Brad Garlinghouse, the CEO of Ripple (XRP), recently shared his thoughts on the increasing tension between supporters of Bitcoin (BTC) and those of XRP, a division that has captivated the cryptocurrency community.
The conflict initially arose when President Donald Trump proposed the idea of transitioning from a Bitcoin-focused reserve system to one that includes a wider array of cryptocurrencies.
This statement sparked speculation and escalated the rivalry between the two factions.
While Ripple enthusiasts embraced the suggestion, viewing it as a chance for XRP to assume an essential role, Bitcoin purists remained firmly against it, advocating for Bitcoin’s sole presence on the national financial roster.
Brad Garlinghouse and the Crypto Community
Amidst the mounting discord, Brad Garlinghouse, Ripple’s CEO, turned to Twitter with a touch of sarcasm, stating,
“A quiet weekend, anything interesting happen?”
This remark prompted further discussions, drawing responses from numerous XRP supporters.
One user expressed,
“Ripple is already in the clear. Gary Gensler has left the SEC. The new SEC chair is pro-crypto. Why hasn’t the case been closed yet? Come on Brad.”
Contributing to the debate was Pierre Rochard, Riot Platforms’ VP of Research, who remarked,
“You’re pushing for the government to adopt XRP, yet Ripple consistently sells XRP? If you want credibility, actions need to match words.”
This episode underscores the current split within the crypto sphere, a domain that previously sought unity after attaining significant triumphs last year.
Roots of the Dispute
The contention was further fueled when Pierre Rochard of Riot Platforms accused Ripple of opposing the Bitcoin-centric reserve concept in favor of endorsing a multi-crypto alternative.
Giving credence to these allegations, Garlinghouse inadvertently stoked the ire of ardent Bitcoin proponents, who champion a single Bitcoin-centric Federal Reserve.
Industry Executives Weigh In
Jack Mallers, the founder of Strike, accused Ripple of endangering American “prosperity” and “freedom” through its lobbying efforts, while Brady Swenson from Swan Bitcoin dismissed XRP as a “centralized deception.”
Further exacerbating the animosity, Bitcoin advocate Samson Mow asserted that Ripple has not faced the requisite level of scrutiny it deserves, deepening the fault lines within the crypto space.
He stated,
Impact on XRP Prices
Against the backdrop of escalating tensions between Bitcoin advocates and Ripple supporters, XRP witnessed a downturn, with its value plummeting to $2.76 following an 11.03% dip over the past 24 hours, as per CoinMarketCap data.
This decline can also be attributed to the broader downturn in the cryptocurrency market, which saw a 7.11% decrease in the global crypto market cap, currently pegged at $3.35 trillion.
In conclusion, internal disputes coupled with market volatility have created a turbulent state for XRP, casting uncertainty over its price trajectory.