The cryptocurrency market was vermillion on May 31 as the bears attacked the collective market following Bitcoin’s correction from the $9,000 level. Most major cryptocurrencies fell after noting double-digit gains, like Bitcoin SV [BSV]. However, XRP, the third largest cryptocurrency, maintained its spot and price despite the falling market. The XRP market was awaiting a spike in its price as its proponent and ex-CTO Stefan Thomas conducted a Reddit AMA recently.
The founder of Coil was asked several questions about trading, XRP, programming, and even Pizza. One of the Reddit users, tighter_wires, questioned Thomas on being an early advocate of Bitcoin and then working for Ripple and “convincing people Bitcoin doesn’t work”. Thomas noted that he got into Bitcoin to make payments easier for people and further added:
“I personally think that XRP does a better job at that, so I shifted my attention to XRP instead. More recently, I realized that the choice of currency matters less than the payments protocol, so I shifted my focus to Interledger.”
He stated that he believed in Hayek’s vision of there being more competing currencies and added that it did not matter whether someone was using Bitcoin instead. The conversation steered from Bitcoin to XRP soon after. Another Reddit user, maltesecitizen, asked Thomas about the probability of XRP becoming the “main cryptocurrency of the digital market”. He replied,
“XRP fixes a lot of the things I didn’t like about Bitcoin. The energy usage, geographic centralization, transaction delays, etc. And it has enough support to challenge Bitcoin. But markets aren’t always rational, so who knows how it will all play out.”
Thomas also noted that his platform Coil uses XRP and that they used it for outgoing Interledger settlements. Ripple’s current CTO, David Schwartz had informed the community of the AMA, and a dramatic increase in the price of the cryptocurrency was expected. However, the vermillion market did take XRP down with it, but not as much as the other coins.
At press time, XRP was valued at $0.4194, with a market cap of $17.66 billion. The 24-hour trading volume of the coin was noted to be $3.17 billion as it fell by 9.13% over the past day. The coin reported 9.78% growth over the past week, but began its descend by 0.39% within the past hour.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.