TronWeekly

Crypto World News

You are here: Home / Archives for xrp

xrp

XRP Clocks Highest Address Activity In 10 Weeks; Rally Next?

by

XRP is displaying signs of a price breakout, rallying by 8% over the weekend. With bulls and bears struggling near $0.50, the sixth-ranked asset has experienced a modest decoupling of +4% from the altcoin pack.

At the time of publication, XRP was changing hands at $0.50, up 4.71% in the last 24 hours, reaching a 5-week high.

What is more intriguing, though, is that over the past two days, the network saw a significant uptick in the activity of its second and third-largest addresses.

On May 28, up to 490.35K addresses interacted with the network, as shown in the chart displayed by the data platform. The network experienced the biggest increase of 871.98K addresses in March.

image 92
XRP Clocks Highest Address Activity In 10 Weeks; Rally Next? 2

The last time the spike occurred was on March 18, and the price rose by more than 45% as a result. “And if history repeats itself from the March 18th activity spike, it could be more”, Santiment noted. It remains to be seen if XRP can sustain its impressive run in the long term.

On the other hand, Mason Versluis, a popular crypto podcaster and the founder of Gold Squad, remains bullish on the token.

The crypto influencer claimed in a recent tweet that the token might reach $5 in the near future.

Expert Believes XRP Will Hit $5; Here’s Why?

Versluis’ remarks were made on the fact that XRP is the only asset that has ever outperformed Ethereum in terms of market cap.

He also criticized detractors, stating it is easy to mock those who predict a $5 price target for XRP in the crypto space.

This is most likely because XRP would have to increase in value by 900% from where it is now in order to reach $5. Some investors might be unsure of the asset’s ability to rise to such heights, he noted.

Interestingly, XRP’s market cap has historically exceeded Ethereum’s multiple times starting from May 8, 2017, with the token reaching an $8.347 billion valuation and ETH reaching $8.341 billion.

As a result, it became the second-largest crypto asset. The asset repeated this feat twice again, in September 2018 and again in December 2017.

XRP Acknowledged by Atlanta Fed Reserve Bank for International Payments

by

The Atlanta branch of the United States Federal Reserve Bank recently brought focus to Ripple’s operational framework and its utilization of XRP to fulfill requirements for cross-border settlements. As per the Reserve Bank, XRP is regarded as a “global payment medium.”

These references appear in the most recent version of the Atlanta Federal Reserve’s Policy Hub, titled “An Introduction to Web3 with Implications for Financial Services.” The document primarily emphasizes the potential of Web3 and the utilization of digital assets.

Furthermore, the report emphasizes the increasing rate of adoption of Web3 and blockchain technology by public organizations, including central banks. It highlights the significance of Project Mariana, a proof of concept introduced by the Bank for International Settlements (BIS), the Bank of France, and other financial institutions.

The article from the Atlanta Federal Reserve draws attention to Project Mariana’s objective of improving cross-border settlements by mentioning Ripple and Stellar as prominent blockchain-oriented companies that offer economical value transfers.

As stated in the report, Ripple’s operational framework revolves around delivering financial services utilizing XRP. Additionally, the report highlights that XRP is commonly regarded as an “international payment medium” or a coin suitable for wholesale settlements.

It is worth mentioning that the primary focus of this report is not specifically on Ripple or XRP but rather on the wider landscape of Web3. Nevertheless, the mention of Ripple and XRP has been positively received, highlighting the increasing recognition and interest that public institutions are showing towards XRP.

In addition, the paper does not explicitly declare any intentions of the Atlanta Federal Reserve to utilize XRP for settlements. This observation was highlighted by WrathofKahneman, a well-known influencer within the XRP community.

XRP by Ripple Paves the Way for CBDC Progress

The mention of Ripple in this context was not surprising, given the ongoing interest of various central banks in Ripple’s vision of a streamlined cross-border settlement system. It was reported by The Crypto Basic last month that Ripple collaborated with the Central Bank of Montenegro to assist in testing its digital currency.

