The XRP price surged 2.5% to $0.56 during the U.S. trading session on Monday. The bullish uptick followed the broader market relief rally as Bitcoin price avoided a major correction below $60000. While the market sentiment hints at a prolonged correction, a recent tweet from XRP holders has sparked a critical discussion about Ripple’s influence over the XRP Ledger (XRPL) and the challenges of achieving true decentralization within the network.
Ripple Faces Backlash from XRP Holder Over Alleged Centralization
On September 1, an XRP Holder took out to the X (formerly known as Twitter) platform to share deep-seated frustrations and criticisms directed towards Ripple’s governance of the XRP Ledger (XRPL) and its broader project initiatives.
The tweet from @DarkhorseDNME4 tagged CEO Brad Garlinghouse, CTO David Schwartz, President Monica Long, and other prominent members to highlight that
your bot use, your XRP-0, Prisma, Your Net neutral ODL transactions, your reliance on Centralised Exchanges, and every project you claim will help XRP that doesn’t do anything for XRP holder but allows you to distribute your 300million XRP every month.
He mentioned projects like the Root Network and OpenEden T-bills benefited the company or selected groups rather than the broader XRP holder base. The tweet also pointed out Stuart Alderoty, Ripple’s Chief Legal Officer, for allegedly misrepresenting that “XRP has the same legal clarity as Bitcoin (BTC).”
Furthermore, the post details how XRP holders were led to believe that Hooks was coming to the XRPL, but instead, a separate project, Xahau, was created. The XRP holder argues that key figures within the XRPL community were aware of the plans for Xahau as early as January 2023 but kept this information private from the broader community.
🤬🤬🤬 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
unless anyone can get a seat at the table Of Ripple, you can’t amend the XRPL it is not decentralized if Ripple doesn’t want it, or doesn’t like it, then the XRPL will not get it, add it, or even acknowledge it.
Darkhorse concluded,
It’s time, Ripple, It’s time for you to put this control of the XRPL back in the hands of the community. Remove your hold over the validators, add more democracy at the top of the amendments chain, and start using that so-called XRP that was supposed to be used for the benefit of the XRPL in places where it doesn’t just benefit you and your Ripple shareholders.
XRP Price Hints Major Reversal
Amid the current market uncertainty, the XRP price plunged from $0.63 to $0.56, registering a loss of 11%. This bearish shift has led to another reversal within the long-standing triangle pattern that has been in place since September 2021
If the selling pressure persists, the coin price could plunge 30% to retest the lower support trendline at $0.4. As long as this chart pattern remains intact, the current consolidation phase could persist, with price action fluctuating between the two converging trendlines.
For buyers to regain trend control, a bullish breakout from the overhead trend is necessary.
Frequently Asked Questions (FAQs)
Ripple is facing backlash from the XRP community due to accusations of centralizing control over the XRP Ledger (XRPL) and prioritizing company interests over the needs of XRP holders
XRP faces a potential 30% downside risk as it continues to trade within a symmetrical triangle pattern.
For XRP to regain bullish momentum and break out of its prolonged consolidation phase, buyers need to push the price above the overhead resistance trendline,
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-xrp-price-0-5-ripple-centralization-criticism/
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