XRP has been falling since early January of 2018 and now we see that in the result of this 2-year price action a HUGE Falling Wedge was formed and we are already in the apex of it. Generally, this is a bullish pattern and in case of a breakout, the aggressive target will be ~2x, however, if you are an XRP bull, you would probably want to see that MA29 (which is MA200 on the daily) be broken first. Until then this thing doesn't look good at all. We are revisiting the support once again and this fact is not bullish. Should we take out the September low and here we go - next support is 40% below.
Recently in our Telegram channel we asked our subscribers for their opinion on XRP: 58% of those who voted are convinced that XRP is a shitcoin (outright scam) and 42% think that it’s a blue chip (great investment). Let’s discuss this matter in the comments. Tell us what you think about XRP: is it a shitcoin (outright scam) or a blue chip (great investment)? And why do you think so?
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Is it a sh*t coin or a blue chip coin?
Hmmm. Let's see. The thought process for developing XRP might have gone something like this.
The people who developed XRP generated 10's of billions of them and didn't have a use for them themselves, so they asked a company called Ripple, "Would you like 100 billion Ripple coins for free?". The people at Ripple thought for a long while and said "Yeah, I guess so. If you can't find anyone else who wants them, we'll take them off your hands as long as you're not going to charge us shipping (joke). I'm sure we can get rid of them somehow. If not, well we've got an empty dumpster out back. I know! We'll pay our customers to become an XRP subscriber whether they use the tokens or not. Then we can use their company names in our promotions. This is a lot cheaper than paying them for their endorsements." And the XRP hype master was born. XRP is worth exactly what Ripple paid for them. Zero. Ripple is the antithesis of BItcoin. If you love Bitcoin you'll hate XRP. If you hate Bitcoin then you will love XRP. IMHO, any PoS coin is worthless from an investment standpoint because it costs nothing to make it. Coins must be mined in order to have the potential of becoming a long term investment. This is just one guy's opinion.
@BDG, Especially I like these words: "If you love Bitcoin you'll hate XRP. If you hate Bitcoin then you will love XRP"
GerbenDeZeeuw
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@CryptoBullet, funny. Cause I DO like both. I got into Bitcoin in 2015, XRP later, but do believe both are really valuable. Don't like the term "shitcoin", which is also not fair looking at the amount of traction it is getting over the years.
gz1968
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@BDG, it catches my attention that major banks are on Ripple's Global Payments Steering Group (GPSG). Bank of America Merrill Lynch, Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada for example. I haven't heard of any of these banks quitting the steering committee. And they have been at it for few years now, examining and testing Ripple. If they did not like what they saw, they would quit.
BDG
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@gz1968, most people don't distinguish between XRP and Ripple Network. They think you need to use XRP on the Ripple Network, but actually you don't. You can transmit any currency or commodity on it and you don't need XRP to do it. XRP is redundant. What is the value of a crypto currency that has no function, not even on its own network?
gz1968
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@BDG, I read a lot on this as I've seen this claim before. So it concerned me. There are many reddit discussions on this. The more I read, the more I can't see another coin being used as the bridge currency by the XRP Ledger besides XRP (native currency to the ledger) via the XRapid system (XRapid, XVia, XCurrent now fused into RippleNet) in the foreseeable future. Not BTC. Not ERC20 stablecoins. Not JPMorgan type bank cryptos.
Cryp0Crypt0
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Thanks CryptoBullet !
Ripple and Xrp aren't the same.
Xrp may become a great shitcoin....
Xrp is a kind of "reward", from my point of view, for remunerating the creators of Ripple and its procedures for transferring cash outside borders ... Unless I misunderstood, xrp is "burned" regularly so that its value is not inflationary and according to a process planned in advance ... and, moreover, exchanging funds thanks to Ripple does not really require the use of xrp .... What is in these conditions, its real value? what "convenience" will it add to the existing ??? But success is born from "convenience", right?
So...
Hmmm. Let's see. The thought process for developing XRP might have gone something like this.
The people who developed XRP generated 10's of billions of them and didn't have a use for them themselves, so they asked a company called Ripple, "Would you like 100 billion Ripple coins for free?". The people at Ripple thought for a long while and said "Yeah, I guess so. If you can't find anyone else who wants them, we'll take them off your hands as long as you're not going to charge us shipping (joke). I'm sure we can get rid of them somehow. If not, well we've got an empty dumpster out back. I know! We'll pay our customers to become an XRP subscriber whether they use the tokens or not. Then we can use their company names in our promotions. This is a lot cheaper than paying them for their endorsements." And the XRP hype master was born. XRP is worth exactly what Ripple paid for them. Zero. Ripple is the antithesis of BItcoin. If you love Bitcoin you'll hate XRP. If you hate Bitcoin then you will love XRP. IMHO, any PoS coin is worthless from an investment standpoint because it costs nothing to make it. Coins must be mined in order to have the potential of becoming a long term investment. This is just one guy's opinion.