Garlinghouse makes an about-turn on BTC as Ripple gains ground on SEC & XRP stock rises.
According to RIpple's Boss, BTC was ‘not ideal as a payments mechanism’ is because of its high energy usage, he says. He went on to say that, the secret sauce of the BTC has shown cracks from the beginning even though it is publicized as a strategy that is full proof.
Major Signals
- Ripple gains ground on SEC.
- XRP passes 1 USD for the first time since 2018.
- Garlinghouse makes an about-turn on his censure of Bitcoin.
- Ripples win in court, obtains redactions on some emails.
In a thread on Twitter, Garlinghouse wrote that although he hit a nerve, he was not in support of a ban on BTC. He says that the Proof of Work process is easy to understand by anyone.
He posted the sources he used in his calculations on BTC’s energy usage and made a plea to the BTC community saying:
“We have the tools to make crypto 100% renewable and reach its full potential. Let’s focus on the solutions to change the opinion of [US Treasury Secretary] Janet Yellen, Bill Gates, and countless others who have pointed out concerns about energy usage instead of accusing me of [spreading] FUD [fear, uncertainty, and doubt].”
As Garlinghouse tweeted, the XRP prices surged in price again and peaked at USD0.7 early on Monday. At the time this article was written XRP traded at USD 0.69 and has grown 17% today and 26% this week.
Via the XRP forum, the token advocates celebrated the “return of the 70s” where price highs were uncommon until 2018. There was a phenomenal growth spurt in November last year.
One commenter wrote: “I believe when we break through USD 0.80 (hopefully in the coming weeks) then we will see some fireworks. If that breakthrough is accompanied by some positive news in the SEC case (summary judgment on the current XRP status, relisting, settlement etc.) then it is the perfect setup. [...] Until then I will just hold and wait,”
The highest the XRP has reached in recent times was USD3.40 in January 2018.
Meanwhile, Ripple scored a legal victory with a judge in New York in agreement that the contents of an email about Ripple’s venture capital operations exchange between Garlinghouse and an anonymous individual should be redacted. Some two anonymous individuals who debated on how XRP was viewed in the eye of the public were also asked to redact by the company lawyers.
The company had intended to have two other emails redacted. The emails contained financial data about the co-founder of Ripples, Chris Larsen. The second email was with private investors. The SEC is determined to ensure that the latter documents be allowed to be used as evidence in the trial.
The surge of the token upwards has improved the trading value from its previous value when the SEC intervened in December 2020. The SEC earlier alleged that the heads of Ripple has raised USD1.3bn through unregistered current digital asset securities.
