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Ripple manages 7% of XRP ledgers, states Brad Garlinghouse in a session with Cory Johnson

Priyamvada Singh

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Ripple manages 7% of XRP ledgers, states Brad Garlinghouse in a session with Cory Johnson
Source: Pixabay

On 23rd August, Brad Garlinghouse and Cory Johnson of Ripple conducted an Ask Me Anything [AMA] session online, along with a deep discussion on decentralization of XRP and other cryptocurrencies. Brad and Cory also mentioned the blog on Ripple Insights by their CTO David Schwartz on the same subject.

Ripple’s CEO Brad began talking about the maturation of the blockchain and cryptocurrency industry and the trend of spreading misinformation within the space. In Brad’s opinion, this is frustrating and his company is making efforts to dispel inaccurate elements from the information sector in the industry. He also said that he appreciates people who are attempting to bring accuracy to information.

He connected the above case with the blog written by David Schwartz titled ‘The Inherently Decentralized Nature of XRP Ledger’. Cory revised the content shared by Schwartz and stated that XRP is becoming more decentralized while other big coins such as Bitcoin and Ether are losing out on that feature. Brad also commented:

“It [XRP] has only become more decentralized. You know, today there are 150 publicly known validators on the XRP ledger. Ripple only manages 10 of them – about 7%…  It’s not centralized. There is a centralized company called Ripple that is investing in the XRP ecosystem and we are an interested party and seeing the success of the XRP ecosystem.”

To this, Cory added that Ripple is just one of the many parties interested in XRP and its ecosystem. Subsequently, Brad also stated that Xpring is one such example of a huge external interest in XRP with multiple upcoming deals through the project. Xpring was launched by Ripple to provide support for the startups and aspiring entrepreneurs in the industry.

The Market Strategist also mentioned that some existing party could also use XRP as a technology and surpass Ripple. During the course of 20 years of working in Silicon Valley, he has not seen the kind of zealotry that exists in the cryptocurrency space, he stated. Agreeing with Brad, Cory said:

“…no one could go out and buy a piece of DNS or no one could say you know I’m a big believer in Betamax, I’ve put my grandma’s savings into it.”

Furthermore, he said that one of the interesting facts that makes digital assets different is that the technology has allowed a wide range of people, including the average crowd to invest in it. However, Cory believes that certain journalists have bought a piece of this technology, which has led them to turn inherently biased against other technologies.



Lastly, Brad stated that solving real problems for customers is what the purpose of the technology ultimately comes down to. He also believes in bringing new technologies that would serve the same goal. As of Ripple, the CEO said that his company wants to make sure that it is creating as transparent an XRP ecosystem as possible. In his words:

“I get kind of caught up in these almost esoteric debates that it’s like… ‘Look at the end of the day or we saw are we solving a customer’s problem and it would be bringing the right technologies to bear to do that’. And Ripple is gonna continue to focus on solving real problems.”

According to him, Ripple is more proactive and transparent than any other major player in the industry.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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