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Tables turn as XRP’s ‘chosen one’ voices concerns about XRPL decentralization

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XRP and Ripple have always been known to have an active community, on and off Twitter, with community members looking forward to the success of its ecosystem. The community seems to be putting up a good front, despite XRP’s price falling steadily. However, while some XRP enthusiasts continue to hang in there, others have lost hope and turned to other cryptos.

The two most notable members of the community are [or were] Dr. T and Tiffany Hayden. While Dr. T has been AWOL for almost half a year now, Hayden seems to be harbouring growing concerns about Ripple and the state of the XRP Ledger. In a tweet thread, Hayden revealed how not a lot of people, including “paying customers,” are running a validator and how this could pose a threat to the ecosystem.

Vaguely speaking, a PoW network like Bitcoin gets more decentralized, with more miners joining the network. Similarly, as a PoC network like XRP gets more decentralized, the more validators it has.

For long, people have said that Ripple controls the network since it owns a lot of validators, something that was briefly true until other people started running validator nodes. Lately, people have been noting that if this continues, XRP and XRP Ledger could face major setbacks in development.

Referring to the validator argument, Hayden tweeted,

“They [validators] have become a central point of failure, IMO. The exact thing we are supposed to be avoiding. No XRPL services with paying customers are running validators like we expected them to. We have to acknowledge this.”

In

addition to the above “concern,” there is another growing concern about the beginning of the downfall of XRP, with respect to Xpring. An initiative set up by Ripple with a clear goal to “invest, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs,” Xpring will “use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP to solve its customers’ problems in a transformative way.”

Recently however, the projects that are being invested in by Xpring have started to deviate from XRP, XRP Ledger and ILP, and towards their own goals. While this may be productive to the crypto-ecosystem as a whole, it is definitely not for the XRP ecosystem.

Hayden tweeted,

“It Ripple shutters tonight, the network won’t last long much longer.”

David Schwartz, the genius behind XRP ledger and the man speculated by many to be Satoshi Nakamoto, stepped in to alleviate Hayden’s concerns. Schwartz took a rather neutral stance and stated,

“There isn’t going to be a clear straight line between every Xpring investment and XRP. Some of them are going to be aimed at ILP which we believe indirectly helps XRP and some will be aimed at the crypto ecosystem generally… I would be much more worried if you see us not helping projects that you think could provide value.”

Hayden firmly believes that there aren’t a lot of customers running validators as of now, and that there isn’t any reason to believe that somebody will in the future. Leonardo DiCaprio said it best in the movie Inception,

Source.ambcrypto

XRP

XRP’s correlation to overall market fell towards November-end: Report

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The Bitcoin [BTC] market has lost 0.54% of its value in December 2019, with the king coin’s price movement recording recurring dips. A recent dip of 2.45% contributed to the price of the world’s largest crypto tumbling down from $7,450.62 to $7,268.03. Following the loss, Bitcoin tried to recover. However, it was stuck at $7,337.32, at press time. As most cryptos are correlated to BTC, the king coin’s fall impacted the rest of the crypto-market too.

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Source: Coinstats

According to OKEx’s recent research report, the king coin “brought back its connectedness” to the overall market, which was slightly higher than Ethereum [ETH].

The research report read,

“BTC brought back its connectedness to the overall market, slightly higher than ETH, which kept the top seat for more than three months. This means not the only market cap, but also its directional movements in overall crypto are ALL on BTC.”

Following the recent volatility in the crypto-market, major tokens on the exchange saw an increased correlation in November 2019, more than the previous month. The report also noted that the overall relationships of the tokens with each other appeared positive.

Source: OKEx

Source: OKEx

OKEx’s utility token, OKB, showed a positive correlation to major tokens, irrespective of volatility in the market during November. Even though Ethereum’s connectedness lagged when compared to Bitcoin’s in the month of November, there was a rise in BTC and ETH correlation with other coins.

Similarly, after a close analysis of major tokens during the first and second weeks of November, it was found that XRP showed “growth in relation to other major tokens.”

Source: OKEx

Source: OKEx

A comparative analysis of the second and third week of November also reported a higher connection of Tron [TRX] and Ethereum Classic [ETC] to the overall market, along with XRP.

Source: OKEx

Source: OKEx

However, as November ended, XRP changed its direction of integration to the overall market. Further, an analysis of the newly introduced BTC/USDT Futures also found that there was minimum correlation to its underlying movements.

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XRPL transactions on ODL platform amount to over $100 million in Q4

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Transactions executing on Ripple’s On-Demand Liquidity [ODL] platform, previously known as xRapid, is on the rise. The fourth quarter continued to exhibit positive metrics for the XRP ecosystem despite the market’s bearish price momentum. In the latest development, XRP enthusiast, H_M_X revealed that transactions on the MXN corridor amounted to over $100 million out of the total $108 million ODL flow in the fourth quarter.

Source: Twitter | H_M_X

According to the above chart posted by H_M_X, there has been a three-fold increase in ODL flow in the latest quarter [that still has 20 more days to go] as compared to the third quarter which recorded nearly $33 million.

Source: Utility Scan

Data from Utility Scan also suggested an increase in USD volume per corridor in the last 24-hours. The above chart depicted a significant increase in activity in the MXN

corridor. According to data on Utility Scan’s dashboard, 42 ODL transactions were conducted most of which were to Bitso from Bitstamp on December 7th, while a few of them were to Coins.Ph.

Despite the Mexican corridor dominating the charts, Ripple’s Philippines corridor has also noted an uptick in ODL transactions. Interestingly, liquidity Index also noted a spike in the liquidity for PHP/XRP corridor.

ODL utilizes XRP as a bridge asset between multiple support currencies, thus eliminating the need for the traditional Nostro-Vostro accounts. XRP market volume on Bitso recorded significant uptrends, but CoinsPh managed to outpace Bitso recently.  H_M_X also spotted the largest ODL transaction conducted on CoinsPh, which clocked 250,000 XRP. According to the XRP proponent, the value was achieved at a rate faster than on Bitso.

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XRP may face further losses after closure of falling wedge

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Despite the current upside momentum exhibited by the cryptocurrency market, XRP was trading below its crucial $0.23 resistance point and has been tagging slightly above the $0.21 support area. At press time, XRP was trading at $0.22 after posting minor gains of 1.96%.

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Source: Coinstats

XRP’s 1-Hour Chart:

Source: XRP/USD on TradingView

XRP’s hourly chart exhibited the formation of a rising wedge pattern with its price bouncing between two up-sloping and converging trendlines. This suggested a potential bearish breakout in the near-term. The decline in volume further provided validity to the pattern formation. On a positive note, however, the moving averages sustained a bullish crossover on December 6th and appeared to be diverging with 50 MA swinging higher, while 100 MA was hovering below it.

This bullishness could indicate that the coin might climb to the immediate resistance at $0.23, a crucial point that has curbed XRP bulls on multiple occasions. Following which the price could suffer a subsequent fall as the wedge comes to closure.

If the trend persists, the coin could see its price fall to the immediate support at $0.21; the next support for XRP was found at $0.20.

Source: XRP/USD on TradingView

MACD sustained a bearish crossover as the leading line slid below signal line. This further indicated a bearish phase for the coin in the near term. RSI indicator was in the overbought zone as it hovered well above 50 median.

Conclusion:

XRP’s pattern on its hourly chart indicated a potential bearish breakout following the closure of a rising wedge. The bullish moving averages could possibly suggest the coin could regain ground above $0.22 for a brief period followed by a price slump. Despite high buying pressure among the traders, XRP’s price could revisit $0.21 and $0.20 if the downward pressure continues.

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