Executive Summary

This report presents the findings of a comprehensive survey conducted among 502 active members of the XRP Ledger (XRPL) community. The survey aimed to capture the community's opinions and sentiments on various topics related to XRP, Ripple, and the XRPL ecosystem. The key highlights from the survey are:

• Strong Awareness of Legal Developments: A significant majority (87.1%) are aware of the August 2024 ruling that XRP is generally not considered a security, indicating high engagement with legal matters affecting XRP.
• Support for Ripple in Legal Challenges: A large portion of respondents (72.7%) believe Ripple should not pay the $125 million fine, demonstrating strong support for the company. Additionally, 79.5% view Ripple's decision to delay the fine and place the money in escrow as a smart move.
• Desire for Increased Community Involvement: A majority (77%) express a desire for more community influence in XRPL development, reflecting a push towards decentralization and greater community engagement.
• Moderate Trust in Ripple: The average trust rating for Ripple is 3.68 out of 5, suggesting that while there is general support, there is room for improved transparency and communication. Nearly a quarter (24.2%) have felt misled by Ripple's announcements.
• Positive Perception of XPMarket: Users report high satisfaction with XPMarket's features (average rating of 4.12 out of 5) and largely perceive it as an impartial source of information (86.4% view it as very unbiased or mostly unbiased).
• Investment Behaviours and Commitment: Over half of the respondents (52.8%) have more than 50% of their crypto portfolio in XRP, and 82% have invested in other XRPL tokens or projects, indicating strong commitment and diversification within the ecosystem.
• Technological Aspirations: There is a strong desire for XRPL to integrate features common in other blockchains, such as smart contracts (31.2%) and staking (12.4%), highlighting areas for potential technological enhancement.
• Optimism for XRP's Future: A significant portion of the community is optimistic about XRP's price appreciation, with nearly half expecting the price to exceed $13 within a year. Many are also excited about increased adoption, utility, and technological advancements.
• Concerns Over Regulatory Challenges: Regulatory issues remain the top concern for 28.6% of respondents, emphasizing the importance of legal clarity for XRP's future. Worries about lack of adoption and price stagnation also feature prominently.
• Influence of External Factors: A majority (59.0%) believe the next U.S. presidential election will significantly impact the crypto market, with 71.4% perceiving Donald Trump as the candidate more favourable to crypto interests.

Abstract

This study presents an analysis of a survey conducted among 502 participants, representing the first known large-scale survey of the XRP Ledger (XRPL) community. The purpose of the survey was to understand the opinions and sentiments of the community on various topics related to XRP, Ripple, and the XRPL ecosystem. The survey covers awareness of legal developments, trust in Ripple, investment behaviours, technological preferences, and future expectations. Statistical calculations confirm that the sample size is sufficient to generalise the findings to the estimated population of active XRPL community members with an acceptable margin of error. The results reveal that the community is optimistic about XRP's future, values transparency, and desires increased community involvement in the ecosystem's development.

Introduction

The XRP Ledger (XRPL) and its native cryptocurrency, XRP, have become significant topics within the cryptocurrency community due to ongoing legal challenges, technological advancements, and market dynamics. Understanding the sentiments and opinions of the XRPL community is crucial for developers, investors, and policymakers. This study aims to provide comprehensive insights into the community's perspectives by analysing the results of a large-scale survey conducted via XPMarket's webpage.

This survey represents the first known effort to capture the opinions and sentiments of the XRPL community at such a significant scale. By engaging users who have connected their XRPL wallets to XPMarket, the survey targets active participants within the ecosystem. The expected outcomes include a better understanding of community awareness regarding legal developments, trust in Ripple, investment behaviours, technological preferences, and expectations for the future.

The insights gained from this survey are intended to inform stakeholders about the community's views, identify areas of consensus and concern, and contribute to the ongoing dialogue about the development and direction of the XRPL ecosystem.

Results

Awareness and Opinions on Legal Developments

• Awareness of August 2024 SEC XRP Ruling:
  • Yes: 87.1%
  • No: 12.9%

A high level of awareness indicates strong community engagement with legal matters affecting XRP.

• Opinions on Ripple's $125 Million Fine:
  • Ripple shouldn't pay anything: 72.7%
  • It's fair: 14.9%
  • Not sure: 9.6%
  • Ripple should pay more: 2.8%

A significant majority believe Ripple should not be fined, showing strong support for the company.

• Views on Ripple's Decision to Delay the Fine:
  • Smart move: 79.5%
  • Worried about finances: 8.7%
  • Doesn't change opinion: 7.5%
  • Not sure: 4.3%

Most respondents view the decision as strategic, suggesting confidence in Ripple's legal strategy.

