Ripple CEO Brad Gralinghouse has lashed out at Novogratz’s comment on XRP. Galinghouse said that so far in 2020, XRP has successfully managed to outperform Bitcoin. He also pointed out some of Novogratz’s failed predictions from the past.
Ripple‘s XRP cryptocurrency remains in the news after it jumped 20% in the last seven days with a sudden volume surge. XRP, the world’s third-largest cryptocurrency has been the talk of the town after its poor show in 2019.
While almost all other top-ten cryptocurrencies gave positive returns in 2019, XRP price corrected nearly 50% during the same period. On Wednesday, February 5, Galaxy Digital founder and Wall Street veteran Mike Novogratz said that XRP is likely to continue its poor show in 2020 as well.
Hitting out at the company, Novogratz said that XRP’s poor show is the result of Ripple’s actions. Ripple owns nearly 60 billion XRP tokens and that’s a lot of it he says. Novogratz further added that with the company alone this huge amount makes investors skeptical about price manipulation. Note that with public cryptocurrencies, investors usually don’t prefer one single entity holding this large amount.
“It did underperform immensely last year,” Mike said. “I think it will underperform immensely again this year and it’s just because of the supply.”
Ripple CEO Hits Back
However, Novogratz’s comments didn’t go well as Ripple CEO Brad Garlinghouse has hit back. Galinghouse supports his comments after the recent XRP price move that pushed its price above $0.28. With this, XRP’s year-to-date returns are nearly 45% against that of USD.
Garlinghouse said that XRP has successfully managed to beat Bitcoin’s performance in 2020.
Ahem… IS THIS THING ON… can I get a fact check on aisle CoinDesk?
XRP has outperformed BTC and the broader crypto market in 2020. XRP is up 44% (19.1 to 27.5) vs BTC’s 33% (7,100 to 9,500) so far this year.#factsmatter https://t.co/KAdFqD93t1
— Brad Garlinghouse (@bgarlinghouse) February 5, 2020
Garlinghouse didn’t stop here. Taking a further dig at Novogratz, he pointed out how the Galaxy Digital founder has been wrong in his predictions in the past.
Also..this is the same guy that said bitcoin will go to 20K in 2019 ‾_(ツ)_/‾ #notNostradamus
He did predict Tom Hanks would win an Oscar for Mr. Rogers – maybe this is the prediction he’ll get right? Personally voting for Brad Pitt though!
— Brad Garlinghouse (@bgarlinghouse) February 5, 2020
So far, in 2020, Bitcoin price has surged over 30% till now. At press time, BTC is trading 4% up at $9646 with a market cap of $175 billion. But looking to the historical data, Bitcoin’s performance has hands down beaten XRP in the long run. Thus, it is too early for Garlinghouse to claim anything otherwise.
Ripple CEO Remains Bullish for 2020
Although XRP’s performance has been disappointing in 2019, Ripple Labs has managed a fair show. In 2019, Ripple Labs secured the highest funding in the blockchain industry. In its Series C funding, the company raised a whopping $200 million from prominent investors in the financial space. Ripple has said that it will be using these funds for expanding its offices to global locations and hiring new talent.
On the other hand, Ripple CEO Brad Garlinghouse has been quite vocal about his company’s further plans. With the U.S. Treasury Secretary Steven Mnuchin showing his government’s willingness to support digital payments, Garlinghouse says that Ripple will benefit from the government’s stand.
Additionally, Galinghouse said that a number of crypto companies can opt for an IPO in 2020 and Ripple could be one of them. But experts think that Ripple’s IPO plans could be detrimental for XRP investors.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
