One of the most important characteristics of XRP is decentralization. Ripple owns the larger share of the XRP supply but the CTO David Schwartz thinks that the company doesn’t have the major role in the game. In our alt coin news today we read more about his opinion.
Chief Technology Officer David Schwartz responded on Quora whether XRP is controlled by Ripple. He answered:
“Absolutely not. The XRP Ledger is open source technology with a robust community of developers, so if Ripple were to vanish, XRP and the XRP Ledger will remain.”
His main point is that XRP is separate from ripple because of three elements: utility, ownership, and decentralization. XRP can fuel payments without any other Ripple product. Also, investors who hold XRP don’t own equity in Ripple. Most importantly, Ripple only runs about 10 validators that authenticate the transactions on the ledger.
Schwartz says that by dumping the XRP supply on the market would be bad for investors but that could also hurt Ripple as well. When he was asked about Stellar’s partnership with IBM, Schwartz answered without a doubt:
“It misses the point of blockchain completely.”
The CTO also explains how industry giants such as IBM are trying hard to innovate a product around blockchain. However, they cannot solve the issue around centralization. Schwartz was a member of the three people who created XRP in 2011 but this doesn’t mean he cannot criticize it. He expressed his disapproval of centralized stablecoins for bank transactions saying that USD-backed stablecoins cannot ever achieve mass adoption. IBM also announced the new addition of six international banks that will use the Stellar blockchain. Of course, Ripple now has to downpay their products so they can be able to compete with Stellar.
The Ripple CTO pointed out that market volatility is a major issue for every cryptocurrency by saying:
“Certainly there are a lot of bad ideas being built around cryptocurrency and it’s possible the market is reflecting the recognition of this reality.”
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‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
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“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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