Ripple Hits Miami, But XRP Army Appears MIA

For years, the XRP army has been a formidable force, rallying around a plan to replace incumbent systems for international payments. But at Ripple Labs’ eighth annual Ripple Swell outing, the group’s presence was subtle against a suit-wearing suite of attendees.

The flagship event, hosted in Miami this year, attracted many of the firm’s customers and business partners—from market makers to exchanges—Ripple Labs CEO Brad Garlinghouse told Decrypt. He described that crew as somewhat distinct compared to XRP’s online devotees.

“The XRP army is slightly more amorphous,” Garlinghouse said, adding that “every major layer-1 [network] has its own community around it that fuels passion and utility.”

Launched in 2012, XRP is currently the seventh largest cryptocurrency by market cap—and not too long ago held a steady position in the top three. Striving to improve the global financial system through crypto-based cross-border transactions, Ripple yesterday unveiled the list of cryptocurrency exchanges and trading platforms that will support its RLUSD U.S. dollar-denominated stablecoin. Some of those companies later issued promotional calls directed at XRP’s soldiers.

The XRP army’s online efforts have made a notable impact on the token’s virtual foothold. Its total media mentions have recently crossed 6.75 million, recently averaging between 8,000 and 20,000 mentions per day, according to data from the social intelligence platform LunarCrush.

“Over the years, XRP has seen substantial social growth,” LunarCrush co-founder and CEO Joe Vezanni told Decrypt in a statement. “The community has steadily expanded, particularly from 2021 onwards, with a sharp rise in activity and content creation in 2023.”

Ripple’s ongoing legal battle with the Securities and Exchange Commission, a matter with industry-wide stakes, has coincided with crypto’s adoption among financial institutions. And Swell’s luxury setting, alongside polished panels, could be viewed within the context of a maturing industry, Bloomberg ETF analyst Eric Balchunas told Decrypt.

Drawing parallels to an early ETF industry, he recalled ETF-centric events where enthusiasts showed up adorned in shorts and Hawaiian shirts—long before the class of products emerged as a multi-trillion dollar trade on Wall Street.

“You can tell there’s some VC crypto culture, but then there’s also some people from big banks,” he said. “They’re gonna feel more comfortable about working in this space, I think, versus two dudes coming out in Air Jordans and doing a rap song.”

Balchunas has encountered the XRP army before. Debunking a fake XRP ETF filing on Twitter (aka X) last year, the analyst said, “I got beat up by them for two weeks.”

“I didn’t really care because I knew I was right,” he added. “But I was a little taken back by how intense they were.”

Formerly known as the Saxony Hotel, the Faena Hotel was Miami Beach’s first air-conditioned destination. Image: André Beganski/Decrypt

Amid the Faena Hotel’s award-winning scenes of chic, shorts, sandals, and beachwear are strictly prohibited. Still, a few members of XRP’s online ensemble roamed the event’s crowd, rubbing shoulders under palm trees and architectural accents tinted gold.

Jake Clavar, a YouTuber and CEO of the financial services firm Syndicately, considers himself a veteran of the XRP Army. In an interview with Decrypt, he described Twitter as the community’s home base, having enlisted unofficially in 2020.

“Some people refer to it as a cult,” Claver said. “I think it’s attracted people into the community that have patience and certain traits and repelled people that may not jive with those things.”

Claver described Ripple Swell as less of a celebration, focused more on networking and doing business, while showcasing the network’s associated technology and innovation. Compared to other crypto events he’s attended, Claver said Swell had a distinct business-to-business feel.

NYDFS Superintendent Adrienne Harris speaks with Ripple Labs Legal Chief Stuart Alderoty. Image: André Beganski/Decrypt

Several attendees noted to Decrypt that use of LinkedIn for connecting made Swell feel unique. Telegram, which has emerged an industry go-to, was not as prevalent as other at other crypto conferences, they said.

Among the speakers featured this year at Swell was the New York State Department of Financial Services’ Superintendent Adrienne Harris, who spoke about evolving crypto regulation. Indeed, very few appeared to be wearing high-end basketball shoes.

“The industry is really growing and maturing,” Harris said. “I think we see more and more interest from TradFi in the space, which I think is good for everyone.”

On Thursday, Ripple will honor its community with a dedicated night. Featuring complimentary refreshments and bowling, it’ll be hosted at a different hotel in Miami Beach—The Miami Beach EDITION—a comparatively affordable five-star venue.