Recent revelations from the “Epstein Files” have sparked renewed discussions regarding early rivalries within the cryptocurrency space, particularly surrounding Ripple. A 2014 email extracted from these files indicates that key figures linked to Bitcoin infrastructure perceived Ripple, along with Stellar, as significant threats to their strategic interests.
The email, sent by Austin Hill, a co-founder and then-CEO of Bitcoin infrastructure company Blockstream, raised concerns over investor exposure to both Bitcoin-centric ventures and competing projects like Ripple and Stellar. Hill emphasized that supporting these alternative blockchain initiatives could jeopardize confidence among Bitcoin developers and stakeholders, framing Ripple and Stellar’s existence as contrary to the vision of the Bitcoin ecosystem.
Ripple was already established as a cross-border payments network at the time, while Stellar was a nascent project launched by Ripple co-founder Jed McCaleb. Hill’s email suggests that investor affiliations with both sides risked creating a “strategic and reputational conflict.”
Former Ripple CTO David Schwartz remarked that this email might represent only a glimpse of the broader opposition Ripple faced during its formative years. He referred to the email as potentially being just “the tip of a giant iceberg,” suggesting that hostility towards Ripple and similar projects was possibly more widespread than this correspondence indicates. Schwartz noted that the antipathetic stance might have been echoed by many others in the industry.
At the height of the cryptocurrency revolution, firms like Blockstream were heavily invested in developing Bitcoin-centric infrastructure, while Ripple and Stellar aimed at alternative solutions geared toward financial institutions. While Epstein was among the email recipients, the disclosures do not imply his involvement in actively shaping the discussions or orchestrating actions against Ripple; they merely outline a perception of conflicting interests among crypto investors.
Some XRP proponents have interpreted these disclosures as validation of their long-held beliefs that Ripple represented a formidable competitor. On social media, voices in the XRP community expressed their excitement, suggesting that the revelations underscore the threat Ripple posed to early Bitcoin interests. Comments like “They were real deal out to get Ripple” reflect a sentiment among some traders that these powerful early players recognized the potential of Ripple, implying that efforts to obstruct its success were evident.
While this newfound narrative excites certain XRP traders, it remains to be seen how it influences market behavior. Despite the optimistic interpretations, XRP’s current trading status remains precarious. As of now, XRP is trading at approximately $1.64, reflecting a 13% decline over the last week.
Technical analysts, including CCN’s Victor Olanrewaju, indicate that XRP’s near-term price structure is still under bearish pressure. The asset has consistently demonstrated lower highs and lower lows, suggesting a continuation of bearish momentum. Olanrewaju pointed out critical Fibonacci retracement levels which indicate that XRP is nearing a crucial area of support at $1.71.
Failure to maintain this support could lead to a significant downturn, with limited historical support to prevent further losses. However, if XRP were to reclaim key resistance at $2.19, it could signal a potential shift in market dynamics, positioning XRP for a broader recovery. In such a scenario, analysts speculate that the token’s price could rise towards $3, contingent on sustained positive market sentiment.
