Ripple CTO David Schwartz responded to the statements that self-proclaimed Bitcoin inventor Craig Wright called “fraud” about XRP. As the discussion continues, the bulls are on the hunt to reclaim a critical resistance in the XRP price.
Craig Wright called Ripple CTO a ‘scammer’
Self-proclaimed Bitcoin inventor Craig Wright and Ripple CTO David Schwartz are in a heated Twitter debate. The reason for the controversy is based on Wright’s tweet claiming that “XRP is a complete scam.” David Schwartz, as always, responded sarcastically to the claim.
In the tweet that sparked the discussion, Craig Wright said, “If you mention Ripple’s CTO, name him as he is: cheater Davie.” Wright compares Ripple CTO to Bernard Madoff, who ran the largest Ponzi scheme in history worth nearly $64.8 billion. He quickly got a response from his addressee, whom he wrote in the past hours.
You know why I can say this?
Truth
— Dr Craig S Wright (@Dr_CSWright) February 3, 2023
Triggered by the above statement, Schwartz replied, “It’s hilarious that you feel the need to attack me when you’re being criticized for your own indefensible actions alone.” Ripple CTO had previously criticized Craig Wright for starting a stupid discussion about XRP Ledger.
Rising speculation emerges in Ripple lawsuit
In recent developments from the litigation process, speculation about the outcome of the case has gained momentum as several high-profile individuals and crypto advocates have claimed that Ripple has a better chance of winning the case, despite the absence of any significant court rulings in the past few weeks.
Notably, LBRY, the blockchain-based payments network, scored a significant victory over the SEC after the November 7 decision in favor of the regulatory observer. The judge recently noted that the previous November 7 decision against LBRY Credits (LBC) does not apply to secondary sales of the token.
LBRY Hearing: The Stakes for ALL Crypto https://t.co/YPbrBkw0Od
— CryptoLaw (@CryptoLawUS) January 30, 2023
The court recently established a standard that LBC, the asset on which the investment contract is based, does not constitute a security. The standard was committed on paper by the SEC. Following the enacted standard, LBRY and others claimed that XRP also cannot be classified as a security. As a result, calls have surfaced to Coinbase to relist XRP.
Moreover, attorney John Deaton recently argued that even if Ripple did sell XRP as a security, it did not make the token a security in its own right. According to Deaton, “XRP remains a digital code.” He cited previous cases where Bitcoin was once identified as a security but is now classified as completely non-secure. Amid the litigation contention, XRP bulls are also looking to reclaim a critical resistance.
XRP targets $0.45 amid bull speculation in litigation
XRP looks set to recapture the $0.45 level. Despite facing bearish headwinds observed in the broader market, Ripple is currently aiming to establish an upside position at $0.41.
XRP is currently looking to conquer the $0.42 zone, which will be used as a launch pad for a rise to $0.45. Scaling the resistance points at $0.4166 and $0.4234 could provide enough support for the bulls to rally. As explained by analyst Crypto Tony, XRP has recently broken a trend line it has been following since last November. However, XRP had a weak price structure at this point. Meanwhile, cryptocoin.comAs we reported, Ripple’s quarterly report for the 4th quarter of 2022 showed that on-chain transactions in XRPL rose to 106 million despite the decline.
