Brad Garlinghouse is the CEO for Ripple, and has spoken about the fintech startup’s various products, as well as its native XRP token. When he was asked about its value, Garlinghouse stated that he;
“…wouldn’t even dare try [to predict XRP’s price]”
He also took the time to explain the difference between Ripple and XRP as well, saying XRP is a digital asset, which can make cross-border payments efficient due to its high transaction speed, and very low fees, when compared to number one cryptocurrency, Bitcoin. Ripple, is a payments company which utilises the open-source XRP ecosystem to facilitate parties with liquidity problems, like banks. He said;
“How do we make cross-border payments massively more efficient, for remittances for corporates…we use XRP because it’s a thousand times faster than Bitcoin transactions and a thousand times cheaper than a Bitcoin transaction…So, Ripple the company is really building on top of this open-sourced eco system that I call the XRP eco system, and Ripple’s building vertically on top of that – as a payments company.”
He also went on to explain that Ripple actually offers two different products, xCurrent and xRapid. xCurrent, allows the banks to settle the transactions in fiat, but they need to be pre-funded to do that and xRapid removes the need for pre-funding, by utilising XRP. xRapid had a beta launch in the latter stages of last year, and is currently being used by a number of high profile companies, and they are now saving up to 70% on the transfers, compared to the methods that they were using.
Garlinghouse believes that even more companies will adopt this, especially as it moves out of beta, which will all help to boost XRP, saying;
“We’re one player in the XRP eco-system but there’s other players as well and so I think as we do things that enhance the utility of XRP we’ll continue to see that eco-system grow and be healthier and healthier.”
XRP is currently trading at approximately $0.66, which is a significant drop from its peak of $3.50 earlier this year. This is because the bearish trend is not unique to XRP, leading Garlinghouse to blame all of the hype for the price volatility.