• Potential Impact of SEC's Possible Appeal:
  • No, not much: 36.0%
  • Yes, a lot: 25.2%
  • A little: 24.5%
  • Not sure: 14.3%

Opinions are mixed, but a plurality believes the appeal won't significantly impact U.S. crypto regulations.

• Perspectives on the XRP Security Debate:
  • It's not a security: 68.9%
  • Don't know enough: 12.4%
  • Might be a security: 9.9%
  • Is a security: 8.7%

A strong consensus exists that XRP should not be classified as a security.

Trust and Community Sentiments

• Trust in Ripple to Act in the Best Interest of the Community:
  • Average rating: 3.68 out of 5

The community moderately trusts Ripple, indicating room for increased transparency.

• Feelings About Ripple Holding a Large Chunk of XRP Tokens:
  • Average rating: 3.39 out of 5

Neutral sentiment suggests neither strong approval nor disapproval.

• Desire for More Community Influence in XRPL Development:
  • Yes, a lot more: 47.2%
  • A little more: 29.8%
  • It's fine as it is: 16.8%
  • Less input: 3.1%
  • Not sure: 3.1%

A majority desire greater community involvement in development processes.

• Perception of Community's Reception to Different Opinions:
  • Somewhat discourages: 47.2%
  • Yes, a lot: 19.9%
  • Not really: 24.8%
  • Not at all: 8.1%

There is concern that differing opinions may be discouraged within the community.

• Hesitancy to Share True Opinions About XRP or Ripple:
  • Never hesitant: 50.9%
  • Sometimes: 29.8%
  • Often: 12.4%
  • Doesn't apply: 6.8%

While half feel free to express their views, a significant number sometimes feel hesitant.

• Experience of Feeling Misled by Ripple's Announcements:
  • No: 52.2%
  • Yes: 24.2%
  • Not sure: 23.6%

Nearly a quarter have felt misled by Ripple, highlighting the need for clear communication.

• Impact of Conflicts Within the Community on Progress:
  • Yes, hurts progress: 37.3%
  • Debates are good: 29.2%
  • A little: 24.8%
  • Unaware of conflicts: 8.7%

Community conflicts are seen as detrimental by many respondents.

Investment Behaviours and Project Involvement

• Allocation of Crypto Investments in XRP:
  • Over 50%: 52.8%
  • About 25%: 19.3%
  • 100% in XRP: 9.9%
  • Less than 25%: 9.3%
  • Prefer not to say: 8.7%

The majority have a substantial portion of their crypto portfolio in XRP.

• Investment in Other XRPL Tokens or Projects:
  • Yes, several: 52.2%
  • A few: 29.8%
  • Only XRP: 11.2%
  • Planning to: 6.8%

There's significant diversification within the XRPL ecosystem.

• Encountering Sketchy XRPL Projects:
  • Yes: 46.0%
  • No: 42.9%
  • Prefer not to say: 11.2%

Nearly half have encountered dubious projects, indicating a need for caution.

Perception of XPMarket

• Satisfaction with XPMarket's Features:
  • Average rating: 4.12 out of 5

Users are generally satisfied with XPMarket's offerings.

• Perception of Bias in XPMarket's Information:
  • Mostly unbiased: 43.5%
  • Very unbiased: 42.9%
  • Some bias: 7.5%
  • Not sure: 5.0%
  • Clearly biased: 1.2%

XPMarket is largely perceived as an impartial information source.

• Desired Improvements or Additions to XPMarket (open-ended question):
  • Improved analytics and charts: 12.4%
  • Portfolio tracking and management: 9.3%
  • Enhanced NFT functionality: 7.5%
  • Staking or farming options: 6.8%
  • Improved user interface/experience: 5.6%

Users desire advanced features to enhance usability and investment tracking. Other frequent suggestions included: Adding more tokens/coins, implementing a mobile app, providing educational resources, offering margin trading.

Technological Features and Comparisons

• XRPL Compared to Other Blockchains:
  • Better in tech and potential: 59.6%
  • Good but can improve: 28.6%
  • Behind in important areas: 6.2%
  • Only know XRPL: 5.6%

The majority view XRPL favourably compared to other blockchains.

• Desired Features from Other Blockchains on XRPL (open-ended question):
  • Smart contracts: 31.2%
  • Staking: 12.4%
  • DeFi capabilities: 9.3%
  • Cross-chain interoperability: 7.5%
  • NFT improvements: 5.6%

Integration of smart contracts and staking are highly desired. Other mentioned features included: improved scalability, Layer 2 solutions, privacy features, governance mechanisms.

• Perception of XRPL's Decentralisation:
  • Average rating: 3.48 out of 5

Neutral sentiment indicates room for enhancing decentralisation.

