The recent letter sent by Ripple, the payment company that oversees the distribution of the third cryptocurrency by market capitalization, XRP, to the United States Congress has indeed raised questions among crypto pundits than answers.
The letter called the attention of the Congressmen to digital currencies that are ready to work in complementing fiat currencies. This was also corroborated by the CEO of the company, Brad Garlinghouse.
This point has quite been questioned by a prominent crypto analyst, Luke Martin, seeking the major difference between Ripple’s XRP and Facebook’s Libra after Garlinghouse claimed that the world already has competent currency in US dollars, suggesting that creating a new currency is needless.
Cryptocurrency at large has obviously been facing threats of being outlawed in the United States. This has recently become one of the major debates in the country’s Congress. Hearings to arrive at a safe laden are still ongoing.
Facebook’s decision to launch its own version of cryptocurrency initiated the sudden global attention directed at digital currencies, especially Bitcoin. Libra is designed to be pegged against US Dollar and it’s seen as a big threat to the sovereignty of the world’s most glorified national currency, due to the users’ capacity that would be opened to the forthcoming digital currency.
The stern regulatory scrutiny from United States government has made Facebook to start envisaging the chances it has to eventually launch the stablecoin, Libra. This piece was included in the company’s recently released quarterly report.
Since the commencement of the scenario, Ripple has been looking for a way to be exempted from the general criticism, since its mission is to work with banks and complement fiat currencies.
Ripple finally effected the initiative of reaching out to United States Legislature via a comprehensive official letter about two days ago, pointing that the Congressmen should not paint digital currencies alike. However, this has been tagged as self-defense by some crypto pundits, and it’s seemingly correct.
Luke Martin Questions the Difference between the Ideology of Ripple XRP and Facebook’s Libra
Luke Martin, popular cryptocurrency analyst and trader, recently responded to Brad Garlinghouse’s claim that creating a new currency is unnecessary since the US Dollar is working perfectly well.
In Martin’s opinion, Ripple has already created a new currency in XRP, while Facebook is still on the verge of creating its own version of currency that would be designed to track a number of fiat currencies. He then opined that Libra’s ideology makes more sense.
“Facebook is a tech company that tried to create a new currency which would track a basket of fiat currencies. Ripple is a tech company that created a new currency. I still genuinely don’t understand the point of XRP. Want to learn more. Honestly Libra makes more sense to me.”
Facebook is a tech company that tried to create a new currency which would track a basket of fiat currencies.
Ripple is a tech company that created a new currency.
I still genuinely don’t understand the point of XRP. Want to learn more.
Honestly Libra makes more sense to me. https://t.co/cZqxDciRWu
— Luke Martin (@VentureCoinist) July 30, 2019
Ripple XRP in the Market
Ripple XRP has lately been performing averagely well, when compared to other digital currencies in the market. Its last 24 hours metric has been quite encouraging.
At the time of filing this report, Ripple XRP is trading at $0.318609, with relatively 3% 24H price increase. Its price is expected to subsequently appreciate as the market generally showcases glimpse of price upward trend.