So Ripple, the cryptocurrency that claims to be “the world’s only blockchain solution for global payments” has been going wild today after someone bought 10 Million Ripple (XRP) earlier in the day and amidst rumors that CoinBase will start carrying it.
(image source – @TheFinancer)
So this either means that a very wealthy person just put about ten millions dollars into Ripple…or a larger institution just added Ripple to their portfolio. What this tells me is that someone out there knows something that we don’t know, or at least that’s the first thing that comes to mind.
Ripple has confirmed that they are coming to CoinBase in 2018 but given the controversy around the addition of Bitcoin Cash my guess is this will roll out later. CoinBase is still sorting through some pretty serious allegations of insider trading related to a huge spike Bitcoin Cash buying activity leading up to the launch.
Now that being said, nobody would be stupid enough to get tipped off about when CoinBase would buy Ripple so suddenly put $10M in. Instead I do think that Ripple is gaining steam pretty quickly and investors are becoming more comfortable and excited about the opportunity with cryptos other than Bitcoin. Both Ethereum and Litecoin have seen huge gains over the course of December and with Ripple currently at $1.24 vs. $0.78 just last week…we could be seeing the beginning of the next big crypto run.
So now we’re starting to see $2 Ripple predictions on Twitter, and you can bet the nice gains today are going to get plenty of press over the next few days, which will of course bring even more investor interest. This is what some people (heck a lot of people) are wondering about Bitcoin, is it the hype that drives the price more than the fundamentals? If you do think that hype can drive the price…couldn’t Ripple be the next recipient of massive growth?
What do you think?
Note: I am an investor in Ripple, nothing written above should be taken as advice to either buy or sell Ripple or any other cryptocurrency. Investing in cryptocurrencies is incredibly risky, I personally don’t recommend investing money that you aren’t okay losing overnight…because that could happen at any time. If you’re new to cryptocurrency I highly recommend reading this thread on Reddit about how to avoid investing recklessly.