- Altcoins like Ether and XRP still in the proving phase
- Selling pressure on XRP could rise
- XRP must be distributed rationally
Ethereum News Today – according to reports, the founder of Galaxy Digital, Micheal Novogratz, and the CEO of Ripple Labs, Brad Garlinghouse were recently in a scuffle about the comparative gains on XRP and Bitcoin. According to Novogratz, while XRP has the potential to post gains, it still has some hindrances. Novogratz said the first of these stumbling blocks is the absorption of the 100 XRP billion supply. Recall that no less than 57% of XRP is still in the market. Hence this could cause the coin’s selling pressure to rise.
Ethereum (ETH) Price Today – ETH / USD
XRP Price Will Rise if There are More Buyers Than Sellers
According to Novogratz, the price of XRP is going to be determined like the price of all other assets. If the number of buyers is more buyers than sellers the price is of XRP will increase. Secondly, is XRP looking for a ‘real, scalable’ use case? Currently, the way Ripple Labs has managed to succeed independently does not guarantee that the bulls would take control of XRP. Novogratz adds:
“Galaxy Digital is a big investor in Ripple. I would love to see Ripple do well. Garlinghouse has done an excellent job as CEO of Ripple Labs. The XRP tokens underperformed against BTC last year because the bulk of them are owned by Ripple. The company must find a rational way to distribute it in the same time building as well as finding a real and scalable use case.”
Ethereum Might be the Trust Level Users Build on
The days when altcoins used to threaten to usurp the market cap of Bitcoin are long gone. Bitcoin has strongly stationed itself as the digital store of value. Meanwhile, altcoins haven’t still found their niche. The rest of the cryptos are venture bets. They will only offer lasting value if they become a useful product.
Nevertheless, there are several other altcoins currently competing with Ethereum to get the status of the highest ‘trust level’ for creating decentralized applications. The network’s include EOS, Tron, NEO, and Tezos. However, Ethereum leads in total market cap and network effect.
The year 2020 is a particularly important year for Ethereum as the network implements its transition to the Ethereum 2.0 protocol. Per a recent AMA Reddit session, the top developers for ETH indicate that the network would launch its new upgrade by 95%. The plans for launching Phase 0 is July 30, 2020 (which will be the 5th anniversary of the Ethereum 1.0 protocol).