Furthermore, Ripple recently introduced its CBDC platform, offering central banks the opportunity to build their own digital currencies. While institutions utilizing the platform can utilize XRP as an intermediary currency, it is not obligatory to do so. Presently, there is limited information available regarding the banks that have expressed interest in the platform.

Although the US Federal Reserve has not provided explicit communication regarding its plans to create a central bank digital currency (CBDC), it has been actively studying the potential implications of such a development. In March, Jerome Powell, the Chairperson of the Federal Reserve, revealed that obtaining approval from Congress would be necessary for the Fed to proceed with CBDC development.

XRP Price Hits 1-Week High After Ripple’s Court Win Over Hinman Docs

by

XRP price soared by 10% after Judge Torres rejected the SEC’s request to have the Hinman documents sealed.

According to the Court order, “although the protection of sensitive, confidential, or proprietary business information is a countervailing interest that can militate in favor of sealing, conclusory statements that documents contain confidential business information” are insufficient to justify sealing.”

SEC argued that the documents should be sealed because of the “clear lack of relevance of these documents to the summary judgment motions” and because their disclosure “would be highly prejudicial” to the commission.

The U.S. District Court’s Judge Analisa Torres ruled that Hinman docs “are judicial documents subject to a strong presumption of public access” because they are “relevant to the performance of the judicial function and useful in the judicial process.”

The documents revolve around William Hinman, a former SEC director, and a controversial speech he gave in 2018 in which he claimed that Ethereum, like Bitcoin, was “sufficiently decentralized” and was therefore exempted from federal securities regulation.

The blockchain firm argued that Hinman’s public statement appears to favor “two winners” in the crypto space, Bitcoin and Ethereum, at the expense of XRP.

On Oct 2022, Ripple was able to secure the crucial Hinman documents from the SEC’s clutches.

The firm’s general counsel Stuart Alderoty who shared the update then called it a victory that will strengthen the legal arguments of the blockchain firm.

Alderoty also stated that the documents, which are internal SEC emails and drafts, remain confidential prior to that [at the SEC’s insistence].

The Hinman Speech Documents “would reasonably have the tendency to influence [the Court’s] ruling on a motion,” he said at that time. 

In its prolonged legal battle with the SEC, which contends that sales of Ripple’s XRP broke American securities laws, the blockchain payment firm has viewed the speech as a crucial piece of evidence.

Following the news, XRP is still up over 7% at $0.45.

Ripple May Lose Out Majority Control Over XRP

Given that Ripple holds a sizeable portion of the token’s supply, top executive Matt Hamilton made a recent suggestion that the firm would eventually lose control of the XRP tokens.

Hamilton proposed to disable the master key at the destination account, rendering the funds released from escrow inaccessible to anyone. This comes at a time when the community has raised concerns about the centralization of the token.

XRP’s Path to Millionaire Status: Bitboy Advocates a Conservative Stance for Success

by

In a recent video, Bitboy, a well-known crypto influencer also known as Ben Armstrong, revealed the quantity of XRP, which are tokens on the Ripple network, that a cryptocurrency investor needs to possess in order to become a millionaire.

According to Armstrong’s perspective, in order to achieve millionaire status in the digital asset, a cryptocurrency enthusiast should possess 150,000 units of Ripple tokens. Predictably, this statement sparked a heated discussion within the crypto community, prompting various responses. Some individuals conducted polls to gauge the collective wisdom of the crypto community, seeking valuable insights on the subject.

Jenna, a renowned influencer in the XRP community, conducted a poll that garnered a significant response from digital asset enthusiasts. Interestingly, the majority of respondents expressed the belief that acquiring fewer than 150,000 units of XRP is sufficient to achieve millionaire status.

Furthermore, among the respondents, a notable 62.5% expressed the opinion that they require fewer than 150,000 units of digital assets to achieve their desired millionaire status. In contrast, the runner-up group, with 22.6% of the votes, believed that the figure of 150,000 units aligns with their expectations.

