- The total capitalization of the crypto market lost 20% of its value
- CoinMarketCap currently lists 19,855 cryptocurrency projects
- Most projects will not survive the crypto winter
Ripple CEO Brad Garlinghouse took to Twitter and offered his analysis on the crypto crash of the past 48 hours.
Crypto financial backers escaped worried about the growing expansion and creation situation at the Celsius level of lending and acquiring. During this period, the total crypto market capitalization lost 20% of its value to sit at $893 billion in early Tuesday morning (GMT) long stretches.
The dollar index, which estimates the US dollar against the currency standards of America’s major trading partners, saw a monstrous rise to 105,338 to frame another yearly high on Monday, suggesting a trip to the dollar due to the events of the following days.
These are the justifications for why Ripple, according to Garlinghouse
Garlinghouse said, days like today are never what you want to see. But, as someone who has encountered some depressions, he is adamant that all good or bad must come to an end.
Continuing on his chain, Garlinghouse posted some justifications for why Ripple has weathered bear markets. Suggesting that it will also bear this one.
First on the list is the consummate lead team, who claim they have seen everything from the website crash to the financial emergency of 2008 and the crypto winter past.
Ripple then focuses on creating items that address real business problems, not hypotheses. He stated that second quarter On Demand Liquidity (ODL) volume had proactively exceeded assumptions prior to quarter close.
Ripple’s ODL management is a lapse of XRP between two types of government-issued money that eliminates the need to pre-store accounts or rely on banks for cross-fees.
Ripple has been building risk items with long-term utility NOT hypotheses. These are items that address today’s problems, not ones that are looking for a problem. FYI: 2Q ODL volume (over $1B) currently exceeded its target 3 weeks prior to EOQ.
Garlinghouse also touched on the importance of simplicity, saying the company’s quarterly reports show a willingness to participate in this training and convey what works and what doesn’t.
Ending his summary on a serious note, Garlinghouse said that the current situation is definitely not a small market turnaround. However, he revealed that Ripple has been preparing, hoarding cash, to face the slump.
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Who will make it to the opposite side of the bear ad?
CoinMarketCap currently records 19,855 digital currency projects, a large number of which will not endure the crypto winter for the reasons noted above.
On that, Garlinghouse anticipates more agony in the short term. In any case, he is sure that the cryptocurrency industry will come out the other side to be more coordinated with the global monetary system.