Over time, there has been a debate about the status of XRP. Some people say that Ripple’s involvement in XRP makes the XRP token centralized. This is one of the reasons why big time exchanges like Coinbase have refused to list the XRP token. Well, the Chief Market Strategist at Ripple, Cory Johnson, during an event held in San Francisco, had something to say about this lingering issue. When asked to review progress of the coin this year, he said:
“XRP’s price has fallen dramatically this year even if it is trying to find stability now. At the same time, Ripple is experiencing its most successful period ever. Every six weeks, two new customer join the fold. We currently have more than 150 financial institutions using our technology. So, the price of XRP and the adoption of the Ripple blockchain are two different things.
Regarding the decentralized nature of XRP, he said:
“Ripple isn’t decentralized. This is because it is a company with a broad and a CEO. It is no doubt a centralized organization. XRP, however, is decentralized. Keep in mind that centralization is not permanent. For example, Bitcoin was decentralized when it was created initially but things have changed over the years and is becoming less decentralized as time passes. With XRP, there are more than 160 validators. Ripple controls 5% of the validators. So, how can you say XRP is centralized? What we need to consider is the meaning of centralization. The most basic meaning is having an entity control a network. If this is the case, Ripple doesn’t control XRP and XRP is not centralized.”
XRP (XRP) Price Today – XRP / USD
Following this comment, the moderator asked Johnson if the issue of decentralization and centralization is a problem for the financial institutions Ripple is working with. In reply, he said:
“I do not think we have lost any potential client over this issue.”
During the interview, Johnson also talked about the issue of custody. He said that there are many custody players in the industry now and they seem to be providing what the institutions need to enter the market. In his words:
“Many custody players are getting closer to providing the custody institutional investors need. I believe this is going to lead to a dramatic change in the valuation of digital assets. It will have a ripple effect on the industry as soon as the domino drops.”
When it was time for question and answer from the audience, someone asked Johnson why xRapid wasn’t as popular as xCurrent in the market. In reply, he said:
“xRapid and xCurrent were created to solve different problems. Even if these problems are related, banks do not want all their transactions to be visible on a public ledger. This is why xCurrent is perfect for solving some problems and XRP is perfect for solving others. Some of our clients combine both protocols to get the solution they need.”
XRP (XRP) Price Update
Yesterday, Forbes announced that the circulating supply of XRP in the market had change to 99.99 billion. However, the price of the coin did not change as it was expected to. The market capitalization and the price remained stable. This led to some panic in the market.
Right now, XRP is trading at $0.348982. This shows that it is up by 0.03% against the USD and down by 0.45% against Bitcoin. The trading volume over a 24 hour period is $449,503,436 and the total market capitalization is $14,073,515,310.