Bitboy’s Insights on XRP: Reacting to the Ever-Changing Crypto Landscape

Nevertheless, Armstrong issued a cautionary statement, emphasizing the significance of adopting a conservative approach in light of the poll’s outcome. Bitboy’s remarks came after his own estimation that owning 150,000 units of XRP would lead to millionaire status. Acknowledging the result, Armstrong warned against excessive optimism in predictions, underscoring the potential negative consequences that can arise from being overly enthusiastic.

Drawing from lessons learned during the previous bull run, Armstrong emphasized the significance of adopting a more conservative mindset. He highlighted the potential pitfalls of succumbing to ambitious predictions, as they can give rise to unrealistic expectations and potentially harm investors.

He said: “I learned one thing from the last bull run – being more conservative never hurt anyone. Being too aggressive with predictions can hurt people.”

Significantly, in order for 150,000 XRP to result in millionaire status, the value of the coin would need to exceed $6.7. At the present price of approximately $0.4271, acquiring 150,000 XRP would require an investment of around $65,000.

In contrast, Edward Farina, a crypto enthusiast, expressed an optimistic perspective on XRP, proposing that possessing 10,000 XRP tokens could potentially lead to achieving financial freedom. This differs from Bitboy’s suggestion of accumulating 150,000 XRP tokens.

Trader’s Taunt: Bitcoin Trader Mocks BitBoy’s Crypto Analysis

In a recent report by TheCryptoBasic, it was highlighted that a well-known Bitcoin trader named Nebraskan Gooner mocked BitBoy regarding his suggestions on achieving millionaire status with XRP. Gooner shared a screenshot of an article that featured BitBoy’s two-step approach, which involved creating a token and using the resulting funds to purchase $1 million worth of XRP.

Although Gooner’s taunt may have been unrelated to the article, his attention was directed towards BitBoy’s recent involvement with the newly launched BEN meme coin. Gooner hinted that BitBoy might engage in a rug-pull of the BEN coin project, aligning with the concerns expressed by others in the community.

Ripple And Whales Transfer 218 Million XRP Amidst Price Recovery

by

Ripple and other whale addresses recently transferred 218 million XRP, worth an average of $81 million, in six separate transactions. The moves corresponded with a recent XRP recovery push and largely included exchanges like Bittrex and Bitstamp.

Ripple Makes A Big Move With 50m XRP Transfer: What’s Next For XRP

According to Whale Alert, a resource that tracks the movements of large cryptocurrency investors, 50 million XRP tokens worth $21.4 million were involved in the Ripple transfer, which took place on May 9th at 20:35 (UTC).

Whale Alert’s tweet suggests that Ripple sent XRP to a wallet with an unknown owner. However, information gathered by Bithomp suggests that the recipient wallet belongs to Ripple. This wallet has subsequently distributed 7.3 million XRP to various other addresses.

Notably, the recently-moved 50 million XRP tokens are among the property Ripple released from escrow this month. Ripple unlocked 1 billion XRP on May 1 as part of its monthly escrow executions. Shortly after the escrow executions, Ripple locked back 700 million XRP and stored 300 million tokens.

Invoice Morgan, a pro-XRP lawyer, stated that Ripple does not “dump” its property on the market. It is worth noting that, in April, just 50 million of the 300 million XRP issued were transferred from Ripple wallets, similar to the present transaction in Might.

Whale Movements

Other whales, in addition to Ripple, exchanged 168 million XRP in five different transactions. The first transaction saw 50 million XRP sent from Crypto.com to an unnamed wallet. Investigations found that the wallet belonged to Binance.

Soon after, an unauthorized wallet sent 31 million XRP to Bitstamp on May 8 at 21:29 (UTC). Subsequently, there was an internal transaction a few hours later, where two Bittrex wallets moved 30 million XRP on May 9 at 19:41 (UTC). The most recent transfer occurred when an unidentified wallet sent 28 million XRP to Bitstamp on May 9 at 22:14 (UTC).

