Ripple CEO Offers Advice for ‘Days Like Today’ Amid Crypto Crash

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ripple ceo brad garlinghouse took to Twitter, offering his commentary on the crypto crash of the past 48 hours.

Cryptocurrency investors fled fearing rising inflation and the development of the situation on the Celsius lending and lending platform. During this period, the total crypto market capitalization lost 20% of its value to the bottom of $893 billion in the early hours of Tuesday morning (GMT).

The dollar index, which measures the US dollar against the currencies of America’s major trading partners, saw a massive surge to 105.338 to form a new yearly high on Monday, suggesting a flight from the dollar in response to events. of the last days.

Garlinghouse said, “days like today are never what you expect to see.” But, as someone who has experienced several recessions, he is adamant that “this too shall pass.”

These are the reasons why Ripple, according to Garlinghouse

Continuing with your thread, garlinghouse listed several reasons why Ripple has survived previous bear markets. Which implies that he will also make it through this.

Top of the list is the seasoned executive team, who claim to have seen everything from the dot-com bust to the 2008 financial crisis and the crypto winter before it.

Ripple then focuses on developing products that solve real-world business problems, not speculation. He said that the volume of On Demand Liquidity (ODL) for the second quarter had already exceeded expectations before the end of the quarter.

Ripple’s ODL service is an XRP bridge between two fiat currencies that eliminates the need to pre-fund accounts or rely on banks for cross-border payments.

“Ripple has been building enterprise products with long-term utility, NOT speculation. These are products that solve problems today, not those that are looking for a problem. FYI: Q2 ODL volume (over $1B) has already exceeded its target 3 weeks prior to EOQ.

garlinghouse He also mentioned the importance of transparency, saying that the company’s quarterly reports demonstrate a willingness to engage in this practice and communicate what works and what doesn’t.

Ending your list on a somber note, garlinghouse He said that the current situation “is not a small turn of the market.” However, he revealed that Ripple has been preparing, hoarding cash, to ride out the recession.

Who will make it to the other side of the bear market?

CoinMarketCap currently lists 19,855 cryptocurrency projects, many of which will not survive the crypto winter for the reasons listed above.

On that, Garlinghouse expects more pain in the short term. However, he is confident that the crypto industry will come out the other side to become more integrated with the global financial system.

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