availability of the XRPL. He raised doubts about the network’s constrained liquidity, scarcity of varied applications, and lack of compelling assets accessible to typical users.

He also underlined that partnerships and announcements alone cannot manufacture adoption. Integrations and tokenization initiatives must drive real demand, draw in users, and boost network activity. In his assessment, the XRPL needs products people actually utilize instead of another round of promises and promotional declarations.

Ripple’s Success Does Not Guarantee XRP Growth

Panos also separated Ripple’s corporate success from the expansion of the XRPL network and XRP’s capability to capture value derived from that growth.

He pointed out that headway in a single area fails to automatically ensure progress across the others. Even if Ripple expands its business and the XRPL draws more activity, XRP holders still require a clear explanation regarding how such expansion builds sustained token demand.

Consequently, he questioned the economic mechanism tying network utility directly to the value of XRP. Panos maintained that holders are fully justified in asking how heightened activity serves the token, noting that these inquiries do not amount to fear, uncertainty, and doubt (FUD).

Panos Places Greater Responsibility On Ripple

Panos also touched upon Ripple’s sway over the ecosystem. While recognizing that Ripple does not maintain unilateral control over the XRPL, he underscored that the firm’s financial backing, industry connections, and market standing grant it immense power to speed up development.

He maintains that smaller independent teams cannot offset a shortage of urgency from an entity possessing Ripple’s assets, especially when depressed network activity and revenue streams make it hard for developers to keep their projects alive.

Panos noted that he has voiced these worries for over a year while chronicling his time as a builder alongside the hurdles confronting independent developers.

Despite his criticisms, he made it clear that he desires success for the XRPL. He mentioned that he scaled back his community participation due to ongoing disagreements and the gap separating promised upgrades from actual delivered results.

Presently, his concentration lies in creating practical products and delivering them to users. Even so, he believes the XRPL requires stronger execution, tangible adoption, and a community prepared to demand higher-quality results.

FAQs

Who is Panos?

Panos is the CEO of Anodos Finance and a longtime participant, holder, and builder within the XRP ecosystem for over a decade.

What specific metrics did Panos point to as concerns for the XRP Ledger?

He highlighted declining ecosystem indicators, noting that the XRPL records roughly $5 million in daily DEX volume and around $35 million in total value locked (TVL).

Does Panos believe Ripple controls the XRPL?

He acknowledges that Ripple does not unilaterally control the XRPL, but emphasizes that the company’s financial resources, industry ties, and market position give it significant influence to accelerate development.

Is Panos still bullish on XRP and XRPL?

Yes, he remains bullish on XRP and the XRPL over the long term, though he maintains strict criticisms regarding its current performance, execution, and adoption metrics.