Whale Transactions Coincide With XRP Value Drop 

The movements made by the whales happened at the same time as a decline in the value of XRP, which prompted a recovery campaign. On May 8, the asset experienced its most significant intraday decline since April 21, dropping by 4.61%. Despite plunging to a 7-week low of $0.41, XRP promptly recovered, with the $0.41 level as support.

XRP recently ended its run of daily losses that started on May 6 and had a small gain of 0.14% at the end of yesterday’s trading session. Over the last 24 hours, XRP has gained 1% and aims to establish a strong position above $0.43. At the time of writing, XRP is trading at $0.4260

Related Reading: | PEPE And FLOKI Surge As Binance Announces Elevated Support |

XRPUSDT 2023 05 10 15 21 29
Source: Tradingview.com

XRP’s Security Status Unambiguous, According to WeBlog Founder

by

Jason Calacanis, an entrepreneur and angel investor from the United States who founded WeBlog (a now-defunct platform), has joined others in stating that XRP should be classified as a security. He made this statement recently while discussing the costs Ripple has incurred in its ongoing legal battle with the US SEC.

“XRP is obviously a security”, According to Calacanis’s tweet. In his opinion, Ripple’s best course of action would have been to register XRP as a security with the SEC. He thinks that this step could have been done with minimal costs and might have helped them avoid the expenses associated with the lawsuit.

During an interview with CNBC, Ripple CEO Brad Garlinghouse disclosed that Ripple is expected to spend as much as $200 million in its ongoing legal battle with the SEC by the time the lawsuit is resolved. Which led to Calacanis’ statement.

Calacanis thinks that Ripple could have prevented the expensive legal battle by simply registering XRP as a security like many other industry players. However, this comment has faced criticism as most cryptocurrency companies have not registered their tokens as securities due to the lack of clear guidelines from the SEC.

Crypto Executives React to Latest Industry Developments on XRP

“Go try to register a digital asset as a security before you make ridiculous statements like this,” says Mike Belshe, the co-founder and CEO of digital asset trust company BitGo, Responding to Calacanis’s statement. Also adds saying “this is an ignorant view”.

Jason Calacanis is well-known for his angel investing skills and has invested in some of the most successful startups in recent years, including Uber, Tumblr, and Calm. However, some experts in the industry think that he lacks knowledge of securities laws.

Following this another leader, Jacob Franek, co-founder and former COO of Coin Metrics, stated “It bears repeating over and over — the asset itself, XRP, is highly unlikely to be a security. Your job is literally investing. You should try actually educating yourself on securities laws,”

Calacanis is not alone in his opinion. Lee Bratcher, the President of the Texas Blockchain Council, and many others share the same belief that XRP is a security. Bratcher had made this statement in December of last year.

XRP Lawyer Says Coinbase May Soon List The Token But….

by

XRP community once again raised the issue of Coinbase relisting the token in the event of Judge Torres ruling in Ripple’s favor and the SEC appeals.

This time, the question was posted to crypto legal expert Jeremy Hogan who gave a positive response but cautioned that there are no promises as to what Coinbase might do because it hasn’t always been reliable.

XRP members are emboldened by a previous ruling made by Judge Torres in SEC v. Rio Tinto case.

On July 2022, the U.S. Securities and Exchange Commission lost its bid to revive certain claims it brought against the mining giant Rio Tinto PLC.

Prior to that, Judge Torres rendered a significant ruling against the SEC, which the agency later appealed. Even though Torres’ decision was ultimately upheld by the appeals court, the process took a long time.

While this case has nothing to do with Ripple specifically, it does shed some light on the potential timetable of the legal proceedings involving XRP.

Hogan advises against inquiring as to the duration of the process.

On January 2021, Coinbase, a top U.S. digital currency exchange, removed XRP from its platform after the regulator filed a lawsuit against Ripple Labs, a major backer of the token.

