Ripple CEO, Brad Garlinghouse recently while speaking at Fortune’s Brainstorm Finance Conference in New York, praised Facebook’s Libra.

Earlier this week, Facebook unveiled its “stablecoin Libra” that industry experts said is not really a blockchain. The cryptocurrency is also facing opposition from authorities all across the world including the UK, the US, Australia, and ECB.

However, crypto industry experts said this is rather good for the market as a big name like Facebook getting into crypto will drive adoption and further legitimize the industry.

For Ripple, it is proving to be even more bullish apparently, if Ripple CEO is to be believed.

“This is going to be a record week for Ripple,” gushed Garlinghouse on Thursday who said Libra announcement has more banks seriously consider xCurrent, the company's banking payment software.

“[It] has absolutely catalyzed contract activity. This has been a call to action,” Garlinghouse said.

Facebooks’ plans to create a cryptocurrency for its billions of users and to bank the billions of unbanked is the way of social media giant saying, “we don’t need Western Union anymore,” said the Ripple executive. Now, he said the banks are considered switching from traditional SWIFT software in favor of newer alternatives.

“I will send a case of champagne to David Marcus the guy who runs Libra,” Garlinghouse said about Facebook’s blockchain chief.

XRP in Action

The third largest cryptocurrency XRP, meanwhile, is up 2.46 percent in the past 24 hours trading at $0.468. In the past 90 days, XRP has risen 54 percent.

Crypto analysts Magic Poop Cannon says, “XRP looks like it's about to moon ultra hard.”

The reason why I like XRP, is because it's a counter play to Bitcoin and conventional cryptos. Think about it. Many cryptos threaten to dismantle the global financial system as we know it. However, @Ripple is working WITH the system. From an investment POV, it's a safety play.

— MAGIC (@MagicPoopCannon) June 22, 2019

However, this surge wasn’t as expected by XRP enthusiasts after Ripple’s partnership with MoneyGram that also involves the company purchasing an 8 to 10 percent stake in the money transfer firm.

This lack of movement, Garlinghouse attributed to “a lot of noise” in the cryptocurrency market.

“I think it’s really hard for people in these economies to say what is real and what is noise.” He added that “it was a big deal for Ripple,” and over time, people will believe that it was actually a “bigger deal for the cryptocurrency markets overall.”

Garlinghouse further said that companies use the term blockchain as a “catnip for investors, for marketing” while Ripple is focused on a very specific case that is “around transaction banking and liquidity management.”

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