Ripple: Can Hoskinson’s XRP disdain affect the token’s progress

  • Charles Hoskinson denounced any further links to XRP due to community reaction to criticism
  • User adoption of XRP was growing at a much slower rate.

the Ripple [XRP] The community’s issues with Charles Hoskinson may not end anytime soon as new developments regarding the matter have emerged. the gimbal [ADA] The founder, in a Dec. 17 tweet, described the community as toxic, noting that he was ready to move on from the collection he has with the project.

Read Ripple [XRP] Price prediction for 2023-24

Hoskinson’s outburst was not sudden. Instead, he was responding to an allegation about his December 16 XRP Review. Notable for not letting fault-finding slip away, Chief Cardano has been accused of avoiding Bitcoin [BTC] conferences because of the “insults” of certain holders.

Hoskinson, however, pointed out that toxicity was not his only reason for parting ways with Ripple.

No value now?

Defending his position, Hoskinson noted that XRP offers no technical value to Cardano or the broader crypto ecosystem. Recently, the co-founder of blockchain development company Input Output agreed that XRP could deal with an accident if he settles amicably with the SEC. The comments to his tweet showed discrepancies from different angles.

For some XRP proponents, Ripple needed Hoskinson’s contribution to grow. However, some who likely held both ADA and XRP pointed out that the conflict was unnecessary. A particular “Pharaoh” from the several comments says:

Despite the statement, Ripple was high and well in terms of development activity. According to Santiment, XRP development activity exited its trough on December 9. Since that time, it had only pushed higher, remaining at 9.79 at press time.

This increase implied that a lot had passed through private GitHub repositories regarding the Ripple chain. Nevertheless, Ripple’s development activity had little to no correlation coefficient with XRP value. Likewise, negative feedback could not stop upgrades on its network.

On top of that, investors’ actions of hoarding XRP in custodial wallets remained flat. This position was manifested by the off-exchange offer, which lingered at 99.97 billion.

Ripplr development activity and non-exchange supply

Source: Santiment

ghost of a chance

Regarding the growth of his network, information from Santiment showed that there had been a big crisis. In exact values, the growth of the XRP network was 1045. This represented a loss of traction and user adoption. However, it would be quick to assume that Hoskinson played a role in this, since the to diminish started before his last statement.

Meanwhile, XRP’s seven-day circulation tried to make up for the losses. Although it was negligible, as a drop from 6.9 billion to 1.76 billion was no small feat. An explanation for this position amounted to minimal XRP transactions. Finally, Hoskinson’s comments seemed unrelated to the disruption of the XRP network.

Growth and circulation of the Ripple network

Source: Santiment

Leave a Reply

Your email address will not be published. Required fields are marked *