There is never a dull day on crypto twitter with endless drama, criticism, clap backs, and even personal attacks. The latest episode features Bitcoin maximalists and Ripple backers.
Mike Novogratz Bashes XRP
Ripple (XRP) recently came under a fierce attack by Galaxy Digital CEO Mike Novogratz saying that the cryptocurrency would underperform again this year following a lackluster performance in 2019. Moreover, the CEO predicted that XRP’s prospects for the New Year are underwhelming and that it will be upstaged by other digital assets.
Ripple CEO Backlashes Novogratz
However, Ripple CEO, Brad Garlinghouse was quick to fire back in defense of the cryptocurrency pointing out that XRP had outperformed Bitcoin and much of the crypto market in 2020. In addition, Garlinghouse observed that XRP had gained 44% as compared to the 33% gained by BTC since the start of the year. He went further ahead to criticize Novogratz’s prediction, stating that the Galaxy Digital CEO had been wrong in his previous predictions about the crypto market.
Peter McCormack – Bitcoin was the only Cryptocurrency with use in the real world
Following Garlinghouse public support of XRP, large sections of the crypto Twitter community were quick to throw their support behind Ripple. Nevertheless, some legendary Bitcoin maximalists responded in equal measure rubbishing the XRP army by pointing out that the cryptocurrency lacked use in the real world. Renowned Bitcoin supporter Peter McComark tweeted that people only cared about BTC. According to McCormack, Bitcoin was the only cryptocurrency with use in the real world while others like Ripple’s XRP, Eth and Bitcoin Cash lacked any tangible solutions.
McCormack’s comments have drawn much angst from XRP supporters stating that the cryptocurrency provides the much-needed bridge for fiat to fiat exchanges in a digital world.
Accordingly, XRP helps banks and other financial institutions make huge settlements seamlessly across national borders in a cost-effective manner. As such, XRP is deemed to work in the background by providing a much-needed infrastructure for financial transactions. In this respect, Ripple XRP’s real use remains invisible on the outside of this ecosystem, unlike Bitcoin whose transactions are publicly viewable and authenticated.
XRP’s market performance has also come under additional scrutiny following Garlinghouse’s comments. He suggested that the asset outperformed Bitcoin in 2020. Following his comment, some Twitter analysts were quick to note that the asset had lost over 90% of its value over the past 2 years. Therefore, its recent price rally cannot be deemed to have outperformed Bitcoin since the latter had recovered to $10,000, a 50% recovery from its All-Time Highest (ATH) price nearing $20,000. On the other hand, XRP still is yet to recover over 90% of the value it has lost since its ATH despite its current price rally.