As a seasoned researcher with over two decades of experience in the crypto market, I have seen countless debates and controversies within the community. However, the ongoing feud between XRPL Labs and Ripple is particularly intriguing, given the apparent similarities between Xahau and the upcoming sidechain from the XRP Ledger core development team.
On September 3, the price of Ripple (XRP) failed to maintain its rally and fell below a significant support level, while Bitcoin‘s (BTC) price also dropped below $57,000. The Ripple community is currently engaged in a passionate argument over the launch of a new sidechain, proposed by the XRP Ledger core development team for 2025. Is it possible that the price of XRP will withstand both the overall market pressure and the negative sentiments growing within the community?
Xahau Devs Cry Foul, XRP Price May Suffer
The controversy centers around the creators of Xahau, a fully functional XRPL sidechain that has been in development for some time now.
Hooks are no longer just theoretical or experimental; they’re actively functioning in our live environment at Xahau. So, when you choose to integrate them into your development at RippleXDev, rest assured they’re battle-tested and ready to go.
As a crypto investor, I find another compelling benefit of the Hooks stack lies in its ability to launch this setup on the mainnet only after it has been thoroughly refined. By the time it reaches the mainnet, we’ll have…
— WietseWind ( Xaman @XRPLLabs) (@WietseWind) September 3, 2024
In Xaya’s network, there are built-in smart contracts known as ‘hooks’, similar to what the future sidechain of 2025 will provide.
The Xahau lead developer, Wietse Wind, has been vocal about his frustration, claiming that the sidechain is not an idea or a proof of concept but a live, working solution.
In his open letter to the XRPL ecosystem and stakeholders, Wind explained that Ripple’s recent embrace of L1 smart contracts, a concept he championed years ago, conflicted him and his company, XRPL Labs.
In reply, David Schwartz – Ripple’s Chief Technology Officer – stated that RippleX has consistently kept in touch with the creator of Xahau, being fully informed about their strategies.
In our previous conversation, you were informed that the RippleX team had discussed with you before publishing anything. From the start, Ripple has backed (and funded) Hooks, and we’ve told you multiple times that we’tell you we’ve supported Hooks as an amendment on mainnet. I believe there’s a lot of innovation in Hooks as XRPL Labs.’s.
— David “JoelKatz” Schwartz (@JoelKatz) September 3, 2024
Over the past 24 hours, the Ripple price has decreased by 2.8%, with a 2.x-X-Ripple price by 2.8% drop in the last 24 hours, and currently, the price of Ripple’s trading price has dropped to $0.5510. The debate continues within the community as a course of action Ripple Ripple’s course of Ripple’s progress.
Traders Overwhelmingly Short on Ripple, 15% Crash In Sight
According to data from Coingeek, there’s been a significant buildup of short positions on XRP price over the past month, with fewer long positions. This disparity suggests that a pessimistic outlook is prevailing in the market, as traders seem to expect more declines for the asset in the future.
XRP is in a bearish trend, indicated by the sharp decline from the recent highs, followed by a consolidation that resembles a bearish flag pattern. This suggests the potential for further downside. If this pattern completes, it would likely result in another leg down.
For XRP, the next potential barrier lies at the flat line around $0.5600. This level corresponds to the peak of the holding phase and coincides with the upper limit of the descending triangle pattern in a bearish trend.
The XRP price graph indicates a potential support point at approximately $0.5326. If the price falls below this point, it could confirm the bearish “flag” pattern and potentially lead to a 15% decrease in value, taking it down to around $0.47. This lower figure is calculated as the anticipated movement from the height of the flagpole, measured downward from the breakout point.
Should XRP‘s price resist the downward trend and move upward instead, it could indicate a robust market sentiment, challenging the prevailing bearish perspective. In such a scenario, XRP might rebound to approximately $0.62, and with further momentum, it could target even higher values.
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2024-09-04 12:40