Ripple Network achievements haven’t been translating into Ripple price (XRP) performance on cryptocurrency exchanges, according to Ripple CEO Brad Garlinghouse.
He isn’t happy with the correlation between Bitcoin (BTC) and Ripple price. He believes the correlation will end as soon as investors begin to recognize the differences between these assets.
“There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies,” Garlinghouse told CNBC’s “Power Lunch” Wednesday. “It’s early, over time you’ll see a more rational market and behaviors that reflect that.”
Market Is Ignoring Ripple Network Achievements
The Ripple network is on the verge of generating significant revenue thanks to its increasing penetration in the financial sector and payment services companies. Ripple coin price, however, isn’t responding to the news; It continues moving according to overall market trends and traders sentiments for Bitcoin price.
XRP network has achieved several milestones in the financial sector over the last few quarters.
For instance, RippleNet is in agreement with more than 100 companies and banks to enhance their domestic and cross-border payments. These partners include big names such as Saudi Central bank, MoneyGram, Western Union and many more.
Only a Few Coins Will Be Left in the Next Ten Years
Ripple CEO Brad Garlinghouse wants investors and market participants to gauge digital coins based on their blockchain technology performance.
The CEO claims that 90% of existing cryptocurrencies will be dead in the next ten years. He says, “There’s gonna be a bit of correction along the way here where a lot of the players in the space that don’t actually solve a real problem are going to get washed out.”
Although the CEO has raised some genuine concerns, Bitcoin lovers are criticizing Garlinghouse’s claim that Ripple will be outperforming Bitcoin in the future; they believe Bitcoin is the “trademark” of the cryptocurrency market.
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