Ripple’s XRP token has just crashed around 40% in the past two days, in what looks like a rare collapse for the top four coin globally by market cap. This looks really ghastly. XRP is down around 20% in the last 24 hours alone, according to coingecko.com. What is happening to the darling of the centralized bankers in the crypto world?
It looks like this is not just the post-Spark airdrop dump. This is something worse. It’s the regulators muscling in with accusations of crime against Ripple. The USA Securities and Exchange Commission, the finance watchdog that keeps an eye on the industry, is preparing a lawsuit against Ripple. This couldn’t come at a worse time – right at the start of the bull run.
The CEO Brad Garlinghouse is trying to cover his ass-ets by claiming that the SEC is attacking crypto. Sorry Brad but the SEC is attacking you dude. They are attacking your shitcoin, that centralized bankers coin that real crypto enthusiasts wouldn’t touch with a selfie stick at full extension.
This is just my personal opinion and attitude towards XRP, and I am among many who make fun of XRP. With a circulating supply of 45 billion tokens, what do you expect?
The happiness gauge for XRP on coingecko.com is showing 34% happy and 66% unhappy about your coin today. Not a good look there Ripple army. Finally you are being shown up for what you are – a bogus cryptocurrency that can go look for help from the crony banksters that you fraternize with. Crypto enthusiasts think you stink. It’s because you hang out with those criminals at the banks.
Well this court case could go on for years. And I will be happy if your XRP token sinks to zero. Of course that’s not likely, with a market cap of $16.8 billion. However, despite being traded on over 200 exchanges, according to Garlinghouse, there is always the chance that centralized exchanges can simply delist XRP during the court case.
Personally I believe that some degree of regulation is crucial in the cryptocurrency industry. We can’t have a “Wild West” or pirate attitude going on when dealing with retailers’ hard-earned money. Many novice investors enter the crypto space enthusiastically, only to be scammed by crypto frauds and exit scams, as seen in the ICO craze of 2017/8. They need to be protected.
Perhaps my anti-XRP bias is clouding my judgement, and possibly Ripple just gets a fine and carries on, but I have never sided with them for the reasons mentioned above – they are in bed with the enemy, the banks. And why isn’t the SEC targeting bitcoin or Ethereum? Because they are decentralized, which is a core fundamental tenet of cryptocurrency in its best and purist form, the way Satoshi envisioned it.
In Satoshi’s first Genesis block when he launched the bitcoin blockchain in January 2009 (just after the bankster-induced great financial collapse) you will see a photo of the front page of a newspaper, where the headline refers to the UK central bankers and their ability to print more fiat currency whenever they like. This crime against the people, in my opinion, simply devalues your currency and makes everyone poorer.
Bitcoin can never be devalued in this way due to the hard cap of no more than 21 million bitcoin ever. That makes it more valuable than gold, since you can always mine more gold, but you can’t mine more than 21 million bitcoin. XRP has a much higher total supply of 100 billion, all of which are controlled by a centralized entity – Ripple the company. Now that is against the ethos of cryptocurrency, according to purists.
With this law suit now weighing down on Ripple, the two CEOs – whose combined wealth is around $13 billion – are moving their HQ out of the USA as a result of this regulation clampdown. Please don’t take my opinion as investment advice, and DYOR, or trade as you wish, but I am happy to see XRP crash and burn, while supporting bitcoin and Ethereum, and numerous other cryptocurrencies that meet my standards, both in fundamentals as well as ethics.
Bitcoin set a high standard and we cannot allow fake centralized crypto wannabes to come in under the guise of being good for the people, when they are just an extension of the mainstream criminal bankster fraternity. I will speak up against this kind of thing, from an ethical point of view, and with the ideal of protecting the people from predators. I am not an expert but my intuition tells me that XRP is not up to standard. Now the SEC is confirming it.
