- A recent statement about XRP by Galaxy Digital's CEO, Mike Novogratz, caused Ripple CEO, Brad Garlinghouse to respond with statements regarding the coin's performance.
- After Novogratz said that XRP is likely to have a bad year, Garlinghouse stressed that XRP is up by 44% in 2020, and that it outperformed even XRP.
- Even so, XRP is far from being the only coin to surge, and many believe that its progress is part of a massive market recovery.
Ripple CEO, Brad Garlinghouse, recently responded to criticisms of his company’s cryptocurrency, XRP. According to him, XRP has had an extremely successful first month of 2020, with some impressive gains that allowed the coin to go up by 44% on the year-to-date chart.
He notes that BTC only saw a 33% growth, meaning that XRP actually managed to outperform Bitcoin itself during the first week of this year.
Garlinghouse’s statement came as a response to the recent news shared by Coinbase, which reported that Bitcoin bull, Mike Novogratz, who is also the CEO of Galaxy Digital, stated that XRP will have another lackluster year. Novogratz supposedly said this in a room full of financial advisors during the Florida-based financial conference last week.
Further, Novogratz also admitted that he is concerned about the fact that Ripple is still the largest holder of XRP. According to him, investors should not be fine with the fact that Ripple has a policy of selling the portion of its holdings each month.
Garlinghouse responded by criticizing Novogratz’s ability to predict the future of the crypto market, reminding his followers that it was Novogratz who predicted that BTC will once again hit $20,000 by the end of 2020, which obviously did not happen.
Is XRP’s performance only a part of a wider market recovery?
The newest crypto drama is noteworthy, if for nothing else, then for the fact that Garlinghouse does not usually respond to criticism. More often than not, he would simply praise XRP, as the platform’s main cheerleader. However, it appears that Novogratz managed to strike the nerve, despite the fact that he is not exactly the critic of XRP or Ripple.
After all, his investment bank does hold a major share of Ripple Labs’ stock, which currently has a value of $27.6.
Despite his claim, it is also worth noting that Garlinghouse does have a point, as XRP saw a rather impressive rebound. Still, it is not the only one, and its growth might only be a part of a larger market recovery.