Why I don’t think it is a good idea to buy Ripple now
A few moments before I started writing this article, I visited coinmarketcap.com to check the lastest price of all the cryptocurrencies. When I went on to check the top gainers and losers, I saw ripple at one of the top spots. It was in the 2nd spot of biggest gainers with a 58% 24h gain.
This insane price movement is most likely motivated by the launch of xRapid. xRapid is a transfer protocol being developed by Ripple Labs, the team behind the cryptocurrency Ripple. If this new system is widely used, then it will be good for ripple holders and the price could go up much higher than it is now.
But the product hasn’t even been launched yet. Complex software like xRapid require a lot of time to develop. After the development is complete, they need to be tested rigorously to find bugs and other vulnerabilities. Then it takes some more time to patch these bugs. [This is the reason Ethereum’s casper update is taking so long.]
Even if Ripple Labs release xRapid tomorrow, it will take some time (maybe a few months) to patch things up and even more time to achieve mass adoption. Also, since this is a bear market, the price could fall down dramatically. It will be a very risky investment to buy Ripple [XRP] now.
The team behind Ripple’s development, Ripple Labs own a huge amount of Ripple tokens. Their share of tokens is estimated to be over 50% of the total supply. If the developers decide to dump some of their holdings, the price will take a hit.
If Ripple Labs got hacked and the hacker gains access to some of their share of Ripple tokens, he will most likely sell them and the price of Ripple tokens will take a huge hit. This is why Ripple is considered by many in the crypto community as a centralized cryptocurrency because it has a single point of failure.
The above stated reasons are why I think it is not a good idea to buy Ripple now. Everything written in the post are my personal opinion and not investment advice.
Crossposted from Trybe. Image source: 1.
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but sir many expert says ripple is best investment for long term because it's
management so what's your view on
other expert view?
Ripple has a lot of money. So, they could definitely hire "experts" to shill their project [I am not saying that they do but the possibility is high]. Ripple will inflate at least 100% till the team share of tokens are released. Does 100% inflation sound like a good investment to you?
sir your view is right but I research and I saw many expert view all says ripple is better investment than bitcoin because ripple use in banking sector and its transaction cost is very low and very fast on many countries approved use ripple but Bitcoin many countries banned like China,India etc.....
lol experts....
Steem has no tx free and can support 10K tps....
So Steem is better investment than bitcoin as well. However you do know-Bitcoin scaling plan is in theory faster than Ripple as well? And has network effect? These exports are mostly shills. Crypto was made to change/remove banks not help them...
@sames You should be careful what network you're referring to. They all vary in terms of security, robustness and governance. To say Steem is better than Bitcoin is too easy. Steem is v. different. Bitcoin is a network for transacting that is incredibly decentralised and beyond anyone's influence. This is why it's the biggest.
Steem may be quick, but Steemit inc is still holding much of the reins. With a complex social media blockchain like Steem, this is necessary, because it's not just about money, but it's providing a service.
But it means that Bitcoin has a bigger chance of replacing a bank than Steem, because Steemit , inc still has a lot of influence on the token and its value.
Same goes for Ripple. It would need to step far back from XRP. Right now it's too involved.
They argue that Bitcoin is controlled by miners. But at least with miners they are incentivised to secure the network... for now. It's very different to having one company incentivised to secure a network.
+1
I was just making the steem comparison bc he said XRP was better than btc bc it was "faster"
Yeah, come on ppl lets not forget why crypto was invented. xrp might be a good investment but ppl don't use xrp, they use steem. Steem is so under rated smh.
creo que si sube el bitcoin y esta moneda toma buen valor se podria ganar buen dinero suerte
Nice. I think at this point buying anything while it’s in the green is a burn wish. Unless you want to see a dip very soon after.
I believe there will be one more dip before the Bullrun!!!
and here it comes....
lol same thing i said
Of course, they will not launch xRapid untested as you indicate in the article. They will be confident once they launch it and there will only be minor bugs to correct after this. Ethereums problems are completely different. There are about 19 institutions testing xRapid, including names such as Banco Santander, Mercury FX, MoneyGram, Western Union, Viamericas, and Cambridge Global Payments. https://ambcrypto.com/xrapid-coming-next-month-what-do-pilot-results-say-for-future-xrp-hodlers/
Finally someone with some facts to consider in viewing the price action of XRP. Thank You!
you don't need to use xrp to use xrapid though....
All I hear around the Internet is "buy Ripple" or similar. Thanks for bringing up some interesting details about the crypto. I was not aware that it has the problem of being a single point of failure crypto.
That is a major concern. Then the fact that the company is holding over 50%, or is believed to be, is another major concern. As you stated, if they so chose, they could decimate the value of Ripple in a few seconds.
That is a recipe for disaster that I am not interested in being in the kitchen for. I will just tuck that $100 I planned to put into Ripple back into my wallet and look for another investment. Maybe Dentacoin? Lol.
Oral is a multi billion $ industry :P
Doesn't mean they will do what is right for the people holding their coin. :P
What is good or great about Ripple is that it has the advertisement team that makes sure that is in the radar of news outlets for it to grow popularity. It is a good time to buy because it will touch again the high it made just recently for sure because of the good news it brought.
What a wonderful article, but my own opinion is that RIPPLE price maybe be bad now, definitely it will skyrocket
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Are you aware that the team has over 50% of the XRP in their hands? What do you think will happen when those coins are released?
I completely agree with you
@littleboy great piece but I do agree with @jmcakademy their prices will go up eventually
Everything goes up with Bitcoin in crypto
@littleboy Ripple as a blockchain company is very strongly positioned and its products have already been well tested. XRP hodlers have been waiting to see a real use-case for the token and now this is on the horizon.
The bear market is in a fragile state and catalysts are expected to break it anytime soon. xRapid is one of them.
I don't think it's wise to spread FUD at this time regarding Ripple, although your post seems to have done well.
I think it's time to study the market long-term and invest long-term.
This is normally the best strategy.
You can gamble on volatility and expect XRP to deflate somewhat, yes, but I would buy back in again when you can.
XRP remains a strong buy long-term, along with Stellar they are both good networks.
'Single point of failure' : i'm not sure this is accurate as XRP is moving more decentralised in fact, which is the right way to go, and they know this.
If you search you will find articles regarding Ripple's intentions to step back from XRP.
My crypto-blog adespress.blog re: Ripple
yes, it is good idea to buy ripple now.