XRP bows to community instability in developer relations
$XRP
is trading negatively as broader market pressure and internal wrangling have positioned it in the bearish spotlight. At the time of writing, #Xrp🔥🔥 was changing hands for $0.5549, down by 2.53% in 24 hours. This price breakdown marks an extension of the drawdown over the trailing seven-day period, during which the coin has dropped by more than 5%.
Why is XRP down today?
Beyond the general bearish market outlook, #RippleLabs spooked the community yesterday when it announced the pivot to smart contracts and programmability. While this was a very positive development for #XRPledger , key developers in the ecosystem had dissenting views.
For example, XRPL Labs' top developer, Wietse Wind, argued that this abrupt pivot toward smart contracts was unexpected. He noted that his team had worked on a similar solution that has gone live and is currently functional. He argued that Ripple needs to acknowledge the efforts of its most loyal builders and adopt what is working rather than building a new alternative.
Overall, this smart contract push has forced Ripple CTO David Schwartz to send a series of messages to clear up the confusion. In his latest post on X, he said the switch to adopt smart contracts came after he was convinced by ecosystem stakeholders that smart contracts could work on XRPL.
Seems like there’s confusion over the programmability blog post we put out yesterday, so let me clear a few points up:

Ripple simply cannot (and absolutely doesn’t want to) unilaterally change the XRP Ledger. The blog post is Ripple saying that we see the value in bringing…— David "JoelKatz" Schwartz (@JoelKatz) September 4, 2024
He also noted that the historical data of how Hooks worked on Xahau will also help shape the direction of the new protocol. He highlighted this to address the concerns of Wietse Wind.
What's next for XRP?
XRP is one of the most watched digital currencies on the market. For over a year, its price has traded far below the psychologically important $1 resistance level, an indication of its slow pace of adoption.
The Ripple v. SEC lawsuit was the major bottleneck stalling the coin’s growth at one time. However, now that the case has been settled with a $125 million penalty slapped on Ripple, market watchers are hoping this developer brawl will not further derail its growth.
#NFPWatch #USDataImpact

In a regular monthly occurrence, Ripple Labs has released 1 billion XRP tokens into the Ripple ecosystem at the beginning of November, as reported by blockchain intelligence firm Whale Alert. This consistent practice, accounting for approximately 1% of the eventual total supply, is part of Ripple's strategy to gradually increase circulation until the entire supply is released by April 2027.

Release Structure and Escrow Smart Contract
The release of the tokens follows Ripple Labs' standard practice since 2017, with the company utilizing an escrow smart contract. The tokens are typically released in three tranches, a strategy aimed at preventing supply shocks that could significantly impact the price of XRP. This structured approach aligns with Ripple's long-term plan to manage the release of XRP into the market.
Current Circulation and Future Supply
As of November, slightly over half of the total XRP supply that will ever be issued is currently in circulation. Ripple Labs has maintained a consistent pattern of increasing the circulating supply each month, adhering to their timeline to release the entire XRP supply by April 2027. Despite the ongoing increase in supply, demand for XRP remains robust, driven by Ripple's strategic partnerships in the finance sector and its high-profile legal battle with the U.S. Securities and Exchange Commission (SEC).
Strategic Approach Amidst Legal Battles
Ripple's unique approach of releasing a portion of the supply monthly while re-locking a sizable portion aligns with its broader strategy. This approach not only allows for a controlled increase in circulation but also aims to mitigate potential price volatility caused by sudden supply influxes. The demand for XRP continues to be fueled not only by its utility in the financial sector but also by the ongoing legal challenges Ripple faces, distinguishing it from other cryptocurrencies that opt for supply reduction to enhance value.
Contrasting Dynamics in the Crypto Landscape
The crypto industry often witnesses projects reducing supply to increase perceived scarcity and, consequently, value. In contrast, Ripple's methodical increase in supply, coupled with strong market demand, showcases a different strategic approach. The interplay between supply dynamics and external factors, such as legal battles and strategic partnerships, adds layers of complexity to Ripple's journey in the evolving cryptocurrency landscape.
Navigating Supply Dynamics for Long-Term Growth

Ripple's monthly release of XRP tokens underscores a carefully orchestrated strategy to manage the cryptocurrency's supply dynamics. As Ripple continues to navigate legal challenges and strengthen its position in the financial industry, the controlled release of XRP remains a crucial aspect of its long-term growth strategy. The coming months will shed light on how these dynamics shape XRP's role in the broader cryptocurrency market.
#Ripple #RippleLabs

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Chris Larsen, the chair of Ripple Labs, said it’s time for Congress to lead on crypto policy amid recent cases involving Ripple, Grayscale, and the SEC.

The United States is trying to fix its mistakes in crypto policy after the Biden administration’s missteps, according to Chris Larsen, the chair and co-founder of Ripple Labs.

In an interview with Bloomberg on September 7, Larsen discussed his company’s partial legal victory against the Securities and Exchange Commission (SEC) in July, stating that the regulator lost on key issues related to industry regulation.

He said, “The U.S. made mistakes in crypto and blockchain policy. Now, we are seeking clarity through the courts, instead of regulators, to get back on track.”

Larsen also commented on a recent court ruling in favor of Grayscale, which was seeking approval to convert its Bitcoin trust into a spot Bitcoin exchange-traded fund (ETF). He noted that this ruling “strongly criticized the SEC, which is not something you see often.”

Larsen believes the recent ruling shows that SEC chair Gary Gensler is aware of the lack of clear crypto laws and prefers it that way so he can enforce rules arbitrarily through intimidation.

Larsen stated, “This isn’t how America should operate. We need clear rules established by lawmakers, not by unelected and overly ambitious decision-makers like Gary Gensler.”

However, Gensler has previously expressed concerns about fraudulent activities and Ponzi schemes in the crypto market. He believes that applying the SEC’s securities laws can help clean up the industry.

Biden ended the San Francisco blockchain hub

According to Larsen, Biden’s crypto policies have severely impacted San Francisco’s potential to be the global center for blockchain technology, despite the city’s renowned tech status in Silicon Valley. He noted that the Biden administration’s actions seemed to push the crypto industry away from the United States.

Larsen expressed disappointment at the missed opportunity, saying it had a negative impact on the city. He pointed out that cities like London, Singapore, and Dubai have become global blockchain hubs due to their clear regulations that protect consumers while fostering innovation.

He questioned why the United States isn’t leading in this regard, emphasizing the country’s historical role in innovation and the need to reclaim that leadership position.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#cryptomarket #RippleLabs #Ripple #XRP #Biden