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Galaxy’s Novogratz: XRP Will ‘Underperform Immensely Again This Year’ - Binaryx

Novogratz: This Year XRP Performance is Questionable

Novogratz answered questions from an audience of registered investment advisors (RIA). And towards the end of the panel discussion, the conversation turned to XRP, the native cryptocurrency of the Ripple ecosystem.

It is worth noting that Novogratz invested $ 23.8 million in Ripple and estimated its share at $ 27.6 million as of September 30, 2019.

Ripple responds

So what is the essence of the conflict? The stock analogy of XRP is a particularly sensitive issue for Ripple.

There is also evidence that for several years Ripple has been conducting a class action lawsuit, the essence of which is that XRP is an unregistered security system.

In turn, Breanne Madigan, Ripple’s vice president of global institutional markets, noted that XRP is primarily a digital asset and should not be equated with stocks since ownership does not give miners any rights to a share in the company.

To all of the above, Novogratz also commented that, from a customer perspective, Ripple has keen XRP followers in Asia. Given the fact that the company lost 46.3% of its value last year, he also suggested that this trend could continue.

Which is more centralized?

At the conference already mentioned, Mike described the sale of digital currency as one giant pool, which is a regular seller, which shows its centralized nature of the sales order.

The company Ripple provides arguments to prove otherwise. Evidence of a decentralized sales policy can be, for example, the existence of more than 150 known validators, and Ripple controls 7 of these 150+ validators, making XRP more decentralized than BTC or ETH, which, in turn, are controlled by Chinese mining groups.

To date, XRP has shown impressive growth. This is perfectly demonstrated by the fact that prices have risen by almost 27 percent since January 1. But even despite all these positive dynamics in pricing, XRP is still 29 percent behind Bitcoin’s progress.

Madigan also spoke out about the fact that disinformation is one of the biggest problems that the entire crypto industry continues to face, throwing a stone into the garden is Novogratz.

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