Ripple CEO Brad Garlinghouse has urged XRP investors to look past the panic after the cryptocurrency suffered one of its worst single-day declines in history.
Garlinghouse took to X (formerly Twitter) to share a piece of investment advice from Warren Buffett, chairman and CEO of Berkshire Hathaway.
"My favorite Warren Buffett quote," Garlinghouse wrote late Thursday night as the sell-off accelerated. "'Be fearful when others are greedy, and greedy when others are fearful!'"
Buffett famously coined the phrase in his 1986 Letter to Shareholders (published in early 1987). His readiness to be "greedy" allowed him to scoop up discounted assets.
Ripple leadership seemingly views the current downturn as a buying opportunity created by market hysteria.
Leading the crash
Garlinghouse’s optimism comes at a time of extreme distress for XRP holders.
As reported by U.Today, the token has emerged as the single worst performer among the top 100 cryptocurrencies during this correction.
According to market data, XRP is currently trading nearly 70% below its record peak of $3.65.
The magnitude of the current slide has placed XRP in a precarious position on the leaderboards; it is now on the verge of falling below Circle's USDC stablecoin by market capitalization.
Extremely extreme fear
On Friday, the Crypto Fear and Greed Index, which is the industry's main gauge of market emotion, collapsed to a reading of 9.
It's been that low only during the enormous crash in March 2020, as well as during the 2018 and 2022 bear market bottoms.
Michael Arrington, founder of Arrington Capital and TechCrunch, believes that this time will be no different, and Garlinghouse seemingly agrees.
Alex Dovbnya
Arman Shirinyan
Dan Burgin