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A significant participant in the XRP community, XRP Investing, has shared insights on the rumors about a covert XRP Ledger (XRPL). The community member also responded to speculations that the price of XRP is valued at $1,000 on this hidden ledger.
Analysis of The Covert Ledger
In an X post, XRP Investing asserted that the allegations of a concealed version of the XRP Ledger where banks transfer billions discreetly aren’t mere conspiracy. The community expressed assuredly that aside from the public XRPL, there exists a ‘CBDC Private Ledger,’ which he mentioned Ripple proclaimed as the private iteration of the XRPL in 2021.
XRP Investing indicated that the crypto entity developed this exclusive XRP Ledger particularly for Central Banks. He asserted that it is private because these institutions require confidentiality, compliance, and governance. This Ledger allows them to issue Central Bank Digital Currencies (CBDCs) without revealing their data or utilizing XRP. The community member additionally stated that the CBDC Private Ledger is aimed at wholesale and retail digital currency, not public cryptocurrency trading.
Simultaneously, he contended that Ripple has affirmed that this XRP Ledger is genuine and distinct from the public XRPL. XRP Investing elaborated that XRP is not utilized on the private Ledger at all. Indeed, Ripple published a blog entry in 2021, revealing the trial stage of a private variant of the public, open-source XRP Ledger.
The crypto organization stated that this private iteration of the XRP Ledger will provide central banks with a secure, regulated, and adaptable solution for the issuance and management of digital currencies.
Ripple clarified that it opted to create this version of the XRPL private because a Central Bank necessitates greater transaction confidentiality and control over its currency than what a public ledger can provide. Hence, these banks would likely prefer to establish their CBDCs on a private ledger, which they can additionally manage on a larger scale.
XRP Price Variations Between The Two Ledgers?
XRP Investing also tackled rumors that the price on the private XRP ledger varies and is valued at $1,000. He noted that these are merely speculations that Ripple’s Chief Technology Officer (CTO), David Schwartz has dismissed. Consequently, there is officially no dual pricing for XRP on both ledgers. The community member reiterated that the private ledger does not utilize XRP.
He pointed out that this development is significant because it indicates that Ripple’s private XRP Ledger isn’t merely a duplicate but a genuine application of XRPL technology. The community member concluded that this places the crypto firm at the core of future CBDC infrastructure, which he dubbed as optimistic. This could enhance XRP’s adoption in the long term if these banks opt to leverage the native token to facilitate transactions.
Featured image from Adobe Stock, chart from Tradingview.com
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