It has been a really tough month for XRP. The cryptocurrency market is recovering and the rising tide has really lifted up all of the boats so that they are now very equal. Of course, when you look at the price for XRP you will soon see that it is in fact taking on some water. To make things even worse, you will also find that there are a lot of people breathing down the back of XRP as well and this means that it is even harder for them to come out of this unscathed. XLM however seem to be plain sailing and this is incredible to say the least.
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So to think about it, if Jed McCaleb had been doing a job that was as good as Stellar’s own Coxwain you will soon see that the only difference is that he has a lot of practice. Stellar is on his third attempt to try and get through the blockchain rodeo and this comes right after he had a stint at the technology chief for Ripple. He is also notably the brains behind Mt. Gox. This is not a perfect record to say the least but it really is enough experience to try and help McCaleb to at least try and learn from his own mistakes. So McCaleb did have a bad breakup with Ripple and this seems to have fuelled the rivalry between the two solutions. That being said, we don’t know the magnitude between the two solutions. The dispute however was strong enough to try and force Jed McCaleb to leave Ripple in the year 2013. He has stated that when he left Ripple, he agreed to the sale limitations that came to XRP but then apparently Ripple contradicted their conformation and claimed that the sales made by other people violated his own agreement.
They then called for BItstamp to freeze the $1 MM that belonged rightfully to Stellar. There are, at the end of the day, two sides to every single story. Ripple wasn’t shy about sharing theirs. Jed had a long strong of very bad ideas and the board of directors just didn’t want to implement them. David Schwartz has come out to say this and he is the one who came after McCaleb as the chief officer. He claims that Jed tried to dump the XRP that he had very quickly and that Ripple had acted to try and stop him through a number of lawsuits. Ripple refused and this means that Jed is probably worth around $1 billion right now. It’s said that he will be the only person to become a self-made billionaire even though he has put in his best efforts.
So this argument is tough to beat to say the least but it does undermine Ripple’s claim to fame. It also undermines them as being a decentralised ledger as well. It doesn’t matter whether this is legally justified or not, because if you freeze the tokens of a departing founder then this will just hand some ammunition to the biggest critics of Ripple. So in other words, Ripple have not done themselves any favours at all to say the least.
When you look at most measures, you will soon see that XRP has the biggest advantage when compared and it also triples the amount of market capitalisation that it has. This is especially the case when you look at the fact that the briefing has already the case when you look at the partnerships that they have with the banks and even the financial institutions that are around. Of course, this really does help the company to corner more than 50% of the entire cryptocurrency market in India. Ripple really has had a significant head start and even though Stellar may be a latecomer to the market, it’s safe to say that the partnerships are nothing to turn your nose up at. When you look at IBM you will see that the Stellar protocol is making deep inroads when you look at ETH as well.
So on top of this, it’s interesting to know that XRP does not appear to have an advantage when you look at how it can be used. XRP has double the physical value when compared to Lumens but for some reason Lumens is in the lead when it comes to spending. When writing this, Ripple Ledger had reported that they have a 24 hour payment volume of well over $55 million. When you look at the number that has been dwarfed by the $173 million volume on exchanges you will soon see that in the same period, Stellar have processed double the amount of payment volume when compared. It is not clear right now why Stellar’s own trading volume is so high but when you look at the bigger picture it is safe to say that there are going to be some interesting movements happening over the near future. The Lumens tokens are on the up and they are being used more than ever before as well. The Ripple protocol is targeting banks and even the financial world in general. It is also their job to make sure that people are happy with the service that they have received an this is interesting to say the least.