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Ripple (XRP) Nearing a Significant Milestone: Is This Bullish?
It appears that Ripple is on the verge of achieving a very considerable milestone, but will it have an impact on the price?
Total XRP Ledger Accounts Soaring
The XRP Ledger represents Ripple’s decentralized public blockchain that’s built for businesses. It’s a distributed peer-to-peer network that is openly accessible to everyone.
In essence, the XRP blockchain is the infrastructure that the company uses to leverage its services, and its growth is reflective of that of Ripple’s purpose.
According to the official website, the total count of accounts on the XRP ledger is on the verge of getting to an impressive 5 million. As it stands at the time of this writing, it’s at 4,813,181.
The total XRP in accounts is also increasing, and it’s getting to close to 60 billion, whereas the total account reserves are approaching 50 million.
Is This Bullish For XRP?
There’s no clear correlation between the number of accounts on the XRP ledger and the price of XRP, and that’s generally been the case for many other cryptocurrencies.
While increasing usage and adoption of Ripple’s infrastructure is undoubtedly a positive development, there’s no guarantee that it will be reflected in an increase in XRP’s price.
The factors that are typically attributed to growth in XRP’s price include, but are not limited to:
- Market sentiment
- Supply and demand
- Regulatory developments, etc.
Cardano Founder Sets the Record Straight About XRP
In a recent YouTube stream, Charles Hoskinson, the founder of Cardano, addressed persistent conspiracies within the XRP community related to Ethereum’s purported influence over the SEC.
A growing section of the vociferous crypto community has speculated that Ethereum backers may have had a role in the SEC’s decision to pursue action against XRP. This implies a potential bias in the regulatory body’s decision-making process. Hoskinson’s comments aimed to provide clarity on the matter.
Facts over conspiracy theories
Hoskinson began by emphasizing the importance of distinguishing between two primary concerns. Firstly, whether Ethereum received preferential treatment from the SEC, and secondly, whether individuals or entities associated with Ethereum might have lobbied or influenced the SEC’s decision to take action against XRP.
He stressed that these are separate issues, with different implications, and should be treated as such. He urged the community to base their judgments on facts and evidence rather than conjecture. Ads Related
Addressing his stance, Hoskinson explicitly mentioned that he does not condone corruption and disapproves of any attempts to unduly influence government policy. At the same time, the cryptocurrency mogul has stressed that there is no evidence, such as texts, photos, or videos, that could point to any instances of corruption.
>>> Google Bard Forecasts XRP Reaching $6 Under Specific Conditions
He further noted that he has never considered XRP to be a security and felt that making definitive statements on the SEC’s motivations without concrete proof would be both unproductive and potentially misleading. He highlighted the necessity of robust discussions within the crypto community based on valid data and transparent sources rather than indulging in conspiracy theories.
Burying the hatchet with XRP fans
Hoskinson, who left Ethereum in 2014, has repeatedly refuted ties and implications connected to events after his departure.
Despite expressing a desire for peace with the XRP community and acknowledging XRP’s win against the SEC, he’s shown frustration over continuous associations with Ethereum’s post-departure events.
Central to the tensions is a conspiracy theory that the SEC showed undue favoritism to Ethereum over Ripple, which Hoskinson deems baseless. Ripple CEO Brad Garlinghouse did not support the conspiracy theories but noted some questionable optics involving key SEC figures.
