I have to admit my time in the Crypto Space the king of rumours has to be Ripple (XRP), it certainly does create a lot of ripples but rarely a splash (pardon the pun). Today we are seeing XRP above $1 and it is 100% because of a rumour that it will be listed on Coinbase very soon. Yet the whole rumour is based on a U.S. TV show CNBC’s “Fast Money” that has not been confirmed. Nor has the rumour been confirmed that Coinbase COO Asiff Hirji and/or CEO Brad Garlinghouse from Ripple are on the show. It has been 100% speculation and no confirmation of where the rumours have even been started. Although this is common in the Crypto Space I do find Ripple riding these waves more than most. But even if this is proven to be yet another speculative rumour the reality is “Buy on the Rumour” and “Dump on the news”. As hearing the rumour early you could or have gained some nice gains. While if it does nose dive once proven to be a bit of fake news you will or should have cashed out early with a tidy profit.
Although you may have guessed I am not a fan of Ripple or XRP (Ripple being the network and company XRP being a currency on it). But this has mainly been down to the fact is it seems to live on rumours and a life of none delivery. At the same time I have made some regular income on such events as we have experienced today all the way back to nearly a year ago. As everyone waits with anticipation to hear that Ripple is now working with banks, delivering its network via Western Union or something else of substance. Yet every time soon far it has been a case of “we are just testing it”, with no follow up of even if these large companies and groups even like the product and have a solid interest. But simply may have been given some testing for free and not taken things further. For me it its why I have concerns with Ripple as people invested in XRP yet it may not even need XRP itself on its own network. Especially if there is functionality for banks and other financial enterprises to generate their own token systems on top of Ripple.
Meaning those behind Ripple would prosper but there is a risk of the investors of XRP being left out in the cold. Even though we are seeing some positive interest out of the South Korean markets I am still unaware of the markets being added back into Coinmarketcap. As this was yet another devaluation issue when they were removed without any warning as it collapsed the price of XRP previously.
Certainly worth watching XRP but I do have a concern on who is benefiting from investment and how long it will be until we see something of value. Coinbase would certainly be a high value target, but yet we will have to wait and see if we are heading for a bull run or a lead balloon.Read More