Ripple has performed wonderfully well in the crypto market after Asheesh Birla, the General Manager of its parent company, RippleNet, gave a mind-blowing comment. During his interview on a podcast organized by Lend Academy on November 5, the general manager noted that Bitcoin is the best alternative after gold that can be used for hedging.
Furthermore, the General Manager noted that even with his belief, he still believes that the crypto sector provides room for lots of digital assets. Also, Birla stated that he was very sure that when Bitcoin was created, it was not intended to serve as a mode of payment only.
Birla says he is impressed with the improvement in the crypto market
Backing his arguments up, Birla said that the way new use cases are springing up shows that the dominance that the digital asset has held over time has not been because of payments. In his statement, Birla noted that the days that people think that only Bitcoin will remain in the crypto sector has long passed. Furthermore, he said that people now know that new digital assets that will rival Bitcoin in the crypto sector will keep emerging as the days go by.
The RippleNet general manager also mentions that as the days go by, major financial assets in the market would soon become tokenized as the month’s progress. Since Birla made those comments, the effect that they have had on the price of XRP in the crypto market has been mind-blowing. XRP token was trading around $0.25 when he first made the comments, but the token has seen the bulls overtake it, and it has made a surge to rest around $0.92 presently. The surge didn’t last as the digital asset crashed by 30% as all the other markets followed suit to crash.
Ripple CEO and co-founder shows displeasure at US regulatory bodies
As of now, XRP has been somewhat stagnant in the crypto market since the beginning of a new trading day. Even at that, Birla noted that he has high optimism regarding the crypto market as he currently tips the market to make a surge like the one that occurred in 2018. Also, Barli noted that he was convinced that venture capitalists will not back up altcoins as they did in 2017, but he still hopes the surge takes place.
Finally, he noted that he is happy with the rate at which the crypto space was rapidly improving over the years. Ripple has encountered obstacles across the united states because of some regulatory oversights watching their daily actions.
Both Brad Garlinghouse, the CEO of Ripple, and Chris Larson, the co-founder, showed their displeasure at the development in a recent statement. Also, Ripple has been mulling over moving its headquarters to Japan, a move communicated by a member of the company’s board, Yoshitaka Kitao. Larsen has openly criticized the United States and their backward regulation while stating that they are not ready to move to the next level regarding its financial system.