XRP, the third-largest cryptocurrency is a native token of Ripple blockchain payment firm. Undeniably, the parent company Ripple owes a lot of XRP which is the key reason why crypto community members criticized XRP as a centralized currency.
However, the CEO and other lead executives of Ripple often appeared on news bulletins, addressing this concern. In contrast to the whole crypto community, the XRP community members hold a strong belief on Ripple, its underlying products and its native token XRP. Having said that, XRP might stand as the highest independently promoted cryptocurrency among other digital assets available on social media Twitter.
Ripple is an interested party in the success of the XRP ledger
In a recent interview with the Fortune media, Ripple CEO asserts that the company owes a lot of XRP, he, in fact, says that Ripple is an interested party in the success of the XRP ledger for sure. However, Brad refutes the fact that claims “XRP is a centralized currency” for which he said;
“One really important distinction is, the XRP ledger existed before Ripple the company”. We own a lot of XRP. But it’s a little bit like saying, Exxon owns a lot of oil. That doesn’t make oil security.” Oil, of course, is classified as a commodity.
Brad attempts to elaborate XRP is a decentralized token that isn’t in control of the company, Ripple. Meantime, he also hints that the XRP cannot be called security as the company has been encouraging the US government to introduce the crypto-friendly regulations. Moreover, by referring to UK FCA (Financial Conduct Authority) which recognized XRP as a utility token rather than security token, Ripple seeks the US to issue the similar guidelines as shared by UK FCA to define crypto tokens.
In earlier reports, he differentiated XRP with Ripple by saying, even if the company doesn’t exist, it doesn’t affect to XRP as the XRP ledger is completely decentralized.
In a nutshell, the XRP token is currently surging by 1.64 percent within the past 24 Hrs and valued at $0.27 against USD. In fact, the growth isn’t significant enough today but the token is strongly holding its third-largest spot with the market capitalization of $11,915,325,518 on Coinmarketcap.
Image Source – Fortune
A Complete Overview of Cryptocurrency Cloud Mining Platform – TopHash
9 Out of Every 10 Central Banks Around the World are Exploring CBDCs, Ripple Reports
XRP Is On Its Way to a Strong Comeback as Coin’s Rising Trading Volume Shows Growing Investor Interest
Research Uncovers Why XRP Is Japan’s Most Favored Cryptocurrency
XRP Falls to $0.47, as the SEC Strikes Back at Ripple
Recent Press Release
CGMD Miner’s Low-Cost Coin Mining : Spend Less, Earn More!
As more players enter the cryptocurrency space, mining becomes more complex and requires more computing power. As a result, many...
Will Arbitrum Reach $1? ARB Struggles, SPCT Offers Better Prospects
As the crypto market recovers from Bitcoin’s (BTC) recent crash, Arbitrum (ARB) is enhancing its network capabilities to improve its...
Cardano (ADA) Lags, Analysts Predict VC Spectra (SPCT) Will Outpace it
Cardano’s (ADA) price has suffered despite the launch of Cardano’s Project Catalyst Testnet on August 25. Even when the news...
SUI and Hedera (HBAR) Slump Ahead of Token Unlocks, VC Spectra (SPCT) Gains Users
Token unlocks in crypto are typically bearish signs due to basic supply and demand. Analysts will keenly observe how Sui...
While Polkadot (DOT) Pauses, VC Spectra (SPCT) Offers a 220% Potential Upside!
VC Spectra (SPCT), a rising blockchain for investments and asset management, has grown considerably in its ongoing presale. Meanwhile, Polkadot...