On-chain data suggests the transfer volume for XRP is surging, with more XRP holders buying BTCS.
What is XRP?
XRP is a cryptocurrency created by Ripple Labs to facilitate fast and cost-effective cross-border transactions. It operates on its blockchain, the XRP Ledger (XPRL), which uses the Ripple Protocol Consensus Algorithm (RPCA) to validate and settle transactions. The total supply of 100 billion XRP was pre-mined by the Ripple team. XRP’s network is also considered relatively centralized due to its smaller group of validators.
XRP lawsuit
On December 22, 2020, The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and two of its executives, alleging they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering in its sale of XRP. Almost three years later, on July 13, 2023, U.S. District Judge Analisa Torres made a landmark ruling, declaring that sales of Ripple’s XRP token directly to institutional investors violated securities laws, but those to the general public on exchanges didn’t. However, a judge took a conflicting stance in another crypto case.
Additionally, the SEC stated that it intends to seek an immediate appeal of the judge’s ruling on sales to retail investors rather than waiting until after a trial to address its allegations against Ripple CEO Brad Garlinghouse and co-founder Christian Larsen. Despite Ripple pushing back, Torres gave the SEC approval to move forward with its motion to file for an interim appeal. According to lawyer John E. Deaton, an avid XRP supporter, the ongoing lawsuit has had a negative impact on the adoption of XRP, with other digital currencies taking up its role.
Why are more XRP holders buying BTCS?
BTCS is the native token of Bitcoin Spark, a new network seeking to bring forth the next generation of crypto by combining and improving various aspects of past generations.
Bitcoin Spark has a maximum supply of 21 million, like the original cryptocurrency, Bitcoin. The Bitcoin Spark blockchain, however, has a reduced block time, increased transactional capacity per block, and a larger number of nodes to ensure faster transaction processing and low gas fees.
Bitcoin Spark is built with a multi-layer design that includes a smart contract execution system compatible with different programming styles, both high-level and low-level. This establishes Bitcoin Spark as a scalable platform for developing and utilizing smart contracts and decentralized applications (Dapps).
The Bitcoin Spark network extends its real-world applicability by incorporating it into its consensus mechanism, the Proof-of-Process (PoP). The PoP is a groundbreaking consensus mechanism that non-linearly rewards users for confirming blocks and providing processing power to the network. Bitcoin Spark is incredibly lightweight, allowing users with low-powered devices to participate. The project’s development team will launch an application allowing Android, iOS, Windows, Linux, and Mac OS users to validate transactions by permitting access to their device’s processing unit. The Bitcoin Spark application will be safe, working in a virtual environment that doesn’t interfere or interact with any other device part.
The validators’ processing power will then be channeled to individuals or organizations requiring significant amounts of remote computational power through Bitcoin Spark. Those using the network for remote computing will pay for the service using BTCS. This establishes an essential real-world application for crypto. Bitcoin Spark then distributes revenue among the network validators, bringing income from what would be dormant processing power.
The Bitcoin Spark network will also include other services, such as advertising. The network’s application and website will have small spaces for community-policied ads. The advertisers will also use BTCS for payments.
Several analysts have suggested great potential for growth and adoption of Bitcoin Spark (BTCS). And more XRP holders buying BTCS further cements this notion. With the project’s Initial Coin Offering (ICO) current phase seeing a push of over 30% due to a massive purchase from a crypto whale, more investors are flocking to get BTCS at $2.25 and the complementary 10% bonus before the next phase.
