The XRP Army is now criticizing Kraken Exchange for coming in-between the vernacular around XRP (XRP) and Ripple Inc. Kraken Exchange is one of the largest digital currency trading platforms based in the U.S. The trading platform has processed transactions worth $3.7 billion over the past month.
In a tweet, Kraken Exchange said, “Dear XRP Army, Ripple is (and was first) a payment protocol whose native currency is XRP. You could suggest the eponymous company change its name (again) to avoid ambiguity. The convention is <protocol> <asset>, like: Ripple XRP, Ethereum ether, Bitcoin Bitcoin, etc.”
This might appear to be like a normal digital currency flame war on Twitter at first glance. But this tweet has raised a lot of thought-provoking questions since it was published on the 29th of December.
What Ripple Inc. and XRP Have In Common
The nitty-gritty of the issue is around the origins of XRP Ledger, and how the digital currency has become synonymous with the firm – Ripple Inc. If the courts rule that XRP (XRP) was a digital currency issued by Ripple Inc., or if XRP was deemed as a security, then Ripple would have an accounting or legal nightmare in its hands.
Earlier this year, Ripple Inc. said that XRP (XRP) is decentralized and independent of the firm. In a blog post, Ripple said, “The XRP Ledger can’t be owned by any single entity – it is independent of any business or person, including Ripple.”
Yet, the statements of the firm are drenched in controversy. Skeptics, such as Kraken Exchange, said that Ripple Inc.’s huge holdings of XRP (XRP), as well as the uncertainty behind the creation of the digital currency, suggest evidence to the contrary.
Many in the crypto space are no left in confusion about the difference between XRP and Ripple because of the back-and-forth between these two entities. Some people now think that they are buying the stock of Ripple Inc. when they buy XRP (XRP). Whereas, others don’t want Ripple to be used in the same line as XRP, according to Kraken. To further anger the fans of XRP, Kraken Exchange has been frivolous in its response to the hardliners of Ripple.
The founder of Kraken Exchange – Jesse Powell – was once a board member and director at Ripple Inc. Back in 2014, he battled with Jed McCaleb and Chris Larsen – the co-founders of Ripple – over their self-allocation of XRP.
Jesse Powell said, “I’m no longer confident in the management nor the ability of the firm to recover from the founder’s confounding allocation to themselves of 20 percent of the XRP tokens, which I had hoped until recently would be returned.
The argument intensified after the concerns of Powell were realized, with McCaleb leaving to start Stellar Lumens with a multi-billion XRP stake. When the founder of Kraken made his concerns known to the public, the firm pressed a cease and desist for libel.
Four years after, it seems that the hostility of Powell towards Ripple Inc. may still present itself in the persona of Kraken. Crypto Twitter might get another theatrical lawsuit if history tends to repeat itself.
XRP (XRP) Price Today – XRP / USD
XRP (XRP) is currently worth $0.372 after an increase of about one percent over the past twenty-four hours. The digital currency currently has a market cap of $14.67 billion and its trading volume over the past twenty-four hours is $586.64 million.