Greeting fellow Steemians,
Finally after a long wait, those of us holding XRP have been rewarded for our patience with its massive surge.
We had two major events that shot XRP upward in a big way the last two days. First, Ripple locked up billions of XRP, releasing only a 1 billion per month for the next 55 months. This was meant to provide trust in the stability of XRP and ensure that the market was not flooded with their massive supply. This was a helpful move on their part as a majority of the community were skeptical of XRP due to the massive supply.
This now much smaller supply per month of available XRP in circulation will cause the price to possibly rise even further as a result of the next piece of news that may be causing the current surge. Banks are not only testing Ripple net, it has come out that banks will need to hold some XRP to use the net. What amount they will need is not known, but the fact they need some is huge. Now, if banks need XRP and the supply is limited to 1 billion per month, and the public is also competing to hold these coins, it is possible to see XRP skyrocket. It has already knocked Litecoin down a peg for the #4 spot on coinmarketcap and Bitcoincash could be next as the #3 spot is only a mere 8 billion away and Ripple is still going up.
There is one more piece of information that could influence the price of XRP, but is not in any way confirmed or anything but speculation thus far. However, coinbase is going to offer new coins in their market soon. People are calling many different coins, but with XRP surging, overtaking Litecion (which is already sold on coinbase), maybe taking the #3 spot as it continues to grow, and perhaps being used by institutions in the near future, it would make XRP the clear choice for a coinbase addition.
I usually don’t write about this type of thing as I am more interested in photography and fiction writing. But, today has been a very good day for me in the cryptospace and I needed to share. Honestly, I considered selling my XRP position a few times as it seemed to have hit the top already, but held because I wanted to (and still want to) see what happens to this coin when it is used for real market purposes. I’ve been very elevated the past few days. I was able to ride ADA up from $0.02 just the other week and now as my XRP investment nearly doubled my portfolio overnight, I continue to buy-in even at the current price of $0.48 because, if that coinbase news comes in, I’d like to sit back and relax as XRP hits the moon instead of rushing to by in before it’s too late.
With that said, I am somewhat perturbed by Bittrex, as I trade there and would like to have the option to cash in on some of my ripple profits if I wanted, where “conveniently” the XRP wallet is under maintenance and has been since the surge began. I thought little of this when it happened during the ADA surge, but since then I have notice that Bittrex seems to put every wallet that is surging under maintenance for hours or even days. It’s happened on four of my coins already and, honestly, I’m looking for the door on Bittrex.
Anyway, happy trading people. Hope you guys have been earning as well.