Bitcoin has always been the most important virtual currency in the market. If something affects Bitcoin – positively or negatively – it will for sure have a similar impact in the other cryptocurrencies in the market. But according to Brad Garlinghouse, CEO of Ripple, as soon as the market acknowledges the different between them, they will no longer depend on Bitcoin’s trend.
Bitcoin’s Trend Would No Longer Affect the Market
As Mr. Garlinghouse explains, Bitcoin’s price fluctuation will no longer affect Ripple’s price because people will realize about the differences between these two currencies.
Brad Garlinghouse commented about it:
“There’s a very high correlation between the price of XRP and the price of Bitcoin, but ultimately these are independent open-sourced technologies. It’s early, over time, you’ll see a more rational market and behaviors that reflect that.”
Ripple has been announcing different contracts with a wide variety of financial institutions from all over the world. Ripple has been working on different products and services that allow companies to reduce cross-border transaction times and fees.
Since the beginning of the year, Ripple lost over 70% of its price and was the worst performer compared to other top virtual currencies in the market. Additionally, the cryptocurrency market lost over 60% of its market capitalization, and Bitcoin fell also around 60%.
“It’s still a nascent industry, the speculation in the market dominates the trading activity,” said Mr. Garlinghouse. “I think it’s a matter of time until people better understand the different use cases. 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.”
Ripple is now the third most important virtual currency according to its market capitalization ($24.26 billion dollars), and each XRP coin can be bought for $0.61 dollars. At the same time, Bitcoin is now being traded over $7,600 dollars and its market capitalization is the biggest in the market, accounting for $129.62 billion dollars.
If you’re interested to purchase XRP, our team wrote a guide on buying XRP in 2018.