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CRYPTOFAIL: More Proof XRP (Ripple) Not Needed & Pegged

Updated

As evidence that my previous assertions on Ripple XRP were correct, the following article pretty proves that banks need stability, so a pegged crypto makes the most sense.

XRP is a trader's dream, but the reality is it is not needed and the XRP bubble will probably burst first.

This is critically important to XRP HODLers. XRP is a great trader's coin, but the HODL dream is not going to go well in the near future.

EXCERPT:

cointelegraph.com/news/worlds-fourth-largest-bank-mufg-to-launch-own-cryptocurrency-in-2018

World’s Fourth Largest Bank MUFG To Launch Own Cryptocurrency In 2018

MUFG is the largest financial company in Japan and is set to become the first Japanese bank to issue a virtual currency, Mainichi.jp reports. The bank had plans to develop a cryptocurrency as far back as 2016. According to Mainichi.jp, the launch date has now been finalized and is intended to take place in the FY 2018.

Based on Blockchain technology, MUFG coin will allow users to conduct instant person-to-person transactions as well as shop with lower fees. MUFG stated the company will process all the transactions from its cryptocurrency’s network, claiming that such an approach will help improve the stability of the coin.

The bank also plans to peg one MUFG coin to one Japanese yen in order to maintain people’s confidence in the new cryptocurrency.

AND if that wasn't enough, this writer explains it well, EXCERPT:

seekingalpha.com/article/4137721-ripple-tokens-worthless

Ripple Tokens Could Be Worthless
Jan.16.18 Andrew McElroy

Summary
Ripple's xCurrent system is changing the way money is transferred around the globe. Over 100 banks and companies have signed up. But xCurrent does not use XRP the token; only the xRapid system does. xRapid currently has only one small user and one pilot. There is very little information about the xRapid system. XRP hinges on its success; without it, XRP is basically worthless.

Before I get started, let me try to deflect some unnecessary comments by saying this article is not about Ripple the company. Ripple the company has developed innovative solutions for the transfer of money and has signed deals with many major banks. RippleNet is likely to replace the SWIFT payment system, which is now 45 years old, slow, and expensive in comparison.

This article is about the Ripple token, XRP, which I will argue has practically no function at this moment, apart from letting speculators bet on Ripple's success (and making Ripple's creators very rich).

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The big banks know what they're talking about. No way they'll use a crypto that is easy to manipulate, fluctuates insanely by unregulated traders. No way it will happen. Once I realized this, I went from HODLer to trader mindset. XRP is still a trader's dream but a HODLers nightmare.

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If you're a TA trader, this fellow has a pretty good call, EXCERPT:

Ripple Price Drops to 2.5-Week Low, Eyes Sideways Trading

coindesk.com/ripple-price-drops-to-2-5-week-low-eyes-sideways-trading/

View
XRP is likely to trade in the sideways manner in the range of $1.80 to $1.00 in the next day or two, before resuming the sell-off.
Overall, prices look set to $0.8610–$0.60 levels in the short-run.
Bullish scenario: A rebound from the 50-day MA, followed by a quick move above $2.25 (Jan. 11 high) would signal a bearish-to-bullish trend change.

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Lower highs? Maybe the drop is coming now?

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Great opposing views. Let's see who is right. Remember, I was pro Ripple until I did more research. Except for traders and manipulation to sucker the herd in, so big money or insiders can get out, XRP has no future.

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A drop happened exactly after my comment wondering if it was coming :) Let's see if this is THE drop to previous lows or lower.

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Or the big

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Or the big WASHOUT

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Doesn't seem like XRP is moving as much to the high side, when BTC makes a higher move up. Maybe the 1.50 level or close to it is a new ceiling.

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Even more important...VISA now in the game with an XRP killer:

CRYPTOFAIL: RIP Ripple / VISA Created XRP'petitor, Banks Testing

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XRP - proof when FUD can be a good thing...

Miykael

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