Brad Garlinghouse, known as the CEO of Ripple, is in the crypto news today for his warning sent to the media in which he said that a purge may be coming on the markets. The Ripple CEO warns and says that the vast majority of tokens which are currently on the markets will eventually plummet to zero.
Naturally, XRP does have its fair share of naysayers believing that it will be one of the cryptocurrencies which ends up going to zero. However, Garlinghouse remains adamant that the utility which is currently being created around XRP will be enough to propel it higher in the months to come and eventually years to come.
Still, the Ripple CEO warns that the sheer amount of cryptocurrencies out there is primarily the result of the hype which is surrounding the nascent technology. As this hype fades, he anticipates that the majority of these cryptocurrencies will plummet to zero due to their lack of actual utility and their inability to meet the needs by the customers.
“Anytime there is a new market, there are a lot of people that run into that market and try to show that they can solve a problem, they can deliver a customer need,” Garlinghouse noted, going on to say that 99% of these assets “probably goes to zero.”
If you are asking yourself whether XRP can avoid the market-wide purge, the XRP news today now show that there are a lot of analysts supporting XRP and believing that the token will be included in the event which Garlinghouse described as one that would “bring many cryptocurrency values to zero.”
However, the Ripple Swell conference is also coming which means that the price of XRP may rise in the coming days. At press time, it is at its low. This is why the Ripple CEO warns and explains that there may be a crisis period coming.
Aside from this, Garlinghouse is confident that XRP is the best financial system out there and that it has significant utility, especially when considering the inefficiencies of SWIFT such as its “transaction volatility” which Ripple believes is best solved by XRP.
The full interview with Brad Garlinghouse was shared by Bloomberg and can be seen below.
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“The 10% relates to the ODL (On-Demand Liquidity) platform and represents the percent of our Mexican peso volume that we trade. We take USD and buy Mexican pesos. We continue to work with Ripple to build liquidity. We now have four new corridors we are starting, including the Philippine peso and Australian dollar. True success will be determined by others joining the platform, so it’s early days.”Holmes did not want to reveal the size of Moneygram’s US-Mexico business but he seemed pretty happy to talk about the potential of the technology and how it will bring ease in the international transactions process to the new countries. Ripple’s technology, on the other hand, is also known to be among the best remittance services in the crypto industry with great partnerships around the globe.
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“This year has been our strongest for Ripple yet.’’The company also said that now the customers have started using RippleNet in more than 45 countries compared to 40 countries in January 2019. Since the startup announced the On-demand Liquidity product in 2018, XRP is used there to remove the necessity for pre-funding in cross-border payments and they made multiple partnerships with two dozen customers that are using the ODL right now such as MoneyGram, Viamericas, FlashFX, goLance and Interbank Peru. This resulted in a sevenfold increase for transactions that started using the on-demand Liquidity from the end of the Q1 until the end of October.Ripple’s client base increased mainly because of the different options the platform has to offer. ODL initially offered payment corridors in Mexico and the Philippines and then expanded to Australia. However, Ripple announced that the upcoming payment corridor will expand to Brazil while 2020 it also plans additional corridors across the Asia-pacific countries and Europe and the Middle East.In the last quarterly market report for the third quarter, Ripple said that ‘’Ripple customers live with ODL, including MoneyGram and others, increased by 75% last quarter and dollar volume on ODL increased more than five times from Q2 to Q3.”Garlinghouse said that they have more than 20 customers using XRP for cross-border liquidity and he added that Ripple has more than two dozen customers with millions of dollars of flows per week. He said that also there are a number of projects that are built on the XRP ledger and even more companies will start using XPR with time.
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