Wednesday, September 23, 2020
No menu items!
  • News
  • XRP News
  • Contact Us
More

    David Schwartz’s Opinion on the Cause of Crypto Price Collapse

    Must Read

    Federal Banks Are Now Free To Hold Reserve Currencies for Stablecoins, Says US Regulator

    According to an interpretive letter released from the United States Office of Comptroller of the Currency, federal banks are...

    Tron Foundation and Unknown Whales Moved 3.5 Billion TRX within One Hour

    According to Whale Alert, the tracker of large transactions of cryptocurrency from one wallet to another, Tron Foundation and...

    Binance Reveals What Prevents Traditional Brokers from Offering Crypto Services

    Binance, the arguably largest cryptocurrency exchange by trading volume, has revealed the major prevention of traditional brokers from offering...
    Tobi Loba
    Tobi Loba
    Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to fulfill her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.




    The CTO of Ripple David Schwartz has some hours ago shared his opinion on the cause of the sudden price collapse of cryptocurrencies in the market, including the digital token XRP.

    This came about after a supposed XRP enthusiast asked Schwartz a basic question on why XRP failed to correlate with BTC’s price trend.

    “Hey David xrp was 28 cents when btc was 3k last year now this year btc fell to 3k and xrp was 10 cents why is that,” he asked.

    In response to the question, the Ripple CTO David Schwartz averred that the situation of digital currencies in the market is still under control.

    Afterward, he opined that the price collapse of cryptocurrencies in the market can be attributed to the uncontained outbreak of the deadly virus COVID19.

    He then capped his reason for the devastating price loss with the threat of the looming global economic collapse.

    “Things aren’t quite that bad yet. But I think the outbreak of an uncontained, deadly contagious virus coupled with the threat of a global economic collapse did a lot of it,” David Schwartz responded.

    The same XRP enthusiast shared his observation about the performance of XRP compared to Bitcoin (BTC) in terms of price. He opined that there has been a devaluation of XRP against BTC and other top cryptocurrencies.

    He then suggested that there is a possibility that XRP is held down by Bitcoin Whales due to its threat to BTC’s value and functionalities.

    He shared this, “But there’s been a devaluation of xrp against btc and most other majors. A third the value lost against btc in a year. Didn’t expect you to reply. Just stating the fact. Is xrp held down by btc whales cause it’s a threat to bitcoin and pow? That’s my theory. Unless it’s Ripple.”

    David Schwartz responded thus, “I honestly don’t know. I find the movement of cryptocurrency prices as baffling as everyone else does — maybe more so. It’s very easy to jump to conclusions and see patterns that are probably nonsense.”

    Another Possible Cause of XRP’s Hard Time

    The supposed XRP community member went further to suggest that the problem of XRP could be from being a pro-establishment in a market that is simply anti-establishment.

    “I think xrp has a hard time cause it’s pro-establishment in a market that’s anti-establishment. Btc wins in a world where xrp loses and vise versa. Its one or the other and sadly bitcoin controls the market. The market isn’t educated about ripple and believe alot of FUD,” he shared.

    In response to his conception, David Schwartz referenced the SVP of Product and Corp Dev at Ripple, Asheesh Birla.

    He said, “Recently Asheesh Birla said we were a “counternarrative in a counternarrative” because crypto is counternarrative and inside that we’re working with financial institutions, not using proof of work, and so on.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Federal Banks Are Now Free To Hold Reserve Currencies for Stablecoins, Says US Regulator

    According to an interpretive letter released from the United States Office of Comptroller of the Currency, federal banks are...

    Tron Foundation and Unknown Whales Moved 3.5 Billion TRX within One Hour

    According to Whale Alert, the tracker of large transactions of cryptocurrency from one wallet to another, Tron Foundation and unknown crypto whales moved about...

    Binance Reveals What Prevents Traditional Brokers from Offering Crypto Services

    Binance, the arguably largest cryptocurrency exchange by trading volume, has revealed the major prevention of traditional brokers from offering crypto services. This was revealed in...

    Crypto Trader Lists the Reasons Why XRP Price Will Never Attain 5 Figures

    A cryptocurrency trader and investor has some hours ago listed the reasons why he thinks that the Ripple’s digital token XRP can never attain...

    Jed McCaleb Effects about $3 Million Selloff, As XRP Liquidity Indexes Stay Low

    Going by the recent data released by Bithomp, Jed McCaleb, who co-founded the cross-border payment giant, Ripple, has initiated another selloff of the digital...

    More Articles Like This