Brad Garlinghouse, CEO of fintech startup, Ripple has hit back at Galaxy Digital CEO, Mike Novogratz after the latter told financial advisers that the price of XRP will continue to underperform this year.
Per a report byIndustry media Coindesk, Novogratz who has famed himself as a Bitcoin bull noted that San Francisco based Ripple significantly influenced price action for the XRP token since it holds the largest portion of the token’s supply.
Novogratz described the situation to be similar to one where a company continually sells its shares, and thus reduces the excitement of investors holding the token. That, in Novogratz’s opinion, is the reason why the price of XRP can only go lower, but it wasn’t long before he got a reply from his opposing number.
Garlinghouse reminded Novogratz that the price of XRP in 2020 significantly trumps that of BTC despite his claims that XRP will have a bad year.
Ahem… IS THIS THING ON… can I get a fact check on aisle CoinDesk?
— Brad Garlinghouse (@bgarlinghouse) February 5, 2020
Also, in a rather ridiculous fashion, Garlinghouse called out Novogratz’s earlier failed prediction for the price of Bitcoin by the end of 2019.
The Galaxy Digital CEO had claimed that the leading cryptocurrency would top $20,000 before the last year concluded, a figure that still seems far away from the current value of around $9600 per BTC.
To be clear, though, Garlinghouse’s comment on the price of XRP isn’t a common thing given his company’s stance in existing securities lawsuits that the value of the token isn’t solely dependent on the performance of Ripple.
However, his claims of XRP outperforming Bitcoin on the year-to-date chart is accurate, even though the same can also be said of Ether (ETH). Ether at the time of writing, topped $200, leading the rest of the crypto market in a bullish resurgence.