Is XRP a Crypto Hyena? Is it even a crypto?
You all know of the proverbial Hyena? NO! The one that prey on things that looks unattended or idle. In the African wisdom and storytelling, hyena is a very crafty creature. Stories are told of how one man was coming from work, trekking home, tired and drenched in sweat. Little did the man know that behind him was this hungry hyena that followed him for kilometers waiting for the hands to drop to the ground, so it could enjoy them. The hyena would tell itself “well now is the time, dinner is getting ready” as it got itself ready to pounce. No not yet! The man would lift his hands up periodically to clear the dripping sweat, and the hyena would be on it again, and again, a kilometer after another, thinking dear! Oh Dear! Isn’t dinner time yet?
Why do I use the hyena analogy? This have been provoked by the XRP Cory Johnson, Ripple’s Chief Marketing strategic complaint that XRP token is way undervalued. He seems to think that at current price, ripple should have a bigger market cap than current is. He is raged, now, that CoinMarketCap (CMC) is no longer considering all the XRP tokens held in escrows and will not included them as part of the market cap. It’s a feeling that is making most of XRP holders mad. They seem to think that the decision by CMC is not fair. Well!! well!!, you know what I think ? Well why not!! Let CMC include all those coins. We in the marketplace will then reconsider, whether XRP would longer be worth 0.3$ or not , you know, kind of fix that coins value list they seem to complain about. Anyway its all a jungle out there.
About half of the community agrees with the way that CMC defines the price and the market cap of XRP while the other half of the community affirms that this is simply not a good idea. According to them, BTC would also have its market cap severely reduced in this case because Craig Wright, for instance, holds 1.1 million BTC in an escrow service called Tulip-Trust and will be released only in 2020. However, this money is considered in the market cap. Read more on this
Is Ripple XRP even a Crypto?
XRP has in public reported how it dished away lot of coins to BIG Boys, so called “market makers” So it is true to say it current price is a pumped resulting from that – UNEVEN distribution. But of course who said XRP will be distributed fairly. It’s UNFAIR, UNEVEN and I would add, NON CRYPTO dividend. Nothing to say of it as crypto token, and do you know what else rhymes with ripple, you got it! outright RIP-OFF!! .
The report details the market value of all the XRP the company sold to institutional market-makers and financial institutions.
“In Q1 2018, market participants purchased $16.6 million directly from XRP II, LLC – our registered and licensed money service business (MSB).
…Additionally, the company sold $151.1 million worth of XRP programmatically, as a small percentage of overall exchange volume. These sales represented 0.095 percent (9.5 basis points) of the $160.0 billion traded globally in XRP in Q1.”
—Quoted ripple 1q 2018 report –
Well, we all know how the hyena story ended, no dinner was ever going to happen. The hyena got it wrong, all along.
So, BTC will not drop. ETH overtake is only temporally, EOS is coming!! and XRP has several kilometers to cover before they realize that.