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Ripple chief executive Brad Garlinghouse used a two-line reply on November 3, 2026 to push back on the idea that the company’s RLUSD stablecoin is crowding out XRP. Responding to a widely shared X post by the XRP Ledger commentator known as Vet, he wrote: “Well said, Vet. Complementary, not competitive,” according to U.Today.
The exchange lands in the middle of a wider argument among XRP holders about Ripple’s priorities, and about whether the company owes anything to the people holding its native token.
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Key facts
- Garlinghouse’s reply was posted on November 3, 2026, the same day U.Today reported on it.
- Vet’s post argued that “RLUSD is optional. XRP isn’t,” because every XRP Ledger account must hold an XRP reserve and pay transaction fees in XRP.
- RLUSD is a dollar-denominated stablecoin run by Ripple’s regulated stablecoin business, and Ripple can freeze it in some circumstances, such as to meet legal obligations; no central party can freeze XRP on the ledger.
- At Ripple’s Swell 2026 conference in New York on October 28, Garlinghouse said: “We will never give up on XRP.”
- Coinpedia reported that an XRP holder’s open letter on X called on Ripple to lift XRP to what the writer described as a fair value of $15 to $20.
How the two assets differ on the ledger
Vet’s post set out the practical split between the two tokens. XRP is the native asset of the XRP Ledger and is required for its basic operations, including account reserves and fees. RLUSD is designed to hold a value near one dollar, which makes it better suited to uses where price stability matters, such as payroll, invoicing and corporate payments.
The post also noted that XRP has a privileged position on the ledger’s decentralised exchange, which can route trades through XRP automatically when that produces a better rate, making it a useful intermediary for liquidity providers and market makers.
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The concern Vet addressed is that RLUSD is not confined to the XRP Ledger; it also runs on Ethereum and other supported blockchains. Rising demand for the stablecoin therefore does not automatically translate into more use of the XRP Ledger, and more RLUSD transactions on the ledger do not by themselves guarantee higher demand for XRP or a higher XRP price.
A separate fight over what Ripple owes holders
The CEO’s comment followed a different dispute in the community. Coinpedia reported that an open letter addressed to Garlinghouse and Ripple CTO Emeritus David Schwartz drew large numbers of replies after arguing that holders had backed Ripple through the SEC lawsuit and should now be rewarded.
Many respondents disagreed. One said holders bought a commodity rather than a share in the company and noted that Ripple, not retail holders, paid the legal fees in the case; another pointed to Ripple’s large XRP holdings as a reason the company already has an interest in a higher price.
Lawyer Bill Morgan, well known in the XRP community, raised a contradiction: during the lawsuit, many holders argued they were not relying on Ripple’s efforts to increase XRP’s value, a stance that aided Ripple’s defence because reliance is a key test for whether an asset is a security. He said holders who bought near a cycle top on influencer promises of $10, $20 or $100 XRP should own that decision. Morgan also discussed Ripple’s escrow, noting that 55 billion XRP was locked into 55 contracts in December 2017, with part of each month’s release allowed back out.
Why it matters
Ripple is a private company with its own commercial goals, while XRP is a separate asset whose price the company does not control. As Ripple pushes further into stablecoins, custody and banking, that gap in expectations is likely to keep surfacing. Garlinghouse’s reply tries to frame the stablecoin as an addition to XRP rather than a replacement, but it does not settle the question of whether RLUSD growth feeds demand for the token.
What to watch
The next test is how Ripple sizes its RLUSD business relative to XRP-ledger activity, and whether the company goes beyond statements with fresh commitments on XRP’s role. Holding attention are the monthly escrow releases and any new comments from Garlinghouse or Schwartz on the split. The $15 to $20 figure in the open letter is a holder’s expectation, not a company forecast. This is not financial advice, and crypto markets are volatile and uncertain.
Sources: U.Today, Coinpedia
