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The outspoken investor, known for his early bets on Uber and Robinhood, took to social media to share his skepticism about XRP, contrasting it sharply with Bitcoin.

Calacanis argued that XRP operates in a manner fundamentally different from Bitcoin, emphasizing the influence Ripple has over the token. “According to every crypto OG I talk to, it’s the opposite of Bitcoin,” he remarked. His criticism revolves around concerns that XRP is not as decentralized as its proponents claim, and its potential approval for an exchange-traded fund (ETF) could undermine existing securities laws.

XRP’s status as a centrally controlled security could lead to market chaos if treated like Bitcoin, requiring stricter investor qualifications. Source: Jason via X

He went further, predicting that an XRP ETF could introduce market instability. “There will be chaos in the markets as a million startups, funds, and grifters start dumping 50% of their coins on retail while slowly selling the 50% they own and control,” he warned.

Calacanis runs the popular All-In podcast, which he co-hosts with Crypto and AI czar David Sacks. If the views of Calacanis are shared with Sacks, that would be bad news for XRP investors. However, Ripple CEO Brad Garlinghouse’s ties to Washington suggest there will be a way for President Trump to find favor with XRP, as it is American-made, after all.

The XRP Ledger (XRPL) has proven to be a centralization controversy point. The argument from critics is that the massive XRP holdings by Ripple, valued at approximately $100 billion, raise issues of the company’s monopoly. In addition, XRPL transactions are confirmed by a finite number of validators on Ripple’s Unique Node List (UNL), also fueling controversy regarding its decentralization.

XRP’s centralization sparks debate among investors, with concerns that treating it like Bitcoin could destabilize the market. Source: X

Regardless of these allegations, Ripple has continually stood by the token’s structure. The company insists that XRP functions like other commodities such as oil or diamonds and that the network remains neutral and decentralized. Currently, 187 validators operate within the XRPL system, which Ripple claims ensures a fair and secure environment.

While Calacanis continues to be doubtful about XRP ETFs, overall sentiment among the wider market appears to be shifting in their favor. Based on information provided by Polymarket, there is a probability of 81% that an XRP ETF will be approved within the current year.

BlackRock’s imminent XRP ETF filing has investors anticipating a major announcement. Source: XRP Avengers via X

Bitwise CIO Matt Hougan also recently opined on the viability of an XRP ETF, stating that while the SEC is still cautious, there is a greater willingness to discuss digital asset-backed ETFs. “The SEC would like to be accommodative and allow people to gain exposure to these assets through ETPs,” Hougan said. But cautioned it will not come quickly, with regulators carefully examining the implications.

Despite skepticism from U.S. investors, XRP enjoys strong support in Japan. Recent data shows XRP accounts for 18% of tokens stored on Japanese exchanges, surpassing Ethereum, which holds a 14.4% market share.

XRP price breaks the $2.70 support, down 3.98% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

Ripple’s deep ties with Japan date back to its partnership with financial giant SBI Holdings, which launched SBI Ripple Asia in 2016. In 2021, Japan’s financial regulators clarified that XRP does not fall under the securities category, providing Ripple with a regulatory haven amid its ongoing legal battles in the U.S.

While Calacanis’ remarks reignite concerns over XRP’s structure, the token’s adoption and institutional interest continue to grow. Whether an XRP ETF will materialize and what impact it may have on the market remains uncertain. However, as discussions around decentralization and regulatory classification persist, XRP’s role in the evolving crypto landscape is far from settled.

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