I have read XRP was massively premined, majority-owned by the core team and founders, and many people do not consider it to be a legit crypto. Since there is nothing there to scare away central bankers, Yes it could still happen.
I don't know why the pre mining is such a problem, as long as the amount of available tokens is limited. Which guarantees scarcity.
Also tokens have to be burnt to be able to complete transactions, which pushes the price up.
I don't know why major ownership by a core team is a problem either. You could say the same about Michael Saylor's bitcoin holdings.
The entire bitcoin supply of this moment (let's say 95% of the entire supply) are owned by less than 1% of the global population. I'd say that is more concentration of wealth than the XRP situation.