Over the past months, there have been speculations that XRP is not decentralized. Most experts have said that the digital currency is centralized towards Ripple. This even became more serious after the U.S SEC declared Bitcoin (BTC) and Ethereum (ETH) as non-securities and said nothing about XRP.
Since then, Ripple – a payment processing firm that owns over 50 percent of XRP tokens – has separated itself from the digital currency. Ripple said they don’t own XRP, adding that XRP is fully decentralized and independent.
XRP Continues to Showcase Its Decentralized Nature
However, over time, the recent developments around XRP has shown that the XRP Ledger is really an open source software. This includes the establishment of services such as XRP Tip Bot, Coil, Xpring and possibly many more.
Xpring is an incubator program that is established by Ripple Inc. The program is aimed at recognizing the unexploited, numerous potentials of the XRP Ledger and the asset for use-cases beyond the focus of the firm. In order words, Xpring aims to find and support more use cases for the digital currency. This is mainly because of the versatility of the digital currency when it comes to payments. In addition, Xpring said that its development team is presently assessing over 100 projects and firms.
XRP Ledger further proves its decentralized nature with Coil. Coil is founded by Stefan Thomas – Ripple’s former executive. Coil aims to use ILP and XRP for micropayments settlement to content creators. The platform plans to pay content creators in real-time with “payment STREAMing.”
More than five hundred YouTube Channels and websites are now Web Monetized, paving the way for Coil to enter. The platform pays content creators and website operators with XRP, further proving the decentralized nature of XRP. This will further increase the adoption of the digital currency, and subsequently, its value will follow suit.
XRP and Ripple Sees an Increase in Institutional Interest
Statistics from Grayscale Investments have revealed the digital currencies and blockchain projects that attract more institutional investors. According to the new numbers from Grayscale, 12.5 percent of investors are now choosing XRP (XRP), up from 9.9 percent in the last quarterly review of the firm.
Another digital currency that saw an increase in institutional interest along with XRP is Bitcoin (BTC). Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) all saw a decrease in institutional interest over the past couple of months.
According to the Digital Large Cap Fun Asset Weight of Grayscale from June 30 to Sept. 30, interest in Bitcoin (BTC) increased from 57.6 percent to 66.8 percent. That of XRP increased from 9.9 percent to 12.5 percent. Ethereum (ETH) reduced significantly from 23.6 percent down to 13.1 percent. Litecoin (LTC) declined from 2.4 percent to 2.1 percent.
According to a report released by the firm in July, 56 percent of investments in the first six months of this year came from institutional investors. This signifies the continuous increase in the interest of institutional investors in the digital currency space.
XRP (XRP) Price Today – XRP / USD
The value of XRP is down by about four percent over the past twenty-four hours, leaving it to trade at $0.4654. The market cap of XRP is also down to $18.59 billion with a trading volume of $418.56 million over the past twenty-four hours.