With Ripple’s native crypto XRP being in the limelight once again following the Ripple lawsuit conclusion, Bitcoin maxis have charged in fresh attacks on the altcoin. In a recent response, pro-Ripple lawyer Bill Morgan stated that Bitcoin holds no major advantage over the Ripple crypto. The recent attacks came following the Rippl’s release of the altcoin from the escrow account, with BTC supporters stating that it could negatively impact the Ripple price.
Bill Morgan Says XRP Price Action Not Tied to Escrow Release
Following the Ripple lawsuit settlement last week, Bitcoin maxis have charged in once again over the recent XRP release from escrow accounts. Pro-Ripple layer Bill Morgan recently stressed that company CEO Brad Garlinghouse has himself clarified the benefits of escrow, such as trusted markets, supply predictability, etc.
“Even after eight years, if you do not agree with him, there are scores of compelling reasons why the release of XRP from escrow provides no helpful explanation of significant XRP price movement,” wrote Morgan.
The lawyer further added that even in the SEC vs Ripple lawsuit, the securities regulator described escrow as one of the measures from Ripple to support the altcoin’s price instead of suppressing it.
One Bitcoin supporter stated that the Ripple altcoin was “100% centrally issued pre mine,” finding issues with that. Responding to this, Morgan added: “That just means the supply is finite. As the bitcoin maxis say, a finite supply is one of the characteristics that makes a crypto hard money. The fact that the XRP supply it’s finite is as much a positive for XRP as it is for bitcoin”.
The Bitcoin supporter added that BTC has a production cost, with Bitcoin mining activity, and doesn’t have an issuer. That’s not the case with the ripple crypto, and so it doesn’t qualify as crypto hard money.
Bitcoin Has No Specific Advantage
The pro-Ripple lawyer stated that he has further investigated the concept of hard money. defined by traits such as durability, scarcity, divisibility, security, stability, and resistance to manipulation. Based on it, Morgan concluded that there’s no significant overall advantage for Bitcoin over XRP in these areas. He added that the Ripple altcoin offers greater utility compared to Bitcoin.
Morgan also believes that the Ripple lawsuit settlement could trigger a corporate race for the XRP Treasury. The Ripple altcoin is currently trading at $3.22 with analysts hopeful of a potential breakout to new all-time highs.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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