• Impact of Competition Among XRPL Projects:
  • Helping innovation: 67.7%
  • Both innovation and problems: 16.8%
  • Not sure: 10.6%
  • Causing problems: 5.0%

Competition is largely seen as beneficial for innovation.

Personal Impact and Future Expectations

• Has XRP Changed Your Life in a Big Way? (open-ended question)
  • No significant change yet: 43.5%
  • Yes, positively: 28.6%
  • Increased knowledge in crypto: 18.6%
  • Negative impact: 3.7%

Many haven't experienced significant changes yet, but a notable portion reports positive impacts. Negative responses mostly cited financial losses or stress from price volatility.

• Excitement for XRP or XRPL in the Next Year (open-ended question):
  • Price increase/bull run: 31.2%
  • Increased adoption/utility: 24.8%
  • Regulatory clarity: 18.6%
  • Technological advancements: 15.5%
  • Ripple's potential IPO: 5.6%

Optimism is high for market performance and technological progress. Other mentioned points of excitement included: RLUSD stablecoin launch, expansion of the XRPL ecosystem, potential partnerships with major financial institutions.

• Worries About the Future of XRP or XRPL (open-ended question):
  • Regulatory concerns/SEC actions: 28.6%
  • Lack of adoption: 18.6%
  • Price stagnation or decrease: 15.5%
  • Competition from other cryptocurrencies: 9.3%
  • Centralization concerns: 7.5%

Regulatory issues are the top concern among respondents. Other worries mentioned included: potential technical limitations, market manipulation, community conflicts. Notably, about 12% of respondents stated they had no significant worries about XRP or XRPL's future.

• Price Expectations for XRP in One Year:
  • Over $30: 24.8%
  • Between $13 and $30: 24.8%
  • Between $9 and $13: 16.1%
  • Between $1 and $3.84: 16.8%
  • Around its all-time high: 8.7%
  • Less than $1: 3.1%
  • Not sure: 5.6%

There is considerable optimism about significant price appreciation, which is significantly higher than $0.55 at the time of the survey.

Influence of External Factors

• Impact of Next U.S. Presidential Election on Crypto Market:
  • A lot: 59.0%
  • Some: 24.2%
  • A little: 9.3%
  • Not at all: 3.7%
  • Not sure: 3.7%

The majority believe the election will significantly impact the crypto market.

• Preferred Candidate for Crypto Interests:
  • Donald Trump: 71.4%
  • Neither: 9.9%
  • Kamala Harris: 9.3%
  • Not sure: 9.3%

A substantial majority perceive Donald Trump as more favourable to crypto interests.

Environmental and Social Considerations

• Environmental Impact Concerns:
  • No, XRP is eco-friendly: 55.3%
  • A little concerned: 19.9%
  • Unaware of impact: 13.0%
  • Yes, I worry: 11.8%

Most are not worried about XRP's environmental impact.

• Should Ripple Focus More on Social and Environmental Issues:
  • Maybe, if it fits goals: 42.9%
  • Yes, they should lead: 24.8%
  • No, focus on tech: 24.2%
  • Don't care: 8.1%

Opinions are divided on Ripple's role in social and environmental issues.

Underrated XRPL Projects

• Most Frequently Mentioned Projects (open-ended question):
  • XPMarket/XPM: 8.7%
  • Reaper Financial/RPR: 5.6%
  • Sologenic/SOLO: 4.3%
  • Casino Coin/CSC: 3.7%

These projects are perceived as undervalued and deserving of more attention. Other projects mentioned multiple times included: XRPH (XRP Healthcare), Coreum, Evernode, Zerpmon, XSpectar, and Magnetic.

Discussion

The survey findings provide valuable insights into the sentiments and opinions of the XRPL community, revealing complex dynamics that have significant implications for Ripple, XPMarket, and the broader ecosystem.

One of the key observations is the community's strong support for Ripple in its legal challenges, coupled with moderate trust in the company's actions. While a majority believe that Ripple should not pay the $125 million fine and view the company's legal strategies favourably, the moderate trust rating indicates that there are underlying concerns that need to be addressed. The fact that nearly a quarter of respondents have felt misled by Ripple's announcements suggests a gap between the company's communication strategies and the community's expectations.

This gap may be contributing to the desire for increased community influence in XRPL development. The significant percentage of participants who want more say in the development process indicates a push towards more decentralisation and greater transparency. Ripple could leverage this sentiment by fostering more open dialogues with the community, involving them in decision-making processes, and providing clearer, more consistent communications.

Another area of concern highlighted by the survey is the perception of the XRP community's receptiveness to differing opinions. Many respondents feel that the community discourages alternative viewpoints, which could slow down innovation and hinder healthy debate. Looking deeper into the cause, some participants expressed fear of receiving backlash from XRPL ecosystem leaders and influencers when raising concerns. The general culture, especially on social media platforms, tends to amplify positive messages while ignoring or actively silencing discussions about problems. Encouraging a more inclusive environment where diverse opinions are welcomed may lead to more robust discussions and drive progress within the ecosystem.

