Ripple Chief Technology Officer (CTO) David Schwartz commented on the real value of XRP Ledger (XRPL) and network clustering. He also stated that XRPL does not cause increases in the price of XRP, but noted that it increases the value of the token due to its role in the network.
Ripple’s CTO explains the usefulness of the XRP Ledger and the impact on the XRP price
In Post XRipple’s CTO stated that the XRP Ledger was designed to provide a rapid, inexpensive and reliable native token, DEX and payment system for people who need these features. It happened when he noticed it XRPL it was not designed to boost the price of XRP or cause it to “rise”.
However, Ripple CTO admitted that wider adoption and employ of the XRP Ledger will boost the value of XRP. He explained that this would be due to the token’s privileged position in the network. XRP is said to be the only asset on the network, with no counterparty for anyone to own. He added that the token is “jurisdictional free” and is preferred by automatic bridging.
The Ripple’s CTO stated earlier that XRP will remain the bridge currency of the XRP ledger despite its emergence RLUSD stablecoin. He noted that there are several stablecoins, which means none of them can serve as a bridge currency. Schwartz also pointed out that XRP has been more dominant than these stablecoins because it is more generally accepted around the world.
Meanwhile, Ripple’s chief technology officer also addressed people who were concerned about the situation in the tiny and medium term XRP price action. He said he is not convinced that utility matters beyond having a stable, reliable network that ensures XRP remains insufficient, fungible, censorship-resistant, and basic to store and transmit.
Ripple adds recent tool for XRPL and RLUSD
In press releaseRipple announced collaborations with Mastercard, WebBank and Gemini to explore the possibility of using RLUSD on the XRP ledger. The crypto company said the initiative aims to enable RLUSD to facilitate blockchain-based settlement processes between Mastercard and WebBank, which issued Gemini credit card. The cryptocurrency exchange has launched several credit cards, including one for XRP.
In particular, Ripple revealed that this initiative will start with the Gemini XRP card, which is a move that the XRP supporter attorney Bill Morgan believes it can boost the popularity of XRP. In Post Xnoted that the number of XRP transactions has increased compared to the pre-issue baseline since Ripple first issued RLUSD. He also addressed a community member’s opinion that Ripple’s recent initiative could boost XRP transaction volume once RLUSD settlement is introduced on-chain.
At the time of writing, XRP is trading around $2.34, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Peakpx, chart from Tradingview.com
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