Matt Hougan, chief investment officer at Bitwise, believes that XRP's success can be primarily attributed to the strength of the community behind the token.
Hougan, who attended a recent XRP event in Las Vegas, is now convinced that the XRP world is now embracing the idea that the Ripple-linked cryptocurrency and Bitcoin serve different purposes.
"I think the XRP world is embracing the idea that BTC and XRP serve different markets and that BTC thriving doesn’t disrupt what XRP aims to achieve," he said.
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As reported by U.Today, Ripple co-founder Chris Larsen, who was backing a Greenpeace campaign targeting Bitcoin's proof-of-work (PoW) consensus algorithm, has clarified that he now views the leading cryptocurrency as sufficiently environmentally friendly after the share of mining powered by renewable energy topped 50%.
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However, Larsen's post actually did little to mend fences between the two communities. Some Bitcoiners are convinced that the seemingly pro-Bitcoin turn is just an attempt to repair reputational damage.
During the recent XRP event, Ripple CEO Brad Garlinghouse also attempted to forge unity by making it clear that the Bitcoin community is not an enemy.
Sky-high XRP price target
As reported by U.Today, Bitwise previously estimated that the price of the XRP token could surge to nearly $30 by the end of the decade if it manages to gain a substantial footing in such sectors as payments and tokenization.
Bitwise's XRP ETF
Bitwise also filed to introduce a spot XRP exchange-traded fund in October, giving the token a major boost.
The SEC recently postponed making a decision on this product as well as other competing XRP ETF proposals.
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