Recently, the overseas community has been arguing intensely over Ripple's business strategy, with the core issue pointing to a sensitive topic—Is Ripple building the XRP ecosystem, or is it using the token as a fundraising tool?

The root of the controversy is quite clear. Over the years, Ripple Labs has been promoting cross-border payment solutions while frequently acquiring shares and assets of traditional financial companies. The community has begun to question: Are the funds raised from selling XRP ultimately flowing into traditional financial mergers and acquisitions, rather than directly empowering XRP's application and liquidity? In other words, XRP seems to have become a "tool" for fundraising.

Supporters argue that this is a strategic expansion—by acquiring traditional assets to enhance ecosystem influence and compliance, indirectly increasing XRP's value. But the opposition is more direct: since their main business remains traditional finance, why tie it to XRP? Isn't this just fundraising under the guise of building an ecosystem?

This debate actually reflects an old issue in crypto projects—the true purpose of tokens. Similar disagreements have existed in the Bitcoin community as well, with "faith-based" and "practical" factions never reaching a consensus. What truly explains the situation are the data points: the actual liquidity growth of XRP in Ripple's official financial reports, the number of real collaborations with payment institutions, and whether these acquisitions have genuinely driven the development of the token ecosystem. These indicators are key to judging whether Ripple's strategy is consistent with its words.

In any case, this discussion at least shows one thing: the community is increasingly examining the actions of project teams more rationally, no longer blindly following. This is actually a positive sign for the maturity of the entire market.