Galaxy’s Novogratz: XRP Will ‘Underperform Immensely Again This Year’

XRP, the third-largest cryptocurrency by market cap, will have another lackluster year in 2020, Galaxy Digital CEO Mike Novogratz told a roomful of financial advisers.

What’s more, he blamed Ripple – one of his firm’s largest investments – for what he sees as XRP’s underwhelming prospects.

The fund manager, whose firm trades and invests in digital assets and startups, chatted onstage with personal finance superstar Ric Edelman at TD Ameritrade’s National LINC 2020 conference in Orlando, Florida last week.

At the end of the discussion, Novogratz fielded questions from the audience of Registered Investment Advisors (RIAs). The very last one was about his opinion on XRP, the native cryptocurrency of Ripple’s ecosystem. Although recording the event was forbidden, CoinDesk obtained a recording from an attendee.

“Ripple the company owns 60 billion of the coins, of
the XRP,” Novogratz began. “That’s a lot of it.”

The total amount of XRP in circulation is 100 billion tokens….