The ongoing debate over Ripple, the XRP Ledger (XRPL), and the possibility of including XRP in a US crypto reserve continues to grow. Allegations of centralisation have emerged, adding complexity to the discussion.

In response, David Schwartz, Ripple’s Chief Technology Officer, has defended the platform’s decentralisation, arguing that XRP’s structure and mechanisms ensure resilience against manipulation,Dimsumdaily HK reported.

Meanwhile, XRPUSD has remained bearish, adhering to a trendline. The H1 chart suggests it may have found support at a level where the price previously reacted.

Ripple Faces Criticism Over XRPL

Critics, especially Bitcoin supporters, remain sceptical of XRP’s structure. Pierre Rochard, Vice President of Research at Riot Platforms, argues that Ripple could manipulate the XRPL software, adjust escrow locks, or flood the market with additional XRP. He believes such actions would undermine decentralisation and expose the ecosystem to risks.

Schwartz Highlights XRPL’s Decentralised Governance

Schwartz countered these concerns, explaining that XRPL uses a consensus algorithm, unlike Bitcoin’s proof-of-work model. He also noted that XRPL validators are not paid, reducing the likelihood of fraud or manipulation.

Furthermore, any changes to the network, including forks and supply adjustments, require consensus from the validators, making unilateral alterations by Ripple or any party highly unlikely.

Earlier, Ripple CEO Brad Garlinghouse dismissed Rochard’s claims as well, arguing that they overlook former President Trump’s campaign promises to support American companies and technologies.

Garlinghouse emphasized that Ripple’s efforts are consistent with advancing the possibility of a US crypto reserve, which could include Bitcoin, as reported by Finance Magnates.

XRPUSD Tests Key Support Level

The XRPUSD H1 chart shows multiple rejections at the trendline’s resistance. During the latest rejection, an Evening Star pattern formed, followed by a strong bearish move. On its way down, the price broke significant levels, including 3.03350 and 2.92250.

The level of 2.75650 has acted as support, holding the price steady. Traders may closely monitor price action around this level to determine its next direction on the intraday charts.

This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More

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