Ripple price forms strong support at $1: Ripple CEO, Brad Garlinghouse warns of crypto crash

  • Not all cryptocurrencies will survive
  • The unregulated cryptocurrency market is very volatile

Ripple is trading at $1.01 On Wednesday morning. The cryptocurrency is up by 1.82% after opening the trading session at $0.98. XRP/USD has formed a strong support at $1 in a bullish trend line as shown on the daily price chart. Ripple is sitting comfortably above $1 dollar at a time when the CEO of Ripple, Brad Garlinghouse shockingly admits that virtual currencies will crash and decrease in value.

He said that he does not believe that all cryptocurrencies will survive. He referenced the drop in the price of Bitcoin from the December 2017 high of $20,000 to the January 2018 low of $6,000. He was speaking at the Goldman Sach’s Technology and Internet Conference on Tuesday, where he said that the value of cryptocurrencies would eventually decline.

He said in his comment, “It's not clear what the use case is. “

“It's not clear the what value proposition is.”

“Long-term value will be dictated by the utility of that asset.”

This is the first time any CEO of a cryptocurrency network has come out to champion for regulation in the market. Garlinghouse warns that the unregulated cryptocurrency market is very volatile.

Ripple has been stricken by the highly speculative forces in the market following news about regulations from various countries around the world. The currency recorded an all-time high of

$2.7 but now is trading at only $1. The CEO said that Ripple XRP gives the company control over the value of the cryptocurrency. The company has large amounts of reserves that will help to limit fluctuations in the price of the digital asset.

XRP/USD price daily chart

 

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