In the filing, SEC alleged Ripple and its top execs of selling the asset as unregistered securities to investors.

While the community waits for a decision, there have been discussions about the top exchanges relisting the token because doing so would have a significant impact on the cryptocurrency’s price.

piggybank olru6x88cgI unsplash
XRP Lawyer Says Coinbase May Soon List The Token But.... 5

John E. Deaton, a prominent lawyer, recently took to Twitter to explain that Coinbase’s decision to suspend XRP trading on its platform may have been influenced by the company’s IPO [Initial Public Offering] in 2021.

John E. Deaton Explains Why Coinbase Delisted XRP

Deaton’s comment was in reaction to a statement made by Australian attorney Bill Morgan who remarked that the exchange’s fair notice defense may be compromised by Coinbase’s move to delist XRP. 

Community members were surprised by the lawyer’s softened remarks toward Coinbase.

Deaton’s remark is noteworthy because it came out just a month after he called Ripple and XRP “regulatory sacrificial lambs.”

According to him, Coinbase had to take every precaution to win the SEC’s favor because the exchange needed that approval in order to go public. Included in this is the exchange’s choice to stop XRP trading.

XRP Price Prediction: Is Ripple XRP A Good Investment?

by

As the world of cryptocurrencies continues to evolve, many investors are trying to predict the future of different coins. In this article, we will be focusing on XRP and exploring its potential as a good investment. We will also look at how to buy XRP and the concept of cloud mining.

What is XRP?

Before we dive into whether XRP is a good investment, let’s first understand what it is. XRP is a cryptocurrency that was created by Ripple Labs in 2012. Unlike Bitcoin and many other cryptocurrencies, XRP is not mined. Instead, all 100 billion XRP tokens were created at once and a portion of them are released into circulation each month.

XRP Price History and Performance

XRP has been experiencing both ups and downs in recent times. The XRP community is hopeful for another rally as the market sentiment turns bullish with Bitcoin hitting the important level of $30,000. 

However, most likely, the XRP price forecast is an increase toward the $0.5093 resistance area, but a drop below $0.433 could trigger a fall toward $0.350. 

There are three main factors that confirm that XRP should reach $1: 

  • the growing adoption of Ripple among cryptocurrency investors,
  • the legal battle between Ripple and the SEC, 
  • and analysis of XRP technically.

Additionally, the XRP market is globally traded despite several de-listings that happened after the United States SEC filed the lawsuit against Ripple. According to market data provided by Binance-backed Coinmarketcap, the XRP market has had a verifiable traded volume of approximately $1.1 billion in the past 24 hours.

One of the main factors that investors consider when deciding whether a cryptocurrency is a good investment is its price performance. In 2021, XRP had a rocky start due to the SEC filing a lawsuit against Ripple Labs. 

This resulted in many exchanges delisting XRP and the price dropping significantly. However, in November 2021, the SEC dropped the lawsuit and since then, the price of XRP has been steadily increasing. As of the time of writing, the price of XRP is $0.5093.

How Can I Buy XRP?

image 92
XRP Price Prediction: Is Ripple XRP A Good Investment? 7

If you have decided that you want to invest in XRP, the next step is to figure out how can I buy XRP. One way to buy XRP is through a cryptocurrency exchange. Some popular exchanges that offer XRP trading pairs include KuCoin, Binance, Coinbase, and Kraken.

Another option is to buy XRP through a peer-to-peer marketplace, such as LocalBitcoins or Paxful. These platforms allow you to buy XRP directly from other individuals, which can sometimes result in better prices.

Cloud Mining and XRP

Finally, let’s briefly discuss the concept of cloud mining and its relationship to XRP. Cloud mining is a way to mine cryptocurrencies without having to buy and maintain your own mining hardware. Instead, you pay a company to rent their mining hardware and their cloud miner mines the coins for you.

