Pro-Ripple lawyer Bill Morgan rejects claims XRP’s escrow release hurts price, citing supply predictability amid renewed post-lawsuit attacks.
With the end of the Ripple lawsuit putting Ripple’s native cryptocurrency, XRP, back in the spotlight, Bitcoin maxis have launched new attacks on the altcoin.
According to a recent answer from pro-Ripple attorney Bill Morgan, Bitcoin has no significant advantages over the Ripple cryptocurrency.
Supporters of Bitcoin claimed that the latest attacks, which followed the release of the altcoin from the escrow account, would have a detrimental effect on the price of Ripple.
XRP Price Action Is Unrelated To Escrow Release, Says Lawyer
The recent release of XRP from escrow accounts has caused Bitcoin Maxis to charge in again, following the settlement of last week’s Ripple dispute.
Pro-Ripple lawyer Bill Morgan recently emphasized that Brad Garlinghouse, the company’s CEO, has explained the advantages of escrow, including supply stability and trustworthy marketplaces.
Morgan commented, “Even if you disagree with him, there are a lot of strong arguments that show the release of XRP from escrow doesn’t offer a useful explanation for the notable movement in the price of XRP after eight years.”
The attorney said that even in the SEC v. Ripple case, the securities watchdog characterized escrow as one of Ripple’s strategies to boost the altcoin’s value rather than depress it.
There are problems with the Ripple altcoin being “100% centrally issued pre-mine,” according to one Bitcoin enthusiast.
Morgan responded, “That simply indicates that the supply is limited.
As stated by the bitcoin maxis, one feature distinguishing a cryptocurrency as hard money is its limited quantity.
Like with Bitcoin, XRP benefits from its limited supply.
The Bitcoin advocate said that Bitcoin has no issuer, production costs, or mining activities.
The ripple cryptocurrency doesn’t qualify as crypto hard money because that isn’t the case.
Bitcoin Offers No Particular Benefits
According to the pro-Ripple attorney, he has done further research on the idea of hard money.
Characterized by qualities including resilience to manipulation, stability, security, divisibility, durability, and scarcity.
Morgan concluded that Bitcoin has no substantial overall advantage over XRP in these categories.
He went on to say that the Ripple cryptocurrency is more useful than Bitcoin.
Morgan also thinks that the settlement of the Ripple litigation would spark a corporate race for the XRP Treasury.
Analysts anticipate a possible breakout to new all-time highs for the Ripple altcoin, which is presently trading at $3.22.