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Ripple CTO David Schwartz defends XRP after Kraken statements

Akash Anand



Ripple CTO David Schwartz defends XRP after Kraken statements
Source: Unsplash

The cryptocurrency market has been abuzz with multiple news updates which have come as a result of the deep chain reorganization on the Ethereum Classic [ETC] network. The shakeup also resulted in multiple exchanges like Bitfly and Kraken to closely monitor ETC transactions.

Post Kraken’s announcement, the cryptocurrency exchange had gotten into a tussle with another Twitter user who asked Kraken for the reason as to why the exchange continued to list ETC. Kraken replied:

“Ripple is only one example of a blockchain which has had problems. Bitcoin, Ethereum, ZCash, you name it, have all had their share of problems. This what markets are for. People disagree and can invest accordingly. Deplatforming is not the answer.”

The comment was called out by XRP’s parent company Ripple, whose Chief Technological Officer David Schwartz rebutted:

“It’s irresponsible when exchanges misrepresent digital assets in this way – @Ripple is a private company, different from XRP or the XRP Ledger. They’re not interchangeable, and there’s no disputing it.”

Schwartz focused his reply on the fact that Ripple is just the parent company under which xRapid, xVia and xCurrent functions along with XRP. Many XRP enthusiasts followed Schwartz’s path, stating the faults with the cryptocurrency exchange as well as Kraken’s official handle. Dr. T, a popular XRP advocate backed Schwartz by saying:

“Thank you for calling for public accountability. That twitter acc. has been acting unprofessionally for a long time. It’s now clear Jesse was controlling the handle. I just don’t understand how the industry as a whole could mature if a person (@EDadoun) simply asked for reasons?”

The XRP proponent further stated:

“The longer we have Proof of Work coins listed at exchanges, it’s inevitable that one of these days a 51% attack will leave an exchange insolvent and then every other digital asset will be affected due to that, and market may crash. Coinbase was told that reality SIX MONTHS ago!”

The deep chain reorganization on the Ethereum Classic blockchain had resulted in funds worth $460,000 being manipulated on the network. This was first pointed out by Coinbase who had revealed:

“We observed repeated deep reorganizations of the Ethereum Classic blockchain, most of which contained double spends. The total value of the double spends that we have observed thus far is 88,500 ETC (~$460,000).”

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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.


TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?




TRON & XRP: Market oscillation subsides as resolute bulls takeover; rationality over rewards?
Source: Unsplash

A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.

Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.

The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.

Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.

TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.

Source: Trading View

XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.

Source: Trading View

Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,

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