Galaxy's CEO Believe XRP And ETH Are Still In Proving Phase

Shailesh  |  Feb 6, 2020

Mike Novogratz, Galaxy Digital's CEO and an ardent supporter of Bitcoin, earlier talked-down on the future performance of XRP despite his firm having an investment in Ripple Labs Inc., has repeated some of his thoughts about the XRP token and the Ripple.

Last week, Novogratz had defamed Ripple, saying the firm held a vast quantity of XRP, and one of the key reasons behind the perceived failure of the XRP cryptocurrency. At the National LINC 2020 Conference organized by TD Ameritrade and held in Orlando, Florida, Novogratz stated Ripple willed to itself a large XRP volume, about 60 billion, which according to him was 'a lot'.

Ripple Made The Token Less Appealing

He further claimed that Ripple selling so many XRP tokens from the reserve made people "less excited" about the token and compared it to the stock market.

Brad Garlinghouse, CEO of Ripple, however, refuted the claims made by Novogratz via an online response.

Garlinghouse, in response, suggested that Novogratz hasn't been observing the market carefully. He remarked that XRP had exceeded Bitcoin (BTC), together with the entire crypto market this year in terms of year-to-date gains.

He denounced the action of Galaxy Digital's CEO presenting analytical evidence that indicated XRP was up by 44% in 2020 alone compared to Bitcoin, which was up by 33% in the same time frame.

Garlinghouse conversed about earlier predictions stated by Novogratz that was never fulfilled, revisiting his bitcoin prediction in 2019, where the Novogratz announced BTC would reach $20,000.

Galaxy’s CEO Praises Brad Garlinghouse

Galaxy CEO also replied to Brad Garlinghouse, stating that he commented because XRP underperformed last year. Additionally, Novogratz appreciated Brad Garlinghouse as he has been doing a good job, remarking that Galaxy has made investments in the Ripple Labs Inc, and would expect its currency perform better.

Novogratz also regarded that the price of Ethereum, XRP and other digital currencies would be treated like all price. He stated both Ethereum and XRP were in 'proving phase'. He requested Ripple to distribute XRP reasonably and build a scalable and real use case at the same time.

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