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CEO Denies the Company Influenced Elon Musk on Bitcoin Energy Usage

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The accusations that Ripple is behind Elon Musk’s bitcoin energy consumption concerns are “beyond flattering,” said the firm’s CEO.

Ripple’s CEO, Brad Garlinghouse, finds “beyond flattering” the accusations that the company he runs has influenced Telsa’s Elon Musk to highlight bitcoin’s energy consumption levels.

Beyond Flattering: Garlinghouse

One of the most discussed topics within and outside the cryptocurrency community in the past several weeks has been bitcoin’s energy consumption. On one side, environmentalists led by Elon Musk have claimed that the primary cryptocurrency uses as much electricity as entire countries, which is highly harmful to Mother Nature.

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On the other, BTC proponents have referred to multiple researches indicating that the majority of the electricity used comes from renewable energy sources.

Interestingly, though, Barry Silbert, the Founder and CEO of Digital Currency Group, outlined a theory suggesting that one particular company could be “behind most of the bitcoin energy usage FUD.”

Meltem Demirors, the Chief Strategy Officer of CoinShares, opined that the name of the company “starts with rip end with ple [Ripple].”

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Somewhat expectedly, this comment caught the attention of the CEO of the aforementioned firm. Despite averting from refusing the accusations directly, Garlinghouse ironically referred to them as “beyond flattering.”

How Did it Get to Here?

It’s worth noting that a few weeks before Tesla disabled bitcoin payments for its products citing environmental issues and Musk started criticizing the asset, Garglinghouse took it to Twitter to talk about bitcoin’s carbon footprint.

As reported at the time, Ripple’s executive said one BTC transaction requires about 75 gallons of oil and called it “among the least efficient payment mechanisms that mankind has ever created.” Furthermore, he warned that the higher the bitcoin price goes, the more energy it uses, and the “carbon footprint continues to scale aggressively.”

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Nevertheless, Garlinghouse clarified he’s not urging for a ban on bitcoin and predicted that the cryptocurrency could reach its full potential only if all miners use renewable energy.

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Ripple may stay sideways: Elliott Wave analysis

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Ripple, XRPUSD is still good, but now that it didn’t manage to break above channel resistance line and that some ALTcoins are already at the resistance, then we have to be aware of more complex correction in wave B/2, until we see broken 1.18 bullish confirmation level. Maybe we will see more sideways price action or maybe even a retest of 1.00 – 0.85 support zone.

Ripple 1h Elliott Wave analysis

Ripple Elliott Wave

Ripple is nicely recovering in the 4-hour chart as expected and looks like it’s trying to break above channel resistance line that can push the price at least up to 1.25 – 1.40 area for wave (C) or maybe even up to 1.5 – 1.7 area for wave (3). Keep in mind that price may also stay sideways., so invalidation level remains at 0.85.

Ripple 4h Elliott Wave analysis

Ripple Elliott Wave

Check more of our analysis for currencies and cryptos in members-only area.

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Ripple Forecast and XRP/USD Analysis October 22, 2021

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XRP/USD are trading at 1.1195 and continue to move within the correction and bearish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $52,000,913,021. Moving averages indicate a short-term bullish trend for Ripple. Prices are again pushing the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 1.1305 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.8655.

Ripple Forecast and XRP/USD Analysis October 22, 2021

In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong growth and closing of quotations above the level of 1.2805. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD to the area above the level of 1.5005. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing prices below 0.9705.

Ripple Forecast and XRP/USD Analysis October 22, 2021

Ripple Forecast and XRP/USD Analysis October 22, 2021 implies an attempt to test the resistance level near the 1.1305 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.8655. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 1.2805 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.5005.

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Ripple CEO Claims Ether Surpassed XRP Because of SEC

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Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse

During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:

Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has obviously kind of exploded…That clarity has helped.

Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.   

In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.

Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.

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Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:

If laws are so clear, then let’s just say the answer to these questions.

He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.

The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:   

We are growing a lot more outside the United States.     

China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.

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