Are Bitcoin Enthusiasts Concerned About XRP’s Rising Impact?

Proponents of Bitcoin have typically dismissed alternative cryptocurrencies as mere speculative distractions, yet XRP’s ongoing rise in the financial sector is beginning to challenge that point of view, according to a well-known social media figure.

Despite Bitcoin holding its position as the leading cryptocurrency by market capitalization, Ripple’s token is establishing a foothold in areas where Bitcoin has faced challenges, particularly within practical financial systems.

With an expanding array of institutional offerings and partnerships, influencer John Squire asserts that XRP is demonstrating its standing as more than just another altcoin; it is becoming a genuine contender for mainstream acceptance.

Decentralization vs. Practicality: A New Perspective

The influencer sparked conversation across social media platforms on May 20, making a series of statements suggesting that XRP is disrupting aspects that Bitcoin has failed to address.

“True believers dislike XRP’s low energy use, lack of miners, and quick settlement times,” Squire remarked.

He argues that the conflict between the two cryptocurrencies is more about underlying beliefs than technical specifications. Squire emphasizes that XRP is concentrated on practical applications, seamless integration, and real-world usability.

“Is decentralization really the issue anymore?” he prompted. “What counts now is how useful it is. And XRP excels in that regard.”

While some may find these claims contentious, there is an increasing amount of evidence to support them. Ripple is forming collaborations with banks, central banks, and payment services globally.

In April, Ripple made a significant acquisition of the brokerage firm Hidden Road. Additionally, it attempted to purchase Circle, a stablecoin issuer, for $5 billion, although that offer was rejected. Rumors suggest that Ripple is now considering a $20 billion proposal to deter interest from the Coinbase exchange.

Recently, the Chicago Mercantile Exchange introduced XRP futures contracts, providing a pathway for institutional investment through both standard and smaller options. This rollout occurred shortly after a court dismissed Ripple and the SEC’s attempt for a $50 million settlement, highlighting that, despite regulatory hurdles, XRP is being acknowledged by key financial players.

Squire believes that the array of potential applications stemming from these partnerships is what elevates XRP’s value. He stated:

“XRP isn’t competing for price points—it’s vying for significance. Each partnership and use case reinforces that.”

Is XRP a True Threat to Bitcoin?

However, skepticism remains among some commentators, with one arguing about the tangible usage of XRP in banks versus mere interest. “No follower of Bitcoin is worried about XRP,” he claimed. “XRP is foolishly undermining itself.”

Observing market behavior, XRP, the fourth-largest cryptocurrency by market cap, has shown muted movement post-CME futures release. Currently priced at $2.37, it experienced a minimal rise of 0.3% in the last day but has dropped by 8.4% over the week. In stark contrast, Bitcoin increased by 1.6% yesterday and saw a 3.5% gain for the week, inching closer to its all-time record price.