Key Points
- Ripple CEO Brad Garlinghouse’s comments have intensified the ongoing discord between Bitcoin and XRP supporters.
- XRP’s price has fallen amidst escalating tensions within the crypto community and a market downturn.
Ripple CEO Brad Garlinghouse has found himself in the midst of a growing disagreement between supporters of Bitcoin and XRP. This discord within the cryptocurrency community has been further fueled by Garlinghouse’s recent remarks.
The Crypto Community Rift
The conflict began when President Donald Trump hinted at a shift from a Bitcoin-centric reserve system to one that includes a wider variety of cryptocurrencies. This suggestion led to increased speculation and heightened tensions between Bitcoin and XRP supporters. Ripple users saw this as an opportunity for XRP to play a crucial role, while Bitcoin proponents voiced their opposition, advocating for Bitcoin’s exclusivity on the national balance sheet.
Garlinghouse’s sarcastic comment on the situation, “Slow weekend, anything exciting happen?” led to further debate among members of the crypto community. Comments ranged from questioning why Ripple’s legal case has not been dropped yet, given the pro-crypto stance of the new SEC chairman, to accusations of Ripple being a mass seller of XRP.
The Root of the Conflict
The feud escalated when Pierre Rochard from Riot Platforms blamed Ripple for opposing the Bitcoin reserve idea and promoting a multi-crypto alternative. Garlinghouse’s apparent confirmation of these accusations sparked outrage among Bitcoin maximalists, who advocate for a Bitcoin-only Federal Reserve.
Several industry executives have also weighed in on the situation. Jack Mallers, founder of Strike, accused Ripple of threatening American prosperity and freedom through its lobbying efforts. Meanwhile, Brady Swenson from Swan Bitcoin dismissed XRP as a centralized scam.
Impact on XRP’s Price
The rising tensions between Bitcoin and Ripple supporters have negatively impacted XRP’s price. According to CoinMarketCap, the price of XRP fell to $2.76 after a 11.03% drop in the past 24 hours. This decline could also be due to the broader downturn in the cryptocurrency market, which has seen a 7.11% decrease in the global crypto market cap, now standing at $3.35 trillion.
The ongoing internal disputes within the crypto community, coupled with market volatility, have created a challenging environment for XRP, making its future price movements uncertain.