Brad Garlinghouse, the CEO of Ripple, spoke about the price of XRP in a recent interview. He also spoke about the speculative state of the market, and the growth of the ecosystem.
On the price of XRP and digital assets in general, he stated that predicting the price of them is a “fool’s errand”. He went on to say that he does not understand the movements of Bitcoin [BTC]’s price. However, he did state:
“What I will say is that the long-term value of any digital asset is going to be derived from utility it creates.”
Garlinghouse stated that there are certain digital assets who’s trading is 100% speculative, and that there was no utility. He also said that the health of the ecosystem surrounding a coin was propotional to its demonstration of solving a real problem.
On speculative trading, Garlinghouse remarked:
“Those who are trading crypto purely based on speculation where there’s no problem being solved, that’s a dangerous game. I think I’ve publicly said that out of the 2000+ cryptocurrencies out there, I think that well over 90% of them are going away.”`
On the XRP ecosystem, the CEO stated:
“As we look at what we are doing in the XRP ecosystem and we look at what other companies are doing in the XRP ecosystem, we get excited about the progress we’re making.”
The CEO said that a lot of the excitement derived from XR being efficient for payments in terms of speed and cost. He even made a statement that XRP was 1000 times faster and cheaper than Bitcoin, the current market leader.
He went on to say that while the price performance of XRP does not matter to him, while the technical performance does. He also stated:
“I think about how to build products and solutions on top of this decentralized open source network in order to solve a customer problem. The more liquidity we create the better it is for the ecosystem. The short-term gyrations, that’s not something I think about.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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