Fact Check: Debunking Claims of XRP Replacing the U.S. Dollar

A wave of excitement has swept through the Ripple community following a viral assertion that the U.S. Congress is acquiring XRP at a price of $10,000 per token and is in the process of officially replacing the U.S. dollar with XRP. While such a claim is highly dramatic, it’s crucial to examine the facts and distinguish them from speculation.

Over the past few years, several prominent global economies, particularly those constituting the BRICS bloc (Brazil, Russia, India, China, and South Africa), have initiated efforts to reduce their reliance on the U.S. dollar for international trade. This trend is commonly referred to as “dedollarization.” As part of this broader movement, these nations are exploring alternative financial instruments, including various cryptocurrencies. In this context, XRP has recently gained considerable attention in discussions about these alternatives.

In 2024, a social media user identified as “CryptoGeek” put forth a proposition suggesting that the BRICS nations might potentially leverage the XRP Ledger to facilitate a common global central bank digital currency (CBDC). The rationale provided for considering XRP included its attributes of speed, cost-effectiveness, and scalability.

Ripple, the company behind XRP, has indeed cultivated partnerships and relationships with several BRICS member countries through various financial technology initiatives. Fast forward to the present, the same user has again posted, this time alleging that Congress is purchasing XRP at an astonishing $10,000 and proclaiming it as “XRP as the new U.S. Dollar!!”

While any significant adoption of XRP by BRICS or other major institutions could conceivably boost demand and widespread acceptance, potentially driving its price upward, it is imperative to note that no public declaration has been made by the U.S. government or Congress affirming that XRP is now the official new currency of the United States. Furthermore, there is no verified information or news indicating that Congress is currently buying XRP at the price of $10,000. The claims circulating within the Ripple community appear to be unsubstantiated.