CTO Ripple: Complaint about XRP not being listed on Gemini is dumb; XRP price will no longer depend on Bitcoin

By Selena On Jun 8, 2020

According to crypto research firm Santiment, XRP is most likely preparing to split from Bitcoin, and the price action will no longer depend on this leading cryptocurrency. At press time, XRP price is hovering around $ 0.202, down slightly by 1% in the last 24 hours.

XRP price has made great strides in its social metrics

The report from Santiment stated:

“XRP has entered the top spot on Santimentfeed’s Emerging Trends and has seen massive social volume spikes. These are potential indicators of an upcoming decoupling from BTC, so keep an eye on Ripple’s upside since these spikes aren’t pump-related yet.”

Source: Santiment

However, this view was not agreed by technical analyst Cheds. According to him, the extended bear market of the XRP/BTC pair market is far from over. Because of the high probability that XRP/BTC is forming a bearish pattern that sets the stage for another leg down.

Source: Crypto analyst Cheds

Meanwhile, Ethereum analyst Jack seconds Ched’s bearish tone. He said that unless XRP/BTC shows signs of life, it is willing to lose half its value.

He said:

“I will trade XRP vs. BTC when it shows strength. Any weekly close above the green, and I’m interested. Until then, who knows what can happen, currently down 91% since ATH but has seen 95% drops before, which is close to another 50% dropdown. Move slow.”

Meanwhile, Florent Maulin, a researcher at the crypto measurement platform Messari, said the inflation rate of XRP could be tied to its poor performance over the past year and a half. He said that the currency’s inflation rate is currently one of the most significant capitalized currencies.

The tragic stories surrounding XRP

The bone of contention between the Winklevii and the XRP Army was the recent listing of Chainlink (LINK). Meanwhile, XRP is yet to land on the Gemini exchange, which rubbed many community members the wrong way. Eventually, Twitter user Galgitron took the matter in its own hands by urging the SEC to investigate Gemini, a private company, for refraining from listing XRP.

And then, Gemini CEO Tyler Winklevoss has clapped back at dumb XRP trolls after they tagged the U.S. Securities and Exchange Commission (SEC) on Twitter to take action against the exchange. Winklevoss explains that the militant crypto community inadvertently acknowledged that XRP is a security, something that Ripple vehemently denies.

The XRP army has really dumb trolls.

By tagging SEC Enforcement you are taking the position that Ripple is a security. SMH?‍♂️https://t.co/Bs6m3QZond

— Tyler Winklevoss (@tylerwinklevoss) May 5, 2020

And now, Ripple CTO David Schwartz has spoken. Surprisingly, he has a very fair view of this. He believes that a complaint about the Gemini exchange failing to list XRP is really dumb.

That’s quite a leap there. I’d like to hear you flesh out how exactly you get from “SEC has jurisdiction over market manipulation by a crypto exchange that lists lots of low-cap coins but not XRP” to “Ripple is a security”.

— David Schwartz (@JoelKatz) June 6, 2020

Schwartz also criticized Winklevoss for taking quite a leap by suggesting that XRP could be recognized as a security by the U.S. SEC. Tagging the SEC on Twitter is probably the last thing that XRP investors want to as a two-year class-action lawsuit against Ripple drags on. The worst part for XRP holders is that the SEC can still argue its own case and recognize the token as a security even if Ripple wins the suit.

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