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XRP, which is, once again, the third largest cryptocurrency by market capitalization, recently experienced a significant price hike after one of Ripple’s executives made an interesting statement. Company official Asheesh Birla said 2020 has shown there is room for more than just Bitcoin in the cryptocurrency world.
Ripple executive thinks Bitcoin’s maximalism is over
Earlier this month, Ripple executive Asheesh Birla spoke on a podcast for Lend Academy. Birla noted that Bitcoin is an innovative alternative to gold, but also that the days when people believed there would only be Bitcoin are over.
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The statement addresses a longstanding hypothesis that the cryptocurrency industry will eventually crash and that Bitcoin will be all that’s left. Bitcoin’s so-called maximalism believed that the entire altcoin market will simply die out over time.
According to Birla, Bitcoin had not “gone after payments”. Instead, there are different use cases for different coins and tokens, so Bitcoin’s dominance is no longer a certainty.
“I think it’s clear that there will be a lot of digital assets and there will be a lot more traditional assets that will be tokenized as digital assets,” Birla said.
The ripple price ranges from $ 0.25 to $ 0.92
Interestingly, RippleNet’s chief executive released this comment on November 5, when the XRP price settled at around $ 0.25. The coin’s price has nearly quadrupled since then, hitting as low as $ 0.92 last week.
Of course, the price also dropped 30% following the surge, although this was part of a market-wide correction.
At the time of writing, the XRP price sits at $ 0.62, up 1.55% from yesterday and 36.41% higher from a week ago. Finally, Birla added that he feels optimistic about the recovery of the cryptocurrency market since the winter of 2018 and that he couldn’t be happier with the innovation the market has seen since then.
