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XRP is up 2% amid decentralization discussions

xrp-is-up-2-amid-decentralization-discussions
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Markets
XRP is up 2% amid decentralization discussions

Ripple, the fintech company behind XRP, recently responded to discussions regarding the decentralization of the XRP Ledger. The price of XRP is up by over 2% today.

Ripple has recently addressed concerns regarding the governance of the XRP Ledger.

The discussion primarily centers around the role of the XRPL Foundation (XRPLF) in validating definitions within the default Unique Node List (dUNL), a crucial component of the XRP Ledger’s nodes list. The XRPLF is an entity that plays a significant role in maintaining the integrity and decentralization of the XRP Ledger. 

It maintains and updates the list of trusted validators participating in the consensus process. However, some community members raised concerns about the potential centralization of power within the XRPLF and its influence on the validation process.

XRP is up 2% amid decentralization discussions - 1
Source: Digeratis on Twitter

To shed light on the matter, David Schwartz, Ripple’s Chief Technology Officer (CTO), has debunked these claims, emphasizing that the XRPLF does not have direct control over the XRP Ledger’s validators and that its role is solely advisory. 

The CTO stressed the importance of maintaining a decentralized and open ecosystem for the XRP Ledger, ensuring the validation process remains secure and transparent.

Ripple believes that the ongoing discussion is a testament to the community’s commitment to maintaining the integrity of the XRP Ledger. By addressing concerns head-on, Ripple aims to foster trust and confidence among XRP holders and the broader cryptocurrency community.

XRP price analysis 

XRP, currently valued at $0.473567, has shown some positive movement in the past 24 hours, experiencing a 2.1% price surge, according to CoinGecko

This recent increase represents a 1.8%  gain over the past seven days and a 10.5% increase in the last 14 days. These numbers indicate a moderate upward trend in the short to medium term for XRP.

With a market capitalization of $24,601,940,848 and a circulating supply of 51,983,386,003, XRP remains one of the prominent cryptocurrencies in terms of market value and availability. 

XRP is up 2% amid decentralization discussions - 2
XRP price chart | Source: CoinGecko

Looking at the support and resistance levels, XRP has support levels at $0.458649 and $0.441552. These levels indicate price points where demand for XRP is expected to be relatively strong, potentially providing a floor for any potential price declines.

On the other hand, XRP’s resistance levels are at $0.475746 and $0.492843. These levels represent price thresholds where selling pressure may increase, potentially limiting the immediate upside potential for XRP’s price.