Many think that XRP is too centralized, since it depends a lot on what Ripple does, the company that created it and that has control of most currencies.
Amid concerns and skepticism within the XRP community, Futureverse CEO Aaron McDonald stepped forward to clarify Root Network’s rXRP tokens, affirming his 1:1 support for XRP tokens on the
However, despite McDonald’s assurances, questions remain, underscoring the inherent challenges of emerging platforms like Root Network in gaining trust and acceptance within the cryptocurrency space.
A few weeks ago, a CoinTelegraph contributor pointed out that Ripple has not been able to deliver on its promises. Its business has stagnated, its reputation has deteriorated and its legality has been questioned. Instead of buying XRP, what Ripple has done is sell it. Ripple has become richer at the expense of XRP investors, who have seen their currency become increasingly devalued.
One of the most important factors that could be affecting the XRP price is the ongoing investigation by the United States Securities and Exchange Commission (SEC) into the sale of XRP tokens by Ripple Labs. The SEC accuses Ripple to sell XRP as unregistered securities, which could result in significant fines or even a ban on the sale of XRP in the United States.
1:1 rXRP Link: McDonald’s Peace of Mind!
Looking at the broader market, the XRP community questioned the legitimacy and transparency of the Root Network, an EVM-compatible platform that leverages XRP as its gas token. The network, which features cross-chain interoperability and scalability, introduced rXRP as a packaged version of XRP, but questions were raised over its handling and distribution.
However, the controversy intensified discrepancies in the distribution of XRP rewards. While the network claimed rewards involving significant XRP and ROOT tokens, the data revealed an inconsistency: simply 48K XRP had flowed into the XRPL bridge. Thomas Silkjær of the XRPL Foundation raised these concerns, highlighting the mismatch between declared XRP balances and actual inflows.
The XRPP Selling Satire
In response to these uncertainties, McDonald attempted to address the doubts. He highlighted the use of rXRP on the root network and assured the community that each rXRP token was solidly backed by XRPL XRP in their vault accounts, establishing a direct 1:1 correlation.
Despite McDonald’s explanation, problems persist. The network’s development phases and ongoing efforts to consolidate accounts to improve transparency have created challenges in untangling the Vortex. This complication has left some elements of the community skeptical, with doubts about the operations and mechanisms of the Root Network.
While Root Network aims to harness the potential of XRP, these controversies highlight emerging projects’ obstacles to building community trust and transparency. For Root Network, transparency and accountability are critical factors determining its trajectory in the competitive crypto landscape.
XRP’s Obstacles: Dream Despite Rumors
In other news, Yassin Mobarak, founder of Dizercapital, recently humorously hinted at the long wait for anticipated multi-generational wealth from XRP. Mobarak’s comment about the extensive timeline needed to realize significant returns sparked jokes from the XRP community, including comments about possible wheelchair use when XRP riches arrive.
XRP’s value trend toward a perpetual Black Friday sale suggests a prolonged decline in value. While humorous, this joke sheds light on XRP’s prolonged period of subdued prices despite past peaks. However, some market analysts foresee a possible future breakout, projecting that XRP will skyrocket to $90.
By Leonardo Perez
