For those of you who have been reading this space for quite some time, you know that I don't often write negative stuff here. However, I make an exception when I feel that it is something in the public interest to know, or it is an important expose to make because people are getting misled.
If you're new to crypto, please read these first:
- A step-by-step guide to buying (and owning) your first Bitcoin
- A step-by-step guide to buying alt coins
- Understanding crypto speak
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| Source: Twitter (first shared by my friend G) |
I don't doubt that the Ripple system is being used by banks to great success. I also think that they have a long runway to grow in terms of acquiring more clients and attracting more financial institutions onboard. But I'm wary about the XRP tokens, which are presently not being used as much as the Ripple system is.
My other concerns about investing in XRP can be found in an extensive analysis here so I won't be repeating myself.
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| Source: Twitter and CNBC where over USD 30k was spent on buying XRP during the show |
I also know of someone who bought XRP because of this:
So to all of you who bought because you saw it on mass / social media without really understanding how disconnected the XRP tokens are from the Ripple system...I can only wish you good luck, especially if you bought Ripple at $3 or higher believing that its value will only go up.
Take a look at XRP today:
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| Look at all those people who panic sold without understanding why XRP's price was reduced on CMC. This is what happens when you buy a coin you don't believe in, or when you buy shitcoins. |
Can it go up higher? Sure. Can it go down? Yes, because my opinion is it is an absolute travesty that a coin with barely any utility value right now has a $100 billion market cap.
You're free to disagree with my opinion. In the meantime, I'm staying far, far away from XRP.
Ain't no love for XRP.
Signing off,
Dawn