XRP price surges after Ripple official’s recent statement

XRP price surges after Ripple official’s recent statement
Written by:
Ali Raza
November 30, 2020
  • Earlier this month, a Ripple executive made an interesting comment just before the XRP price surge.
  • The executive, Asheesh Birla, said that the time when it was believed BTC will be the only coin has passed.
  • After his comment, the XRP price went up by nearly four times as the market rushed to meet its former ATHs.

XRP, which is, once again, the third-largest cryptocurrency by market cap, recently saw a significant price surge that came after one of Ripple executives made an interesting statement. The company’s official, Asheesh Birla, stated that 2020 had shown that there is room for more than just Bitcoin in the crypto world.

Ripple executive thinks that Bitcoin maximalism is over

Earlier this month, Ripple executive, Asheesh Birla, spoke in a podcast for Lend Academy. Birla noted that Bitcoin is an innovative alternative to gold, but also that the days when people believed that there will only be Bitcoin are over.

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The statement addresses a long-standing assumption that the crypto industry will eventually crash, and that Bitcoin will be all that remains. The so-called Bitcoin maximalism believed that the entire altcoin market will simply die out over time.

According to Birla, Bitcoin had not ‘gone after payments.’ Instead, there are different use cases for different coins and tokens, so Bitcoin’s dominance is not a certainty any longer.

” I think it’s clear that there’s gonna be a lot of digital assets and there’s gonna be a lot more traditional assets that are gonna be tokenized as digital assets,” Birla said.

Ripple price goes from $0.25 to $0.92

Interestingly, RippleNet’s General Manager made this comment on November 5th, when the XRP price sat at around $0.25. The coin’s price has nearly quadrupled since then, going all the way up to $0.92 last week.

Of course, the price also dropped by 30% following the surge, although that was a part of a market-wide correction.

At the time of writing, the XRP price sits at $0.62, up by 1.55% since yesterday, and 36.41% higher than a week ago. Lastly, Birla added that he is feeling bullish over the crypto market’s recovery from the crypto winter of 2018, and that he couldn’t be happier with the innovation that the market has seen since then.