A prominent figure in the cryptocurrency world recently shared their doubts regarding the longevity of Ripple’s blockchain technology. This sentiment was fueled by the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC).
The cryptocurrency influencer strongly believed in the potential triumph of Ripple’s utility token, XRP, and its XRPL ledger technology rather than the company. They emphasized the importance of investors looking beyond Ripple’s On-Demand Liquidity (ODL) technology and instead directing their attention towards the practicality of the underlying digital asset.
In reaction to a tweet, a concerned netizen voiced apprehensions about the ease of procuring XRP tokens outside the United States. Despite Ripple’s continuous expansion of its business operations worldwide, the individual opined that the coin still needs to improve as an asset.
According to the cryptocurrency influencer, the lackluster price performance of XRP can be attributed to the limited utilization of its circulating supplies. He also advised against relying solely on Ripple for investment purposes.
The XRP Ledger (XRPL) is a cutting-edge technology that has revolutionized the world of low-cost, scalable transactions since its launch two years ago. As an open-source, permissionless, and decentralized platform, it has quickly become one of the most significant cryptocurrencies, with a market share of over $18 billion and a sixth ranking on CoinMarketCap. Its innovative approach to transaction processing has made it a favorite among businesses and individuals alike, and its continued growth and development promise to keep it at the forefront of the digital currency landscape for years to come.
Regrettably, Ripple Labs, the masterminds behind the XRP token, have been embroiled in a legal dispute with the US SEC since the latter classified XRP as a security in late 2020. Recently, the US court ruled on the motions filed by both parties, with neither the plaintiff nor the defendants emerging victorious. This outcome maintains a professional tone, conveying the impartiality of the court’s decision.
According to a legal representative in favor of Ripple, a staggering 12,000 individuals who hold XRP have united in a motion to intervene in the current lawsuit. They aim to prevent the establishment of an unfavorable legal precedent.
