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Michael Novogratz: It’s Still A ‘Proving’ Phase for XRP and Ethereum

Michael Novogratz, founder of Galaxy Digital and Brad Garlinghouse, CEO of Ripple Labs were recently witnessed exchanging blows over the comparisons of Bitcoin and XRP gains.

Novogratz noted that XRP definitely has strong potential to reach up to the market. But apart from that, there are still setbacks observed.

The foremost is the assimilation of 100 billion total supply of XRP. With 57% (over 57 million) XRP not off-loaded in the market, there are chances for crypto to face massive selling pressure.

He further noted,

The price of XRP will be determined like all prices. If there are more buyers than sellers, (and the company has a lot of control here) the price will rise.

The success of Ripple on an independent level doesn’t guarantee a push for XRP. XRP as of now is still in search of a ‘real and scalable’ prospect in which a product or service has the potential to be used. 

According to Novogratz, since Galaxy is a big investor in Ripple Labs, he would personally like the firm to perform well. He acknowledged Brad’s job as a CEO, but it can’t be denied that XRP tokens underperformed as bitcoin last year.

He further added,

The company needs to distribute in a rational way at the same time building a real and scalable use case. I hope they do.

Cryptos are still considered conjectures, they can have an enduring value if they become a product that is beneficial. 

Now people don’t get intimidated by altcoins expropriating the market financing of Bitcoin. As of now, altcoins have positioned itself as an asset that can be saved, retrieved and exchanged later on, and be predictably useful when retrieved. 

Ethereum is in competition with many other altcoins that are trying to gain the status of the ‘trust level’ ethereum holds, for building a decentralized industry.  

The current year is important for Ethereum as the network is going to make changes based on the Ethereum 2.O rules of conduct. The speculative plan for launching phase O is around 30th July 2020.

Ronald Cribbs: Ronald Cribbs is a reporter who has studied in Journalism and previously worked as a freelance reporter in well-known publications and financial news websites. He is regularly going for the interview with leading industry players of crypto space. He has been following cryptocurrencies since 2012.