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Garlinghouse Backtracks on BTC as Ripple Gains Ground on SEC & XRP Soars

Garlinghouse Backtracks on BTC as Ripple Gains Ground on SEC & XRP Soars
Written by publisher team

Brad Garlinghouse, CEO of rippleAfter a backlash on social media, he appears to have come under some criticism of Bitcoin (BTC), while Ripple itself last week scored a legal victory of sorts.

Brad Garlinghouse. Source: video clip, YouTube, Bloomberg

As reported last week, the head of Ripple, who is currently in the midst of a battle with the US regulator Securities and Exchange Commission (SEC) On the Nature of the XRP Token Associated with Ripple, Target BTC’s Power Credentials.

Last week, he saw Bitcoin as “not ideal as a payment mechanism” due to its high energy use — while Ripple’s CTO claimed that BTC’s Proof of Work consensus mechanism was described as a “secret sauce” but showed “cracks” from its inception.

However, in series From the tweets, Garlinghouse admitted that he was “wounded and nervous” and made it clear that he was not in favor of “banning” BTC. Instead, he added, “We, collectively, can and must understand the proof-of-work carbon footprint.”

He also posted his sources for his calculations about BTC energy use and ended with a call to arms and the final plea to the BTC community, writing,

“We have the tools to make encryption 100% renewable and reach its full potential. Let’s focus on solutions to change a mind [US Treasury Secretary] Janet Yellen, Bill Gates, and countless others who have cited concerns about energy use rather than accusing me of it [spreading] All [fear, uncertainty, and doubt]. “

Garlinghouse was tweeting that XRP prices rose again, peaking at just over $0.7 in the early hours of Monday morning (UTC). At the time of writing (08:13 UTC), XRP is trading at $0.69 and is up 17% on the day and 26% on the week.

XRP Price Chart:

Source: coingecko.com

On the XRP forum, coin advocates hailed a “return of the 1970s” and price hikes not seen since 2018 — even though the token experienced a period of explosive growth in November of last year.

“I believe that when we break through the $0.80 level (hopefully in the coming weeks) we will indeed see some fireworks. If this break is accompanied by some positive news in the SEC case (brief verdict on the current state of XRP, re-pegging, settlement, etc.), This is the perfect setup. […] One commenter wrote until then I’ll just be hanging out and waiting.

XRP reached an all-time high of $3.40 in January 2018.

Last week, Ripple scored a legal victory of sorts, as a New York judge approved a revision of the contents of an email exchange between Garlinghouse and an unnamed individual about Ripple’s venture capital operations, as well as two unnamed parties debating how XRP is perceived by the general public – for every Tweets issued by the company’s lawyers.

Ripple had hoped to force the redaction of two additional emails, one of which disclosed financial statements about Ripple co-founder Chris Larsen. The other is an exchange with private investors. The Securities and Exchange Commission is determined to ensure that these two documents are allowed as evidence at trial.

The token’s recent surge has taken it far beyond the levels it was trading at prior to the SEC’s intervention in December 2020, when it stated – in its own words – that it was “claiming that [Ripple’s chiefs] It raised more than $1.3 billion through an offering of unregistered and ongoing digital assets.”
Learn more:
Ripple goes for mergers and acquisitions in Asia amid US legal battle
An unconfirmed report from a court hearing may have sparked the XRP Rally
– SEC Lists 3 Reasons to Request Ripple Execs Financial Information on XRP Trades
Ripple’s claim to validate “many G20 governments” claim that XRP is a “currency”

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