Brad Garlinghouse: XRP Sell-Off Doesn’t Matter Because “It’s a Marathon & Ripple is on Mile Two”

We are still in the early days of cryptocurrencies. Most of the top crypto's will have their own unique use-cases and target industries. Ripple is no different; already onboarding over 200 institutions and growing. This will be a marathon, not a sprint to see which project comes out on top in the long run.

  • “There's a lot of bullish trends for the whole crypto ecosystem” – Ripple CEO
  • But the whole market won’t grow or “live up to its potential”
  • XRP price in short-term: Ripple pays attention over the long haul, and not in three days, weeks or months

“I'm incredibly pleased to see how much traction people are seeing with it (XRP),” says Ripple CEO Brad Garlinghouse in an interview with Bloomberg while talking about the attraction the digital asset that facilitates instant payments between parties, is seeing.

He further shared how historically, there's been a lot of hype and experiments in the crypto ecosystem. But with XRP, they have been able to look at what they are doing with it, helping banks take advantage of what’s possible through these digital assets.

What About Swift?

But Swift is an “entrenched player” in the field of payments. As we reported, the 2019 report by the Association for Financial Professionals (AFP) underwritten by JP Morgan revealed that 80% of the organizations B2B transactions, cross border payments, still use Swift.

So, how is Ripple denting the business of Swift?

Swift defined cross-border payments and for the past four decades that’s how the system has been working but Garlinghouse says now “there's an opportunity to bring the system into the modern world or into the internet world where today a swift transaction can take days,” while using XRP can process a transaction in a few seconds.

But there are “many of you guys”

As we can see, today there are about 3,000 different digital assets that are trading daily.

“There are too many,” says Garlinghouse which is the case because “anytime there's a new market, there's a lot of people that run into that market and try to show that they can solve a problem.”

He reiterated his view of the crypto market overflowing with digital assets that “99% of all crypto probably goes to zero but there is that 1% that is focused on solving a real problem for real customers and is able to do that at scale and that's gonna be game-changing.”

And this he says will continue to grow significantly in the decades ahead.

And that’s why the Sell-offs Doesn’t Matter

Talking about the sell-off in the market and the price swings of the digital assets Garlinghouse shares, “We pay attention over the long haul, I don't think about three days or three weeks or three months.”

This journey, he says will be on for a decade, as such former SVP at Yahoo running Communications Division and President of Consumer Applications at AOL describes this as a “marathon and we're on kind of mile two.”

This is why he isn’t concerned about the price of XRP in the short term, but just on the digital asset to be most efficient in terms of speed and cost.

Also, volatility is always going to be there in the market but Garlinghouse is optimistic of the long-term journey, “there's a lot of bullish trends for the whole crypto ecosystem.”

He explains how it started with illicit use cases (Silk Road), then moved to a speculative bubble that he says we will continue to see till next year. Beyond 2020, Garlinghouse sees the focus to shift on utility.

But the whole market won’t grow or “live up to its potential,” and that is the reason “Ripple has been so focused on a specific customer, a specific problem and we've been fortunate to build a lot of momentum with that customer set.”

Let’s touch on Libra too

In its business plan to bring unbanked and underbanked into the financial system, Facebook has gone “direct to consumer.” But the challenge Ripple CEO says is the brand itself.

All financial systems and tools are built on trust, a factor the social media giant is in a deficit of. The company is facing a lot of regulatory scrutiny and questions are still yet to be answered. But the good news, Garlinghouse says is “key people like Mark Zuckerberg have said they won't go live until those things are clarified.”

Ripple (XRP) Live Price

1 XRP/USD =$0.2007 change ~ -1.23%

Coin Market Cap

$8.69 Billion

24 Hour Volume

$165 Million

24 Hour VWAP

$0

24 Hour Change

$-0.0025

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,199FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

Volvo Invests In Blockchain Traceability Startup Circulor To Track Cobalt Supply Chain

Volvo Cars Tech Fund, a subsidiary of Volvo, announced its investment in blockchain traceability firm Circulor on July 8. The popular carmakers have used...

Blockchain Developer Platform Releases Alchemy Build, A Tool Suite for Faster Production

Alchemy, a blockchain startup, focuses on building developers' tools to help them become more productive and focus more on actual product development. The blockchain...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today