- Davinci Jeremie accuses XRP of fake decentralization and running on wrapped IOUs.
- CasiTrades pointed out that XRP has been in Wave 4 consolidation for roughly 34 days.
- The crypto analyst puts the odds of a dip to $0.87 before any breakout at around 75%.
Two XRP-related discussions lit up on X as crypto commentators argued about how decentralized XRP really is and its current price action.
First up was Davinci Jeremie (known online as Davincij15), a longtime supporter of Bitcoin. He called XRP ”a bank wearing a hoodie”, accusing it of fake decentralization, insider perks, pausable exits, and running on wrapped IOUs.
Davinci also stated that Bitcoin has none of these issues.
His argument is a classic Bitcoin-maximalist critique, stating that XRP looks less like a decentralized cryptocurrency and more like a company-run network.
The jab was likely aimed at Ripple brass, especially David Schwartz (aka JoelKatz), who’s often in the trenches defending XRPL’s decentralization credibility.
Critics of XRP usually point out that Ripple initially picked the validators and that the company still drives a lot of the development. Additionally, a large portion of the XRP supply has historically been controlled by Ripple Labs.
On the other hand, supporters state that the validators are now independent and global, and that Ripple controls just a small slice of them. Also, it’s often noted that the network has been operating nonstop since 2012.
The ongoing debate between Bitcoin maximalists and XRP supporters is a staple in the crypto circles, and likely won’t end any time soon.
XRP’s Long Price Consolidation
Meanwhile, the second discussion focuses on technical analysis rather than ideology.
Crypto analyst CasiTrades pointed out that XRP has been in Wave 4 consolidation for roughly 34 days, a nod to Elliott Wave theory.
CasiTrades flagged two important key levels: support at $0.87 and resistance at $1.65.
According to the analysis, volatility has dried up, and XRP is stuck in a choppy correction phase. A breakout above resistance or a drop to support is needed before the next trend develops.
This kind of sideways movement is typical for Wave 4 corrections, where markets move slowly before a possible Wave 5 pop.
Community replies show traders are getting tired of the sideways grind. CasiTrades put the odds of a dip to $0.87 before any breakout at around 75%, as the whole market shows signs of exhaustion.
Related: XRP 6-Year Pattern Points to Major Price Milestones in 2026, 2028, and 2031
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Source: https://coinedition.com/bank-in-a-hoodie-davinci-jeremie-slams-xrp-amid-wave-4-slump/
