A heated debate on X, previously known as Twitter, revived the swirling rumours of Rippleโs native crypto XRP having an indefinite supply. Notably, tongues were sent wagging when a famed Bitcoin (BTC) Maxi, Pierre Rochard, alleged that Ripple, the parent company of XRP, could modify the XRP Ledger code and create a desirable amount of XRP coins out of thin air.
Sponsored
โUntil theyโre done dumping the XRP on you, then they create more.โ, – uttered Mr. Pierre, sparking an immediate outrage from a bunch of Ripple (XRP) holders. โHow do you expect them to do that exactly?โ, – curiously asked altcoin enthusiast Jay Nisbett.
Navigating XRP Myths, From The Horseโs Mouth
While Pierre Rochard responded with outrageous claims about Ripple controlling the XRP cryptocurrency โend to endโ, the companyโs Chief Technology Officer (CTO) weighed in to condemn the rumour. David โJoelKatzโ Schwartz debunked extra coin mint theories, clearly stating that โno network rule in the XRPL code permits XRP to be createdโ.
On top of that, thereโs XRP Ledger rules imposed that would prevent any new tokens to be minted out. As XRP Ledgerโs network verifies the total coin supply at every block, any transfer showing abnormalities would be automatically blocked.
In addition to Rippleโs CTO David Schwartz, a deeper dive into the chainโs code was offered by Vet, a decentralized unique node list (dUNL) on XRP validator. While no bug or code maneuver would allow new tokens, the per-block invariant check functionality also makes sure Ripple (XRP) remains deflationary, as a small percentage of the altcoin is burned upon every transaction.
Market Cap Crunch Sends XRP Price Back To $2
As of now, the OG altcoin stumbled upon a sell wall to retreat to $2, a pre-claimed support level which served as the bounce back floor of February 28, 2025. And so, XRP price approached $3 on March 3, 2025, but got rejected at $2.94 and managed to hold above the $2.50 key support level for another week while dropping $50M in market cap.
Currently trading at $2.08, the $120 billion market cap crypto whipped up a $6.8 billion trading volume in 24 hours. At this price range, Ripple (XRP) lost 25% of the late 2024 bull rally gains, inspired by the positive outcome in the Ripple vs. SEC lawsuit, formerly targeting the blockchain pioneers for allegedly selling unregistered securities.
On The Flipside
- In another thread on X, Mr. Schwartz blatantly stated that Ripple is supposed to act in their own best interest, condoning the action of dumping tokens onto the retail market.
Why This Mattters
As makers of one of the most-publicized altcoins and pioneers of the blockchain field, Ripple sets a high standard with a clear supply structure.
Delve into DailyCoinโs popular crypto stories:
Is UAE Considering Shiba Inu For Strategic Crypto Reserve?
Meteoric Bitcoin ETF Outflows Punch Bitcoin Price Below $80K
