The above XRP logo has been parked on my computer since I first started blogging in late 2017. Also I get a bit of a kick that I decided to name my computer "Anon" when I built it in 2016 even though that was well before I was actually anonymous in any kind of way. That and I archive all my memes and blog pictures in a folder called "_bilbo bloggins" and I don't even like Lord of the Rings. Let the echoes of weird decisions of the past ring true.
Ripple as a company and their token XRP have been a subject of ridicule since inception. That's a premined shitcoin! That's an unregulated security! Blah blah blah! Rabble Rabble Rabble! There's no end to the shit-talking, and on the other side of that line the XRP moonboys who think it's going to take over the world.
Of course that being said I have also talked a lot of trash about XRP. I used to hate it, but now I don't. Many have said that XRP is no different than a central bank. That's incorrect, as they can't get away with printing more money than already exists. It's also been proven in court that it isn't a security, and the new administration is going to be a lot more friendly for the next four years.
Don't get me wrong I would NEVER recommend anyone actually buy XRP for the dozen reasons we've discussed over the years, but when someone says they hold it of their own volition I no longer cringe, which is a pretty big distinction from my previous stance. They have a community full of zealots and history has shown that this is enough.
So why is XRP pamping?
This WallStreetBets Reddit thread seems to think that the Trump admin is going to allow XRP and other select tokens to be classified as a currency. This would make it immune to certain taxes... namely capital gains tax. Somehow I doubt this will happen but you never know. It is Clown World rules after all anything goes.
There are also other rumors of a collaboration between XRP and ADA (Cardano). There are other rumors still that just assume that now that Ripple has essentially won/settled their lawsuits and Gensler is being punted from the SEC that it's smooth sailing. Clearly nobody actually knows why it's pumping so hard but that's the standard now isn't it? Alt-market strong.
https://peakd.com/hive-167922/@edicted/bitcoin-dominance-has-peaked-altmarket-begins-3do
Calling it here.
60% dominance is the peak.
Damn well that aged well.
Guess what dominance did just recently?
YUP!
Broke to the downside just like I said it would.
4-year cycle easy peasy lemon squeezy.
Around four weeks ago I predicted that Bitcoin had peaked, and that prediction almost had a weird pinpoint level of accuracy. The true peak ended up being more like 61% but close enough. Now that we are officially trading well under the bearish wedge the alt-market can kick it into high gear. This XRP pump is a significant reason for this loss of dominance. Doing an x5 in one month is no joke. XRP has become the talk of the town, for now until something new and exciting happens.
I've often said that XRP retaking the #2 spot and flipping Ethereum is the ultimate top signal, and it still is. I was thinking this might happen in 2021 but last cycle was so lack luster we didn't even come close. At this point I don't think it will happen this cycle, but if it does it's a significant mile marker.
Other old school pumps.
- Litecoin is up 43% in 7 days.
- Dash it up 54% in 7 days.
- EOS and LINK up 40%.
When coins like this run you know the altmarket is here.
There's a certain level of jealousy when it comes to other bags pumping, but what's good for one project is good for everyone. No one needs to own XRP or ETH or any top coin for the waterfall to trickle down into everything else.
I've always thought the hate XRP gets was based on misunderstanding. I don't think they were trying to be a central bank at all... XRP was given to the Ripple company to try and make inroads with replacing slow, antiquated SWIFT technology with something way faster. It's hard for banks, financial institutions and governments to work with a decentralized community, sometimes there just has to be an accountable CEO (for the SEC to sue I guess). I don't really understand why XRP's price has nearly doubled, but it's nice to see for sure.
I read somewhere that there was a 35 million XRP transaction in the previous few days.
If this is true, then this price increase is probably mostly the result of market manipulation.
I always explained XRP as the anti crypto crypto to people. It basically was the opposite of everything crypto stood for. That being said their fight against the SEC softened my stance on them and somehow I actually hold a small bag of the token now.
The longer time goes on the more the premine shrinks and it becomes a legitimate option.
Time heals all wounds I guess.
I guess so!
I retained a larger bag up until they got Sued and I knew it would be a long battle so I reallocated.
That being said I'm with you on softening my stance against it because we almost needed them in the fight against the SEC. We needed Coinbase, Kraken, Gemini, and Richard Heart as well. Bittrex was the Fallen one unfortunately.
But so many lawsuits to where Gary and the SEC looked like absolute clowns.
I totally agree with you! I'm not going to be sad if Ripple does really well moving forward. Let the price go up to $30 or so and I will sell my 150 for a nice profit.
For sure. I traded memes on XRP all night.
Yeah, still not a fan. It is what it is, but I am just waiting for the Ripple crew to dump their monthly dump and we will see then what the liquidity looks like.
I had some XRP in the beginning of my journey, but that ship long sailed. Congrats to anyone still in it and is making money. Nothing wrong with that. I know my cousin and I were talking about it at Thanksgiving and he has been in it for quite some time, but it's really the only one he knows. It's just not for me and my reserves.
I am however loving the LTC, DOGE, and BCH pumps over the last couple of weeks.
Who got suckered into dumping their XRP bags when Coinbase delisted them? 🤙
I’m not on the XRP train like a colleague of mine is but I’m also not upset about it. Rock on!
It is funny how many rumors have always floated around about XRP. Back in 2017 there was a secret video released that was reported to be a Coinbase employee showing a screen with XRP in their interface. That had a large part to do with the pump past $3 in 2017.
Good call on BTC.D.. it will be interesting to see how low it goes and how long the alt season lasts.
Amazingly people frown against monopoly but in actual sense, not many can handle a little competition.
After a long time all the holders of XRP will be very happy because after three years they are starting to see success.
I've had 3 normies hit me up about XRP in the past week. Alt season may indeed be off and running.
!PIZZA
$PIZZA slices delivered:
@danzocal(5/10) tipped @edicted
XRP's pump shows alt season energy, I guess I'll be paying more attention for hype driven volatility. Alt-market booms often follow Bitcoin rallies, but they also correct sharply.