As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen my fair share of ups and downs, hype, and disappointment. The recent surge in XRP price, while encouraging, is not enough to overshadow the ongoing debate about Ripple’s alleged centralization of the XRP Ledger (XRPL).
On Monday’s U.S. trading session, the price of XRP increased by 2.5%, reaching $0.56. This bullish rise was a result of the broader market recovery, as Bitcoin managed to steer clear of a significant drop below $60,000. Despite indications that the market could see an extended correction, a recent tweet from XRP owners has ignited a significant debate about Ripple‘s control over the XRP Ledger (XRPL) and the difficulties in achieving complete decentralization within this network.
Ripple Faces Backlash from XRP Holder Over Alleged Centralization
On September 1st, I vented my long-held grievances and critiques about Ripple’s management of the XRP Ledger (XRPL) and their broader projects on the platform that was once called Twitter. As a fellow XRP investor, I felt compelled to voice my concerns about the direction they are taking with our shared investment.
As a researcher, I recently took note of a significant tweet posted by @DarkhorseDNME4. This tweet specifically addressed key figures such as CEO Brad Garlinghouse, CTO David Schwartz, President Monica Long, and other influential individuals within our community. The purpose of this tweet seemed to be bringing attention to an important matter that requires their attention.
One way to rephrase the given text in a more natural and easy-to-understand manner is:
1. The post highlighted that initiatives such as the Root Network and OpenEden T-bills primarily boosted the company or specific groups instead of the general XRP community. Furthermore, it called out Stuart Alderoty, Ripple’s top legal executive, for potentially misleading statements suggesting that “XRP holds the same legal certainty as Bitcoin (BTC)”.
In addition, the article explains that XRP holders had been given reason to believe that Hooks was joining the XRP Ledger (XRPL), only to discover later that a different project called Xahau had been developed instead. A XRP holder contends that certain influential members within the XRPL community were privy to the Xahau plans as far back as January 2023, but failed to share this knowledge with the wider public.
As an XRP holder I’m going to give my absolute truth to you @Ripple @bgarlinghouse @JoelKatz @MonicaLongSF @Vet_X0 for the last 2 years here in X I have highlighted, your bot use, your XRP-0, prisma, Your Net neutral ODL transactions, your reliance on Centralised…
— ĐΛRKHØRSΞ (@DarkhorseDNME4) September 1, 2024
The criticism stems from how the company projects itself as a decentralized organization, but in reality, the major decisions are made by prominent members of the company. He highlighted that
In simpler terms, for the XRP Ledger (XRPL) to be changed or updated, it must be approved by Ripple, the organization that controls it. If Ripple doesn’t agree with a change, it won’t be implemented, making the XRPL less decentralized in practice.
Darkhorse concluded,
It’s high time, Ripple, for you to relinquish control over the XRP Ledger (XRPL) back to the community. Eliminate your grip on the validators, enhance democracy in the amendment process, and instead of solely utilizing that reserved XRP for your own gains, direct it towards areas where it can truly benefit the XRPL as a whole, not just Ripple and its shareholders.
XRP Price Hints Major Reversal
In today’s volatile market conditions, the price of XRP dropped from $0.63 to $0.56, resulting in a 11% decline. This downward trend has caused another flip in the persistent triangle formation that started back in September 2021, suggesting a bearish outlook.
If the selling pressure continues, the value of the coin might drop by around 30% to retest the lower support trendline at $0.4. As things stand, this chart pattern suggests that the current period of sideways movement could continue, with the price moving up and down between the two trendlines that are gradually converging.
For buyers to regain trend control, a bullish breakout from the overhead trend is necessary.
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2024-09-02 22:38