Ripple CEO Brad Garlinghouse has urged XRP traders to look previous the panic after the cryptocurrency suffered one in every of its worst single-day declines in historical past.
Garlinghouse took to X (previously Twitter) to share a bit of funding recommendation from Warren Buffett, chairman and CEO of Berkshire Hathaway.
“My favourite Warren Buffett quote,” Garlinghouse wrote late Thursday night time because the sell-off accelerated. “‘Be fearful when others are grasping, and grasping when others are fearful!'”
Buffett famously coined the phrase in his 1986 Letter to Shareholders (revealed in early 1987). His readiness to be “grasping” allowed him to scoop up discounted belongings.
Ripple management seemingly views the present downturn as a shopping for alternative created by market hysteria.
Main the crash
Garlinghouse’s optimism comes at a time of maximum misery for XRP holders.
As reported by U.Today, the token has emerged as the one worst performer among the many prime 100 cryptocurrencies throughout this correction.
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In accordance to market information, XRP is at the moment buying and selling practically 70% under its file peak of $3.65.
The magnitude of the present slide has positioned XRP in a precarious place on the leaderboards; it’s now on the verge of falling under Circle’s USDC stablecoin by market capitalization.
Extraordinarily excessive concern
On Friday, the Crypto Concern and Greed Index, which is the trade’s fundamental gauge of market emotion, collapsed to a studying of 9.
It has been that low solely throughout the huge crash in March 2020, in addition to throughout the 2018 and 2022 bear market bottoms.
Michael Arrington, founding father of Arrington Capital and TechCrunch, believes that this time can be no completely different, and Garlinghouse seemingly agrees.
