Overnight, Ripple(XRP) got another boost, and became one of the low-priced coins eating away at the market cap of Bitcoin.
Now, Ripple is worth more than half the Bitcoin price, and this led to the shrinking dominance of BTC, falling to 33.2%, an all-time low. Ripple seems to be the leader in a recent crop of new protocols, which are rapidly building their own communities. While vastly different in terms of technology, the group of IOTA, Cardano, Stellar and even EOS are appealing to investors for creating a new generation of distributed ledger services.
At the same time, more critical reviews are surfacing of Ripple, with doubts whether the protocol would really be adopted by banks, or remain just hype.
The most recent boost may be coming from the long-expected launch of Ripple on Coinbase, which would bring in a new crop of retail buyers:
Coinbase will be adding Ripple (XRP) this month, and it may even be tomorrow. Prices will go up to at least $5+ Buy XRP Now!
— Poco (@Poco) January 3, 2018
A critical poster on Bitcointalk, known as P4man, stated that the XRP coin may be overinflated, and even unnecessary, in addition to not having the trustless nature of Bitcoin and other digital currencies:
“But this means that an XRP token is absolutely nothing like bitcoin. Instead of needing to trust only the mathematics of proof-of-work, you can only trust the XRP token by setting up trust lines that almost inevitably end at Ripple. And while in theory anyone can set up such a server, if Ripple does not include your server in their trust lines, then you’re not part of the consensus-making process.
So, Ripple is highly centralized and XRP is more akin to a PayPal account than a trustless system like bitcoin,” wrote P4man in a lengthy explanation of XRP and the Ripple protocol.
Those concerns are rarely shared by those who gained from XRP. Even with a price of $3.84, XRP is relatively attractive compared to other digital assets available through Coinbase. Some believe there is more worth in decentralized digital assets built around a community, and call XRP “the bankers’ coin”.
– $XRP – Instead of buying Ripple – Just write a check to the Rothschild family – Absolute disgrace – Hope everyone is enjoying ruining cryptocurrency – #HODL – #bitbean is more of a cryptocurrency than Ripple is –
— Crippy C (@Crippy_C) January 3, 2018
But at the moment, XRP is on an upward trajectory and may be bid up to above $4 within hours. While XRP struggled to pass the $1 level, the move above $2 has been much more rapid, and in the past days, XRP has not seen a correction, while other digital assets were retracing their recent rapid climbs.
This article was curated from Google News. You can read the original article here.