Ripple CEO Garlinghouse Blasts SEC For Picking Bitcoin Over XRP Despite Gensler’s Climate Agenda

Interest In Ripple’s XRP Has “Died Off” While Bitcoin And Ethereum Shine, Says New Research At the beginning of this year, the XRP community had high hopes for the performance of the digital asset. As altcoins rallied, Ripple, the firm behind XRP, experienced a slew of bullish developments that further fuelled the hopes. Unfortunately, this did not create a tide strong enough to lift XRP from the doldrums. New research from Arcane Research suggests interest in XRP cryptocurrency has waned while bitcoin (BTC) and ethereum (ETH) flourish. Interest In XRP Has Dwindled As It Struggles To Recover Since The March Market-Wide Correction An analysis of the performance of the top three cryptocurrencies by Arcane during the first half of 2020 reveals that XRP’s price looks pale since the mid-March market mayhem. BTC and ETH, on the other hand, have posted strong recoveries since then. “Initially, 2020 started out strong for the top 3 coins, but as the markets crashed in March, the three musketeers have seen vastly different growth trajectories. ETH (+75% YTD) and BTC (+27% YTD) have recovered from the Covid-19 crash, while XRP disappoints (-9% YTD).” The research firm also noted that XRP’s performance in Q2 was rather flat as it registered only a 1% gain after losing up to 14% of its already anemic market cap in June alone, while BTC and ETH posted 44% and 70% gains respectively in that quarter. Arcane cites DeFi and ETH 2.0 anticipation as the key drivers of the price of ethereum. For XRP, interest in the fourth-ranked crypto has “died off” as it struggles to recover from the Black Thursday correction, Arcane stated. Moving Forward With XRP Some crypto analysts are worried about XRP sliding further in the near future before reaching a bottom. Crypto aficionado Luke Martin recently postulated that XRP has been plummeting the whole of 2020. The last few months have been pretty wild for large groups of altcoins with a rise in interest, narratives, and volume.One altcoin that usually gives atleast 1 pump during a time like that is $XRP.But not this's been dropping all of 2020.Where's the bottom?— Luke Martin (@VentureCoinist) July 2, 2020 In response to the question of where the bottom is for XRP, fellow analyst CryptoDonAlt quipped “at 1500 sats”. According to Luke Martin, this worked pretty well in 2017 and this trend could play out the same again – meaning XRP could drop to the said level before a big pump. Others like analyst Nicholas Merten believe there is still hope for XRP in the near-term. As previously reported by ZyCrypto, Merten noted that XRP has been in a descending wedge for more than one year and is likely to be stuck there for a month at the most before breaking out in a massive rally. In the meantime, XRP is valued at $0.186760, with 5.97 percent gains in the last 24 hours.

Key takeaways

  • Ripple CEO Brad Garlinghouse vilified Bitcoin’s high energy consumption in a recent interview.
  • The CEO states that the SEC’s stance on Bitcoin conflicted with their climate agenda.
  • The Bitcoin network is however likely to improve its energy efficiency and carbon footprint.

Ripple CEO Brad Garlinghouse has again decried what he considers to be an obvious flaw of Bitcoin, its high energy consumption. In his opinion, the fact that the SEC was giving Bitcoin as much attention and support does not tell well for the commission’s climate agenda.

He made the remarks in an exclusive interview with Fox Business news. Garlinghouse went on to compare Bitcoin’s energy consumption which has been a major source of criticism of the lodestar cryptocurrency to that of Ripple’s XRP. He mentioned that the Bitcoin network currently utilized about 100,000 times more energy than XRP and estimated that each Bitcoin transaction used up about 75 gallons of gasoline.

The CEO has not been hesitant to point out aspects he considers to be shortcomings of Bitcoin in the past. There are several instances in which he has criticized Bitcoin’s proof of work protocol stating that PoW “limits its performance,” hence XRP was better built for handling payments.

He has not had the best run with the second-largest cryptocurrency by market cap Ethereum (ETH) as well. In the ongoing legal debacle between the SEC and the fintech company, one of the highly contested issues has been that the regulatory body should produce documents in which it stated the criteria by which the two cryptocurrencies were evaluated to not be securities. Ripple has argued that due to the strong similarities that XRP share with Ethereum if the world computer was not a security then XRP as well should not be considered to be a security.


Garlinghouse’s concerns about Bitcoin’s high carbon footprint are a common sentiment today. The problem has received a lot of commentary from both supporters and opposers. As noted recently by an Associated Press (AP) report that touched on growing concerns by environmentalists in New York where there is a Bitcoin mine that refurbished an old power plant to supply itself electricity, finding cheap clean electricity is a challenge for the power-hungry Bitcoin mining network.

However, environmental concerns about Bitcoin mining may soon become a thing of the past. This is due to several reasons including the fact that following the recent crackdown on mining in China, the U.S. has emerged to become the biggest contributor to Bitcoin mining hashrate, accounting for around 35%. This is a great development as the miners mostly selected locations with an abundance of renewable energy and hence have significantly reduced their carbon footprint.

Recently, Jack Dorsey’s Square also unveiled plans to develop a Bitcoin mining system based on custom silicon that would greatly reduce energy consumption and make mining accessible to all interested parties, big or small. The project aims to make Bitcoin mining as easy as “plugging a mining rig into a power source.”