However, it’s important to note that cloud mining is not a viable option for mining XRP. As mentioned earlier, XRP is not mined in the traditional sense. This means that cloud mining companies do not offer XRP mining services. Instead, they typically offer cloud mining for other cryptocurrencies, such as Bitcoin or Ethereum.

How Is the XRP Ledger Network Secured?

The XRP Ledger network is secured through a consensus algorithm called the XRP Ledger Consensus Protocol, or XRPL Consensus Protocol. This algorithm is different from the Proof of Work (PoW) and Proof of Stake (PoS) algorithms used by other blockchains, such as Bitcoin and Ethereum.

Instead of relying on computational power or stake size, the XRPL Consensus Protocol uses a unique mechanism called “distributed agreement” to validate transactions and secure the network. This mechanism requires a supermajority of network participants to agree on the validity and order of transactions, making it difficult for any single entity to manipulate the ledger.

In addition to the XRPL Consensus Protocol, the XRP Ledger network is also secured through cryptographic techniques such as digital signatures and hash functions. These techniques ensure that transactions are authentic and tamper-proof.

Overall, the XRP Ledger network’s unique consensus algorithm and cryptographic techniques make it a secure and reliable platform for conducting transactions with XRP and other assets.

XRP Investment Potential

Based on the recent price performance of XRP, it may seem like a good investment. However, it’s important to consider other factors as well. One factor is the use case of XRP. Ripple Labs created XRP with the intention of it being used as a bridge currency for cross-border transactions. While XRP is currently being used for this purpose by some financial institutions, it has not yet achieved widespread adoption. This means that its potential for growth may be limited.

Another factor to consider is the competition that XRP faces. There are many other cryptocurrencies that also aim to be used for cross-border transactions, such as Stellar (XLM) and the controversial Tether (USDT). These coins may be more attractive to investors due to their lower prices and potential for higher returns.

Overall, while XRP may have some investment potential, it’s important to consider all the factors before making a decision.

Is XRP A Good Investment?

It depends on the individual’s risk appetite and investment goals. XRP can be a good investment for some investors, but it comes with its own set of risks and challenges. It is important to assess one’s risk appetite and investment goals before making any investment decisions. Here are some key points to consider. 

  1. RippleNet has been widely accepted by over 100 multinational banks, which indicates its credibility as a payment transfer system.
  2. Ripple’s price history has been volatile, but it has shown signs of improvement after a tough 2020.
  3. XRP is a cryptocurrency issued by Ripple Labs to help transfer payments through the Ripple Network. If a bank wants to move large amounts of money, it can convert the money to XRP and send it to the recipient bank, eliminating the need for multiple intermediary banks.
  4. XRP’s price is currently consolidating beneath a crucial resistance region inside a neutral pattern, and technical indicators are mixed, signaling a choppy market.
  5. The SEC vs. Ripple’s lawsuit has impacted XRP’s value, with investors anticipating Ripple winning the case.

Conclusion

In conclusion, XRP may have some investment potential, but it’s important to consider all the factors before making a decision. The recent price performance of XRP may be a positive sign, but its limited use case and competition from other cryptocurrencies may make it a risky investment. 

XRP Lawyer On Coinbase’s Response- “That’s How You Do It”

by

XRP representative John E. Deaton has heaped praise on Coinbase’s fiery response to the SEC lawsuit noting that it serves as an example of how to stand up for one’s interests while extending ” the olive branch of dialogue and cooperation.”

On April 27, crypto exchange Coinbase fired back at SEC’s Wells notice telling the federal regulator that an enforcement action against the crypto exchange would pose “major programmatic risks” to the SEC that would “fail on the merits.”

The regulator cautioned that the spot trading, staking, custody, and institutional trading activities of Coinbase were in jeopardy in the Wells notice sent in March.

Additionally, the exchange was accused by the SEC of selling and offering unregistered securities in violation of federal law.

image 96 3
XRP Lawyer On Coinbase's Response- "That’s How You Do It" 9

“Coinbase does not list, clear, or effect trading in securities. The analysis used by SEC officials to support an enforcement action appears to rest on superficial and incorrect analogies to products and services offered by others,” Coinbase noted in a blog post from chief legal officer Paul Grewal.

