The CTO of Ripple stated that he has already begun working in Bitcoin code to improve Bitcoin mining. He was operating under the alias Joel Katz at the time.
The following year, the new currency Ripple (XRP) was introduced, becoming one of the market’s first alternative cryptocurrencies.
Concerning Ripple, Satoshi Nakamoto, the creator of Bitcoin, revealed in 2009 that he was already familiar with Ripple.
Although the Ripple that existed before the creation of Bitcoin was significantly different, its current form bears many similarities to Bitcoin in its current form.
It’s impossible to predict what will happen to XRP in the future at this point. Even though some traders believe the currency will resume its upward trend, an SEC lawsuit continues to confound investors and traders.
Ripple CTO has already worked in Bitcoin code.
Ripple’s chief technical officer (CTO), David Schwartz, began working on Bitcoin’s technology in 2011, just a few months before the company was created.
To put it another way, this is just another indication that Bitcoin is of interest to everyone in the community, and it is decentralized.
A confirmation of this information may be found on Bitcoin’s own GitHub page, where David Schwartz, writing under the handle JoelKatz, outlines improvements to Bitcoin’s code concerning mining pools that were put in place in 2011.
After discussions with other developers, his adjustments were approved and, like all different from other users, improved Bitcoin as a whole.
The Future of XRP.
Few currencies from 2013 have survived the test of time, and Ripple (XRP) appears to be one of them.
It is important to note that it has rotated between a second and third position for seven of the previous nine years and has remained in the top ten for the other two years.
Because of a lawsuit brought by the SEC (United States Securities and Exchange Commission) against Ripple, the cryptocurrency has been in the news since December 2020.
The complaint seeks for delisting XRP from cryptocurrency brokerages, stating that Ripple was responsible for earning more than $1 billion in income through the sale of XRP is completely unregulated securities offerings.
Ripple has never relented to the charges, claiming that the SEC acted wrongly with the allegations made and remains to answer the lawsuit, which is ongoing to this day.
Despite this, the currency suffered its worst year in 2021, most likely due to a lawsuit filed by the US CVM.
With the news about the lawsuit’s progress, sometimes XRP has even experienced swings in its price, both positive and negative, and we can consider that this may occur more often as the following events unfold.
After all, such a lawsuit may have frightened many investors, causing the currency to fall to the eighth position among the major cryptocurrencies.
Despite this, many other traders, such as The Wolf of Wall Street, predict Ripple might hit $10. However, it is worth noting that this is a highly optimistic forecast since each XRP is now valued at roughly USD 0.84.
On the other hand, Bitcoin is decentralized and has no legal obstacle to its adoption.
On the contrary, because of widespread adoption by people and institutions, its historic low increased 720 percent over the previous year in 2021.