Ripple Says “Global Economy Enters Uncharted Waters” And Markets Are Resilient
The crypto market is struggling like never before these days, when we’re in the middle of what’s probably going to remain the biggest crisis of our generation.
The coronavirus is taking hold of the whole planet, stopping time, and keeping people isolated. The economy is hit really badly, and this is only the beginning of what we can expect.
Ripple CEO speaks about the crisis
Ripple CEO Brad Garlinghouse made a few comments about the coronavirus pandemic and the impact that this crisis has on the global economy.
He said that now, the main focus is on the health of his team. Ripple is asking the staff to work from home and use video conferences in order to stay in touch.
“Like many businesses, Ripple’s highest priority is the well-being of the team at Ripple. As COVID-19 developed over the past several months, the global team has transitioned to remote work, in efforts to stay safe while continuing to support our customers,” he stated.
Markets are extremely resilient
On the other hand, Garlinghouse is expecting that the market will have the ability to bounce back after the economic fallout from the virus.
“Our global economy is in uncharted waters, but what I’ve learned from history: markets are extremely resilient.”
It’s more than obvious that Ripple is feeling the massive volatility in the crypto markets because, as you know by now, the company holds more than half of all XRP.
XRP in the crypto market
Regarding the price of XRP, just like all the other coins in the market, the digital asset experienced a significant fall in price during the past week.
At the moment of writing this article, XRP is trading in the red, and the coin is priced at $0.154381.
Tanya Abrosimova, an analyst at FXStreet, said the outlook of XRP might be getting better since it’s been pushed above $0.15.
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.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.