The SEC has intensified its enforcement drive against major crypto players in recent months, and Coinbase is not the only exchange to receive a Wells Notice.

Previously, the New York-regulated blockchain infrastructure and financial services platform- Paxos was issued. As a result of the notice, Paxos was forced to sunset its Binance-branded stablecoin product.

That being said, Coinbase’s latest response indicates that the firm is not ready to go down without a fight and the move has resonated with other crypto supporters like XRP attorney Deaton.

Earlier the XRP representative threw his weight behind Coinbase Global Inc for filing against the United States’ regulator.

XRP Sales Performance In Q1

Deaton was particularly impressed by Coinbase filing the second Writ of Mandamus against the commission which he believed would help in better regulatory governance.

Amidst the regulatory troubles, XRP maintained its robustness in the first quarter of 2023 according to a report published by its major backer Ripple.

The token’s overall sales shoot up to $361.06 million from the $226.31 million reported in the prior quarter.

The report also discussed XRP Ledger’s on-chain activity whose volumes with decentralized exchange volumes increased 34% to $115 million in Q1 2023 versus Q4 2022.

On centralized exchanges, the token’s Average Daily Volume [ADV] jumped 46% in Q1 to $1 billion from $698 million.

BTC, XRP, BNB & XLM Not True DeFi Projects: Cyber Capital CIO Sparks Twitter Debate

by

In a heated debate on Twitter, Cyber Capital founder and CIO, Justin Bons set off a fiery debate by questioning the true decentralized nature of several prominent cryptocurrencies in the decentralized finance (DeFi) space. Bons claimed that Bitcoin (BTC), XRP, Binance Coin (BNB), and Stellar (XLM) did not meet the criteria of being genuine DeFi projects.

The discussion gained momentum when Bitcoin influencer TheVladCostea challenged Bons, pointing out that decentralized companies can issue tokens, trade them, and even pay dividends in BTC using the Counterparty DEX on the Bitcoin network. 

Bons acknowledged that he had used Counterparty on BTC in 2014 and supported it but stated that it technically fell short of being DeFi due to subsequent limitations imposed by the Core development team.

XRP’s Permissioned Status & Wikipedia’s Role

The conversation continued with questions about other cryptocurrencies. Bons acknowledged that Algorand (ALGO) had made commitments toward decentralizing its relayers, while Solana was deemed technically decentralized and permissionless but required a deeper analysis. 

XRP’s status as permissioned was also debated, with Bons stating his reasoning for considering it a permissioned chain in a previous tweet.

As the discussion progressed, Bons revealed that he refrained from including MATIC alongside XRP and BNB in his previous statement due to its technical permissionless ness, despite concerns about the founder’s administrative key having the potential to compromise user funds.

Critics of Bons accused him of spreading anti-Bitcoin narratives for personal gain, but he defended his position, emphasizing that his statements were based on facts. Bons acknowledged that while some Bitcoin proponents saw its incapability for DeFi as a positive aspect, he respectfully disagreed. 

Additionally, he believed that his critiques of altcoins might even resonate with certain Bitcoin maximalists.

The debate attracted the attention of Jayjit Biswas, Founder of Elite Web3 Forum, who echoed Bons’ sentiments, emphasizing the significance of decentralization in true DeFi. 

Biswas expressed excitement for the advancements made by projects like Ethereum (ETH) and Cardano (ADA), which he believed were surpassing Bitcoin’s limitations.

As the cryptocurrency space grows, the conversation surrounding true decentralization and its role in DeFi continues to be a hotly debated topic.

However, the emergence of new projects offers users a variety of options for genuinely decentralized financial products as the industry seeks to strike the balance between innovation and decentralization.

Related Reading | XRP & XRPL Tokens Step Up to Revolutionize E-Commerce with Xumm-Ecwid Integration