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Mike Novogratz Praises Ripple CEO, Says XRP and Ethereum (ETH) in 'Proving Phase'

Thu, 02/06/2020 - 07:12
Alex Dovbnya
Mike Novogratz buries the hatchet with Brad Garlinghouse by saying he has done "a great job" as CEO but continues to insist that XRP has a problem
Cover image via medium.com
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Galaxy Digital CEO Mike Novogratz took the high road after riling up the whole XRP community, including Ripple CEO Brad Garlinghouse himself. 

In his recent Twitter thread, he praised Garlinghouse but still mentioned that both Ethereum (ETH) and XRP are in their "proving phase."

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Crypto bosses spar on Twitter 

As reported by U.Today, Garlinghouse shocked the crypto community by directly calling Novogratz out for his negative comments about XRP. Such a Trumpian, "in-your-face" response from the chief executive of the crypto decacorn is not something that you see every day.          

Novogratz told his audience at a TD Ameritrade event that he expected the third biggest cryptocurrency to massively "underperform" this year and blamed Ripple for it. However, Garlinghouse quipped that the Wall Street exec wasn't the "not Nostradamus" since he predicted that BTC could have reached $20,000 in 2019. 

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XRP still has a problem 

While Novogratz tried to deescalate this war of words on Twitter, he continued to insist that XRP was lagging behind Bitcoin because Ripple owns "a lot" of its supply. 

He suggested that the company should adopt a rational distribution model for its tokens in a "rational way" while working on "a real and scalable" use case.     

In Q4, Ripple reduced its XRP sales by 73 percent compared to the previous quarter. 

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"Off to the races"

Despite Garlinghouse's acrimonious tweet, Novogratz didn't shy away from making more price predictions. The Bitcoin bull suggested that the market would be "off to the races" once BTC breaks above $10,000

He also predicted that ETH is positioned for "a bigger move" after finally breaking above $200 for the first time since September.   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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