Connect with us
Active Currencies 14791
Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

Ripple: Can Hoskinson’s XRP disdain affect the token’s progress

2min Read
Ripple: Can Hoskinson’s XRP disdain affect the token advancement

Share this article

  • Charles Hoskinson denounced any further links to XRP due to community reaction to criticism
  • XRP user adoption was growing at a much slower rate.

The Ripple [XRP] community’s troubles with Charles Hoskinson might not end anytime soon, as new developments concerning the matter have emerged. The Cardano [ADA] founder, in a 17 December tweet, described the community as toxic, noting that he was ready to move on from the collection he has with the project.


Read Ripple’s [XRP] Price Prediction for 2023-24


Hoskinson’s outburst was not sudden. Instead, he was responding to an allegation regarding his 16 December XRP criticism. Notable for not letting fault-finding slide, the Cardano chief was accused of avoiding Bitcoin [BTC] conferences because of “insults” from certain holders.

Hoskinson, however, pointed out that toxicity was not his only reason for parting ways with Ripple.

No value now?

Defending his position, Hoskinson noted that XRP offered no technical value to Cardano or the crypto ecosystem at large. Recently, the co-founder of blockchain development firm, Input Output, agreed that XRP could face a crash if it settles out of court with the SEC. Comments from his tweet showed discrepancies from different angles. 

For some XRP supporters, Ripple needed Hoskinson’s input to grow. However, some who probably held both ADA and XRP pointed out that the conflict was unnecessary. A particular “pharaoh” from the several comments said:

Despite the statement, Ripple was high and well in terms of its development activity. According to Santiment, XRP’s development activity left its low on 9 December. Since that period, it had incited only upticks, staying put at 9.79 at press time.

This increase implied that much had been going per private GitHub repositories regarding Ripple chain. Nevertheless, Ripple’s development activity had little to no correlation coefficient with the XRP value. Similarly, the negative comments could not halt upgrades on its network. 

Besides that, investor actions in accumulating XRP into custodial wallets remained flattened. This position was displayed by the supply out of exchanges, which lingered at 99.97 billion.

Ripplr development activity and supply out of exchanges

Source: Santiment

Ghost of a chance

As far as its network growth is concerned, information from Santiment showed that there had been a big slump. In exact values, XRP’s network growth was 1045. This represented a loss of traction and user adoption. However, it would be quick to assume that Hoskinson had a role in this, since the decrease began before his latest declaration.

Meanwhile, XRP’s seven-day circulation attempted to make up for the losses. Although it was negligible, since a drop from 6.9 billion to 1.76 billion was no small feat. An explanation of this stance equated to minimal XRP transactions. Finally, Hoskinson’s comments seemed unrelated to XRP’s network disruption.

Ripple network growth and circulation

Source: Santiment

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.