zycrypto.com
Since the creation of XRP, there has been an unending debate about its legitimacy as a cryptocurrency. There are some repeatedly asked questions as well as concerns about XRP decentralization and asset classification.
While its adherents have continually defended the token, most people within the crypto community still view XRP as a centralized token. Even some industry leaders and experts have questioned its credentials as a real cryptocurrency.
Tuur Demeester says XRP is a centralized token
Prominent crypto industry leader Tuur Demeester is the latest to criticize Ripple’s XRP token. The outspoken crypto commentator and Adamant Capital Founder posted a tweet asserting that ‘XRP’s security status is unknown but what is certain is that it’s a centralized token’.
We still don't know if XRP is a security. Oh well, what matters is that it's a centralized token. https://t.co/i6zn3NlIWR
— Tuur Demeester (@TuurDemeester) May 6, 2020
Demeester’s tweet garnered much attention from the crypto twitter community with some of the social media users correcting him saying that they know for sure that the ‘token’ is a security. Besides that, there was a great agreement with Demeester’s views with some Twitter users pointing out that Ripple controls most of the digital asset’s ‘Vault’ which gives them greater control over the network and the cryptocurrency.
Demeester’s views, however, did not go unchallenged as the third-ranked cryptocurrency supporters popularly known as the ‘XRPArmy‘ came to the defense of their preferred virtual asset.
How many distinct entities do I need to control/coerce to attack BTC? 3-4 mining pool operators in China.
— Matt Hamilton (@HammerToe) May 7, 2020
How many distinct entities do I need to control/coerce to attack XRP? At least 28 validator operators spread across the globe.
Which of those is more decentralised?
The XRP supporters opined that there wasn’t much difference between the cryptocurrency and Bitcoin as a large proportion of both assets are controlled by a small number of people.
XRP likely to drop to $0.000011
Veteran crypto trader and analyst Peter Brandt piled further misery on the XRP supporters and bagholders by suggesting that the token’s price was unlikely to rise any time soon. Brandt suggested that the opposite was more likely to happen, stating that its price would tank.
He tweeted that XRP sellers have been quite aggressive since October last year and they are looking to dump the token on the market at a price of $0.000023 to $0.000024 which is their desperate last stand. However, he believes that it is highly likely to decline to the $0.000011 level.
I am a fan of simplicity in a chart. This chart tells me the bag holders (who need to dump > 40 Bil XRPs) are supporting $XRPBTC at .000023 to .000024 as a desperate last stand. Sellers more aggressive since Oct '19
— Peter Brandt (@PeterLBrandt) May 6, 2020
If the bag holders back away, look for decline to $.000011 pic.twitter.com/yFYiW7IXt0
Such a decline would be greatly detrimental to XRP HODLers as it would wipe off a large worth of their assets. XRP is yet to perform on its outlook of facilitating cross-border transactions through an international bank settlement platform and has been on a sustained downward trend that is likely to be prolonged by the ongoing selling pressure.