Ripple (XRP) the most important alternative to Bitcoin in the crypto space

Ripple is a cryptocurrency that has managed to reduce cryptocurrency exchange fees and bring users closer to a safer and easier-to-understand payment alternative.

Unlike other altcoins, Ripple (XRP) is a cryptocurrency created with the benefit of users in mind. Since its inception in 2004 and massive growth in 2013, its developers and engineers have invested their time and effort in creating connections that allow cryptocurrencies to be exchanged in a simpler way.

However, the dispute over the decentralization of Ripple (XRP) and the SEC’s lawsuit have raised doubts among investors and users, who are questioning the token’s chances of emerging unscathed in the face of the current crisis.

After almost two years of battle between Ripple and the SEC (Securities and Exchange Commission), the litigation is nearing its end.

In this regard, the founder of Deaton Law Firm, John E. Deaton has communicated his concern about the outcome, stating that if the final ruling goes against XRP, many cryptocurrencies could be at risk.

Recall that the SEC’s argument against Ripple (XRP), is that by being considered a security, the firm’s executives and Ripple Labs profited from the purchase of the cryptocurrency by failing to comply with the necessary requirements and profiting on sales of unregistered securities since 2013.

In this regard, John E. Deaton emphasized that if the SEC ruled in favor of the lawsuit, many cryptocurrencies and altcoins classified as “unregistered securities” would face very negative consequences.

Although throughout this lawsuit, Ripple has suffered some setbacks, it is important to highlight that it has remained in the number 10 position of the top cryptocurrencies in the market.

So the general consensus is that cryptocurrency will withstand the next wave of regulations in the United States and will be able to remain in a good position globally.

Following a user’s statement on Twitter claiming that Ripple (XRP) is a fully centralized currency and that XRPL nodes are operated solely by Ripple, Former Ripple executive Matt Hamilton assured that the cryptocurrency only works with 5% of XRPL Ledger nodes and has no central government running it.

The dispute over the general description of the Spanish cryptocurrency Ripple (XRP) and its decentralization dates back to 2013, when XRP Ledger was emerging to improve the blockchain and Ripple had not been prosecuted.

Subsequently, with the release of Ripple’s protocol and description of its operation, more than 150 network validators and a unique list of default nodes were stipulated through which Ripple runs six nodes. This gave any user the possibility to become a validator and buy cryptocurrencies securely.

Thus, by having a consensus confirmation protocol and outperforming the proof-of-work concept used in Bitcoin, users were able to convert XRP to USDC without major restrictions, with fast transactions, security, and low fees.

With a bearish market and cryptocurrency prices collapsing, investors and users, in general, are wondering if altcoins like Ripple (XRP) are truly an option to consider.

It is clear that the SEC’s lawsuit against Ripple plays an important role in the growth of the currency and with the volatility of the market, establishing a clear picture is complicated as long as the outcome of the courts is not known.

However, due to the facilities offered by the Ripple ecosystem to users and the support of institutional payment providers such as banks and MSBs, many point out that if used as a unified banking currency and naturalized as a form of payment, the benefits for users who invested in Ripple would be considered positive.

Although Bitcoin is still at the top of the list of the world’s best-selling cryptocurrencies, the truth is that it is not close to becoming a substitute for the current financial system; however, Ripple’s developers believe that their protocol and currency are ready for this field.