Investment behaviours highlight the community's strong commitment to XRP, with many holding significant portions of their portfolios in the cryptocurrency. The diversification into other XRPL projects indicates confidence in the ecosystem's potential. However, the high incidence of encountering sketchy projects points to the need for better project vetting and perhaps the establishment of standards or guidelines to protect investors. This can be seen as a strong area for collaboration between XPMarket and other third parties, such as Ripple and developer community.

XPMarket emerges as a trusted platform within the community, with high satisfaction ratings and perceptions of impartiality. The expressed desire for enhanced features suggests opportunities for XPMarket to strengthen its position by aligning its development roadmap with user needs. By incorporating improved analytics, portfolio tracking, and NFT functionalities, XPMarket can further solidify its role as a central hub for XRPL investors.

The technological aspirations of the community are clear, with a strong desire for features like smart contracts and staking. Integrating these functionalities could enhance XRPL's competitiveness and attract a broader user base. The neutral perception of XRPL's decentralization suggests that efforts to further decentralize the network could positively impact community sentiment and trust.

The optimism for XRP's future is tempered by concerns over regulatory challenges. The anticipation of significant price appreciation reflects confidence in the asset's potential, but the worries about regulatory actions underscore the importance of achieving legal clarity. Ripple's ongoing legal battles and their outcomes will likely have a profound impact on community sentiment and XRP's market performance.

Political developments, particularly the U.S. presidential election, are viewed as influential factors for the crypto market. The community's preference for a candidate perceived as pro-crypto indicates that external socio-political factors are closely monitored and considered in investment decisions.

Environmental considerations, while not the primary concern for most respondents, still represent an area where Ripple could potentially enhance its corporate responsibility efforts. Balancing technological focus with social and environmental initiatives could improve public perception and align with the values of a segment of the community.

The identification of underrated XRPL projects suggests that there is innovation within the ecosystem that may not be receiving adequate attention. Highlighting and supporting these projects could foster a more vibrant and diverse ecosystem, offering users more opportunities and encouraging further investment.

In conclusion, the survey results highlight a community that is deeply invested in the success of XRP and the XRPL ecosystem but holds nuanced views on various aspects. The interplay between trust, desire for decentralization, technological aspirations, and external factors creates a complex landscape that stakeholders must navigate thoughtfully. By addressing concerns related to transparency, communication, and feature development, Ripple and other key players can strengthen community trust and engagement, driving the ecosystem toward a more robust and successful future.

Conclusion

This survey provides comprehensive insights into the sentiments of the XRPL community, revealing both optimism and areas for improvement. The findings indicate strong support for Ripple in its legal challenges but also highlight the need for increased transparency and community involvement. The positive perception of XPMarket presents opportunities for the platform to enhance its services in line with user demands.

Addressing the community's desire for technological enhancements, such as smart contracts and staking, could significantly improve XRPL's competitiveness. Furthermore, fostering an inclusive environment that encourages diverse opinions may lead to greater innovation and cohesion within the community.

Regulatory concerns remain a significant worry for respondents, emphasising the importance of legal clarity for the future success of XRP and the XRPL ecosystem. Stakeholders should consider these insights to inform strategies that align with the community's expectations and contribute to the sustainable growth of the ecosystem.

Methodology

Survey Design and Distribution

The survey was designed to cover a wide range of topics relevant to the XRPL community, including legal developments, trust in Ripple, investment behaviours, technological preferences, and future expectations. It consisted of multiple-choice and open-ended questions to capture both quantitative and qualitative data.

The survey was distributed via XPMarket's webpage, targeting users who had connected their XRPL wallets. A 50 XPM token reward was offered upon completion. This approach ensured that participants were active members of the XRPL community and familiar with the ecosystem.

Sample Size and Population Estimation

• Sample Size: 502 respondents.
• Population Size: Estimated to be less than 13,000 active monthly users in the XRPL community, determined by Source Tag interaction as of August 2024.
• An active wallet is the one which performed at least one outgoing transaction within the specified observation perdiod.

The sample represents approximately 3.86% of the total estimated population. Given the size of the sample relative to the population, the findings are considered statistically significant and representative of the broader community.

Data Analysis

Statistical analysis was performed to interpret the survey results. The margin of error was calculated to assess the reliability of the findings. With a confidence level of 95% and using standard formulas for survey sampling, the margin of error was determined to be approximately ±4.29%. This indicates that the survey results can be generalised to the entire XRPL community with a high degree of confidence.