There is a fact that Ripple's XRP has performed well this week, but to claim that it is already outperforming Bitcoin, as CEO Brad Garlinghouse just tweeted is a bit exaggerated. This is not the first time he is proud of his fortune.
Is XRP better than Bitcoin?
In response to a Coindesk article about the lackluster performance of cross-border payment tokens, Garlinghouse tweeted:
Ahem … IS THIS THING ON … can I get a fact check on aisle CoinDesk?
– Brad Garlinghouse (@bgarlinghouse) February 5, 2020
While the numbers he gives are accurate, the year 2020 will only pass 5 weeks. Garlinghouse is ignoring the fact that XRP is one of the worst performing digital currencies in 2019.
The value of the token has dropped by 10% compared to this time last year and throughout 2019, XRP has dropped 46%, falling to a two-year low at the end of the year. Compared to the ATH, XRP is still down 92%, while Bitcoin has had a healthier recovery, down 52% compared to its ATH. Plus, Bitcoin has earned 180% since this time last year.
Naturally, the comments drew a lot of attention on Twitter with the ‘XRP Army’ cheering on their leaders while the rest of the community had some interesting feedback.
Some point out how far XRP has gone and this small pump is negligible when looking at the bigger picture.
Ripple will always have passionate fans but many of them get tired of manipulating the supply of tokens for their margin wallets.
XRP's recent performance has been fueled by a partnership with Intermex, a centralized payment service provider in Latin America. The move will allow fintech companies to use Ripple's Liquidated products on demand through RippleNet, the company's international financial partner network.
100,000,000 XRP are transferred from escrow to Ripple wallet
Ripple has just unlocked another 100,000,000 XRP ($ 27.9 million) from the escrow wallet, raising concerns that a sell-off could be imminent.
The XRP Hodlers may soon face a big dump. XRP has risen sharply this week, but that could be coming to an end. 100M XRP has recently been shipped to Ripple, according to Whale Alert.
,000,000 🚨 100,000,000 #XRP (27,971,787 USD) transferred from Ripple Escrow wallet to Ripple
– Whale Alert (@whale_alert) February 6, 2020
The community reacted extremely negatively. Many people are not surprised that Ripple unlocked more XRP and at this point, the unlocking times have become endless jokes on Twitter.
Every month, 1B XRP is unlocked from the escrow wallet, so this most recent XRP 100M is the usual additional reward. It is not clear what the group does with the excess amount, totaling $ 100 million per month.
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