最新报道：XRP has failed to breakout since its November 2024 rally, raising new questions about why it’s been held back. Analyst José Luis Cava believes the answer lies in one word — control. In a recent video, Cava argues that despite the token’s strong technical fundamentals, there is a dominant “hand” that continues to influence XRP’s market behavior. He points to limited supply, centralized token management, and weak institutional demand as key obstacles. Ripple’s Control Over XRP Supply Unlike Bitcoin or Ethereum, XRP is pre-mined. At launch, 100 billion tokens were created — never to be minted again. Ripple Labs initially held 80% of the total supply, and as of mid-2025, still controls approximately 42%. Of that, approximately 35% is locked in monthly escrow accounts, while 7% remains in Ripple’s wallets. Each month, Ripple releases up to 1 billion XRP, giving it an outsized influence over the circulating supply, and thus price dynamics. This degree of control has sparked debate over whether XRP can truly be called a decentralized asset. Cava warned that market movements no longer reflect organic supply and demand. Institutional demand remains elusive Despite being designed for fast, low-cost cross-border payments — an obvious utility for banks and institutions — XRP has not seen the institutional traction that Bitcoin and Ethereum have benefited from. Adoption remains sparse. Market uncertainty surrounding Ripple’s deals with central banks, and sparse public information about live integrations, has created skepticism. This hesitation could deter larger investors. Transparency issues: private vs. public ledgers Another concern is XRP’s dual-ledger architecture. The public XRP Ledger handles both retail and public transactions. However, Ripple has also developed a separate, permissioned ledger specifically for central banks exploring CBDCs. While it uses similar technology to the public XRP Ledger, this private version is not publicly accessible and operates independently. This private ledger cannot be publicly audited. While some have speculated about a merger of the two systems in the future, Ripple has yet to confirm such plans. For many investors, this opacity is a red flag. In a cryptocurrency market where transparency and decentralization are essential for trust, XRP’s closed-door architecture stands out. XRP Price Stagnating Until Structural Shift Technically, XRP continues to function as designed. But structurally, it faces challenges. High token concentration, lack of broad demand, and limited network transparency limit its upside potential. Unless Ripple decentralizes token distribution and opens up its private operations — or a new wave of adoption emerges — XRP will likely remain stuck in a sideways trend. As Cava stressed, price momentum won’t resume without a shift in broader demand and governance dynamics.