The XRP network is reported to have crossed more than 50 million closed ledgers. While this is a reason to rejoice for XRP community to rejoice, the news does not seem to have had much of an impact on the price of the cryptocurrency. In an entirely different event, Ripple CEO, Brad Garlinghouse, has addressed some community concerns in a recent interview, explaining some major distinctions between XRP and bitcoin as well as the reasons the company follows in its monthly XRP sale.
50 Million Closed Ledgers Create Excitements Amid Other Concerns
As per a tweet from a twitter user, Warren Paul Anderson on Friday morning, the XRP network has crossed 50 million closed ledgers. The news has created great excitement among Ripple supporters, despite concerns that the parent company, Ripple might be doing more harm than good to the popular cryptocurrency. Despite the excitement, the development has failed to shake up the XRP price. In fact, XRP, at present, is trading at $0.254, down 0.41% from yesterday’s price.
The XRP Ledger is a shared global ledger. Participating individuals can rely on the decentralized nature of the ledger without having to trust a single centralized institution or authority that controls the system. The server software rippled, does this by managing a database or ledger that can only be updated following very specific rules. Each instance of rippled maintains a full copy of the ledger, and the peer-to-peer (P2P) network of rippled servers shares candidate transactions among themselves. The described networking system has now crossed over 50 million in magnitude.
Ripple CEO Responds To Community Concerns
In another event, renowned CNN Anchor, Julia Chatterley interviewed Ripple CEO, Brad Garlinghouse. Garlinghouse revealed the reasons behind Ripple’s monthly sale of XRP, the distinctions between XRP and bitcoin and called Facebook Libra, “just a whitepaper” in the long run.
While explaining Ripple’s huge sales of XRP and whether this has any direct impact on XRP price, Garlinghouse maintained that Ripple’s market impact on the price of XRP is no worse than how bitcoin whales manipulate BTC’s price. Further, he noted that XRP was a better alternative to bitcoin in terms of cost and speed of transactions.
According to Garlinghouse, transactions on the XRP network presently cost significantly lesser than $1 and take place in just 3 seconds as against a $1 fee and 10 minutes confirmation time per transaction in the Bitcoin network.
Bitcoin is a store of value, it’s digital gold. But if a bitcoin transaction costs $1 and an average of 12 minutes per transaction, that is not gonna be great for a payment solution. Payment within XRP is uniquely and extremely well positioned to solve that payment problems. Extremely fast, about 3 seconds per transaction and it cost about a 1000th of a penny…”
When asked about the accusations regarding Ripple dumping XRP, Garlinghouse responded that it was not in their best interest to do that and the company was interested in a “healthy, successful ecosystem”.
Garlinghouse also said that most of the XRP the company owned was in an escrow so “we can’t touch it”. When asked if Ripple was offering discounted prices to certain clients, Garlinghouse initially denied the claim and also said that there was a lock-up period for them. But Garlinghouse eventually gave away that these investors were getting XRP for “slightly cheaper”.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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