XRP not looking to replace Bitcoin; Ripple and XRP mostly unrelated, claims former Ripple employee

  • 19 July 2019, Friday, 13:40

In a recent interview with online news portal, CryptoSlate, a former employee of Ripple has given a clearer picture of the relationship between Ripple and XRP, which is the third-largest cryptocurrency by market cap. The employee also spoke about the influence of Ripple’s latest partnerships on the price of XRP.

The employee, who chose to remain anonymous due to reprisal risks, stated that the insignificant rise in the price of XRP appeared to be the result of Ripple’s recent partnerships and announcements. However, the employee clarified that the company is distinct from XRP.

The employee suggested that any surge in the coin’s value doesn’t have to be correlated to collaborations or announcements made by Ripple. The employee added,

“But it’s odd people confuse partnerships and progress from Ripple with reasons XRP should go up in price. Most of the time those two things aren’t related, in my opinion, observed the source. “Most things that happen at Ripple have no impact on XRP.”

The employee also asserted that XRP has no intention of replacing Bitcoin, since they are fairly different entities in use and application, going on to explain

“XRP is not looking to replace Bitcoin. The main purpose of XRP is facilitating xRapid and international transfers. XRP is not supposed to be a decentralized store-of-value like Bitcoin. XRP was created for liquidation.”

The employee again stressed on the fact that Ripple and XRP weren’t excessively related and that the main motive of XRP was to deliver liquidity for xRapid and “funding growth for Ripple,” apart from which the two were completely distinctive entities.

Extensive adoption of xRapid by banks wouldn’t impact the price of XRP, s/he added. The employee concluded by saying,

“Even if every bank used xRapid the price of XRP wouldn’t necessarily increase. The thing that drives the price of XRP is people’s perception of adoption, which would probably increase the price.”

Source: ambcrypto.com