Ripple CEO Brad Garlinghouse revealed that he believes the cryptocurrency industry will become stronger because of the ongoing market crisis as long as participants keep focusing on transparency and trust.
In a tweet, Garlinghouse noted that he shared the same thoughts with the audience during the sixth-annual Ripple Swell Conference.
“As I said on stage – I firmly believe that crypto will be stronger because of this if we keep focusing on transparency and trust,” Garlinghouse said in the tweet.
Garlinghouse also stated that it is imperative that the crypto industry have honest conversations about solving real-world problems with crypto and blockchain with the ongoing market crash and the ups and downs the industry has seen this year. Ripple has and will continue to lead in this regard, he added.
The Ripple boss highlighted some of the U.S.-based blockchain company’s achievements during the year. He noted that RippleNet, its remittance arm, which connects financial institutions around the globe, has processed $30 billion in both fiat and crypto payments.
Ripple also recently partnered with MFS Africa, the largest payment gateway in Africa, bringing the total number of payment markets it provides on-demand liquidity (ODL) services for to roughly 40.
XRP price also subdued in the ongoing market crash
Before his latest comments, Brad Garlinghouse had opined that the FTX exchange, the major contributor to the latest cross-crypto market crash, was scheming. Like much of the crypto industry, he told CNBC that the company lacked transparency and proper regulation.
During the interview, he also remarked on the SEC versus Ripple case in which the regulator maintains that XRP is a security. He said that final arguments in the case would be presented to the presiding judge by the end of November. From then, it could take two to six months to close the case, depending on how long the judge takes to decide.
Meanwhile, the collapse of FTX has been spreading contagion to several other crypto entities in business with it and pulling down the prices of cryptocurrencies in the process. XRP, the native token of the Ripple-created blockchain network XRP Ledger, has not been exempt from this drawdown.
XRP is trading at around $0.38, up 0.69% in the last 24 hours per CoinMarketCap (CMC) data. The current price represents a 6.6% upward trajectory from one week ago.