Within the cryptosphere, two names are currently taking center stage: XRP and Bitcoin. Ripple’s token is the subject of much debate over its centralization. Bitcoin (BTC), meanwhile, maintains its position as a leading decentralized cryptocurrency. So in this article, let’s analyze the controversy surrounding Ripple and how a recent court ruling has influenced the value of XRP as well as the entire crypto market.
XRP and Bitcoin: the controversy surrounding their centralization
XRP is this cryptocurrency issued by Ripple. For several days, he has been the subject numerous controversies linked to its centralization. The debate was started by Max Keizer, a Bitcoin advisor to the president of El Salvador.
In a September 24 tweet, Keizer argues that XRP is centralized. To support his point of view, he cites a United States patent dating from 1991, created by David Schwartz. He is the chief technology officer of Ripple.
The XRP community reacted quickly calling Keizer’s accusation ‘confusing as usual’. Especially since the patent he cited makes no mention of digital assets. “The patent in question has no connection with XRP”says Matt Hamilton, a developer advocate at Protocol Labs. “Keizer should check the timeline before making such accusations”he adds.
At the same time, Bitcoin, the pioneer cryptocurrency, is often praised for its decentralization. While XRP is subject to debate over its centralization, Bitcoin continues to operate as a decentralized network without a central controlling entity.
Victory of Ripple Labs, rise of XRP, influence of Bitcoin… Are we talking about it?
Despite the controversy surrounding XRP, the crypto currency has seen a series of positive developments recently. Particularly cited is the ruling by US District Judge Analisa Torres in favor of Ripple Labs in its lawsuit against the SEC in July. This had marked a significant victory for the crypto community.
This victory for Ripple has indeed had a direct impact on the price of XRP. The latter increased by more than 25% reaching $0.8875. This was XRP’s highest level in 52 weeks. During this time, the price of Bitcoin also recorded a considerable increase.
To celebrate this achievement, Ripple CEO Brad Garlinghouse even announcement the organization of a “real victory celebration” on September 29 in New York.
In short, the controversy surrounding XRP and Ripple’s legal victory highlight the importance of closely following developments in the world of cryptocurrencies.
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