Ripple Responds Following Mike Novogratz’s Prediction That XRP Will Underperform In 2020

Canada Exchange to list XRP - Ripple Responds Following Mike Novogratz's Prediction That XRP Will Underperform In 2020

Ripple had a great 2019 and XRP also managed to achieve a lot of successes during the past year, especially regarding adoption.

The area in which the price did not quite excell was the price, and Ripple has been even blamed for this failure of XRP from last year.

But 2020 is expected to be a better year in this regard as well, and looking at the numbers on CMC, it’s pretty safe to say that the coin in on the right track.

At the moment of writing this article, XRP is trading in the green, and the coin is priced above $0.28.

Ripple responds to Mike Novogratz’s prediction

Not too long ago, Mike Novogratz said that he believes XRP’s performance this year will be similar to 2019.

The online publication the Daily Hodl mentioned the fact that during last week’s LINC 2020 conference in Orlando, Florida, Novogratz blamed XRP’s supply for the lack of price movement last year.

CoinDesk cited him and revealed that he said the following:

“It did underperform immensely last year. I think it will underperform immensely again this year, and it’s just because of the supply…”

He continued and explained that “Ripple the company owns 60 billion of the coins, of the XRP. That’s a lot of it. When I’m buying a stock, if I know [someone’s] selling $10 billion worth of it at some price, it makes me less excited to buy the stock.”

Ripple quickly responded to these allegations. The company’s CEO, Brad Garlinghouse, pointed out XRP’s early gains at the beginning of this year.

“XRP has outperformed BTC and the broader crypto market in 2020. XRP is up 44% (19.1 to 27.5) vs BTC’s 33% (7,100 to 9,500) so far this year.”

Despite the considerable volatility in the crypto market, the optimistic predictions keep coming into the crypto space these days as BTC races to $10k hopefully.


People Mentioned

Brad Garlinghouse
Brad Garlinghouse

Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.

Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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