Name Price24H (%)
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-1.45%
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Third Largest Cryptocurrency, XRP, is Seen To Have Taken The...
CRYPTO & BLOCKCHAIN INFLUENCERS

Third Largest Cryptocurrency, XRP, is Seen To Have Taken The Dry Path Once Again By Galaxy Digital CEO, Mike Novogratz.

This information was gotten from a source that happens to be an attendee of the meeting held at TD Amentrade’s National LINC 2020 Conference in Oriando, Florida a week ago.

Mike Novogratz, whose firm trades and invests in digital assets and startups, was on stage with Personal Finance Superstar- Ric Edelman where he entertained series of questions from an audience of Registered Investment Advisors (RIAs).

One of such questions was what would likely be his predictions and opinion about the native cryptocurrency of Ripple’s ecosystem, XRP. In answer to that, the fund manager stated that the cryptocurrency will have another lackluster year in 2020. Baffling as it may sound, he blames Ripple for it!

Mike Novogratz of Galaxy Digital

Michael Novogratz of Galaxy Digital source, coindesk

According to Novogratz, we could envision XRP into a situation of sales of shares. He further explained that the reduction of the price of a stock by so much in another sales point causes lack of enthusiasm and purchasing will towards the stock.

Breanne Madigan replied by debating although not literally that XRP is a digital asset and not a stock. Breanne Madigan who happens to be Ripple’s vice president of global institutional market buttresses his point by explicitly stating that XRP does not give you any stake in Ripple or any other company.

However, the examplary likening of XRP to shares by Novogratz is a quite delicate issue for Ripple. This is because over time, Ripple has been battling a lawsuit saying that XRP is unregistered for a security. This case is presently ongoing at U.S District Court for the Northern District of California.

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Further more, Madigan explains that XRP has legal utility for payments.

At the infant stage of Novogratz answer, he said that Ripple owns 60 billion of the coins of the XRP. Accordimg to him, that’s a lot of it. On the other hand, Madigan says that the increse of circulating supply from Ripple distributions of XRP is lower than the increase in circulating supply of BTC, BCH, ETH and others

Madigan eventually acknowledges his disappointment in the fact that Mike barely understands Ripple’s management of its stake in XRP. In real sense, Ripple has cut down its usual quarterly tokn sales last year which has led it to drop from $251 million worth in Q2 down to none in Q4.

Mike displayed by his statements that he didn’t take crucial time to read about what the company publicly makes available every quarter before jumping into conclusions on the fate of XRP in 2020.

 

 

coinmag

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