XRP Price Up after RippleNet General Manager Says Bitcoin Maximalism Is Over

The price of Ripple‘s XRP jumped after RippleNet general manager Asheesh Birla said Bitcoin maximalism in the crypto space is over. In reaction to the comment, Cointelegraph noted that XRP jumped from $0.25 to $0.92. 

RippleNet General Manager Bullish on XRP

In a recorded podcast on the 5th of November, Asheesh talked about the gradual acceptance of other altcoins in 2020. Acknowledging that Bitcoin is a “pretty innovative alternative to gold,” the general manager said:

“I think that the day folks believed that there’s only going to be Bitcoin, I think, are over. I think it’s clear that there’s gonna be a lot of digital assets and there’s gonna be a lot more traditional assets that are gonna be tokenized as digital assets.” 

At press time, XRP is 0.63% up to $0.615769. With a $28 billion market capitalization, XRP has increased 0.74% in the last 24 hours. 

Remaining bullish on XRP, Birla added:

“I don’t see the traditional venture capitalists as interested as they were in 2017. But in my mind I couldn’t be happier in terms of innovation in the space.”

Despite Birla’s belief that Bitcoin maximalism is over, the king coin has been pulling in continuous increases. Currently trading at $18,482.91, BTC has increased by 3.55% in the last 24 hours. 

Recently, Bitcoin’s price jumped in reaction to PayPal‘s news to include the king coin on its payment platform. Coinspeaker reported that PayPal’s announcement pushed BTC to $13,000, gaining about 8%. According to PayPal, users can now pay its millions of global merchants with Bitcoin and three other digital assets. 

As per the announcement, the other supported assets on PayPal’s new crypto payment service are Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).

PayPal Reveals Reason for Not Supporting XRP on New Crypto Service

Shortly after the announcement, PayPal revealed reasons for not supporting Ripple on its new crypto service. PayPal said its decision for supporting certain cryptocurrencies was guided by regulations by the US Securities and Exchange Commission (SEC). 

As of the 14th of November, data by Sentiment showed that XRP whales increased. 

$XRP has had an impressive +8.4% week, and it's currently the #1 rising asset in discussion rate on #crypto platforms. The rise of holders with coins containing large amounts of $XRP has been very apparent, as addresses with 10-1M tokens are at new ATH's. https://t.co/IMGAtsz2hf pic.twitter.com/n9X3nHRVDj

— Santiment (@santimentfeed) November 15, 2020

Over time, Ripple executives have expressed their displeasure over the unfavorable regulatory framework for digital assets in the US. These executives include Ripple CEO Brad Garlinghouse and the company’s co-founder Chris Larsen.

According to an announcement by the Dubai International Financial Center (DIFC), Ripple has chosen Dubai as its new regional financial headquarters. The DIFC said it would work jointly with Ripple to improve the use of blockchain in Dubai and its environs. 

Also, Ripple said the relocation would help the company grow stronger relationships with existing clients and strengthen ties with prospective clients in the region. 

next