Monday, March 05, 2018

Curb Your Enthusiasm: The Latest Ripple Rumor Surge

Last night I started seeing videos get uploaded to YouTube and articles appear on various crypto/financial websites about Ripple (XRP) being added to Coinbase.

Soon. Again. No seriously, guys!!111 This time it's totally going to happen zomg XRP to the moooooooooooooon!!!11lolz *somethingsomethingeatmylambodust*

The price per XRP has jumped close to 17% from about .90 cents each when I looked at it yesterday morning, before the rumor mill fired up, currently at $1.05 as I type this.

Most of the time, I ignore these prediction videos and articles, because they're usually written and produced by people who can never support their claims. They see patterns in things that typically do not exist and are really just imposing their wishful thinking and get-rich-quick mentality on the item or topic at hand.

I can almost guarantee that if any of these guys do hit their numbers with something like Ripple, they're going to end up like the people in this video:

Anyway, what's driving the rumors this time is that tomorrow night, the CEO of Ripple, Brad Garlinghouse, is going to appear on CNBC's Fast Money with Coinbase President Asiff Hirji. That is why the XRP moonshot rumor mill is running wild, because if those two are going to be on TV together, it can only mean one thing, right?

If it really were just those two appearing together, maybe. But that's where context steps in and downgrades your future Lamborghini to a reasonable Japanese economy sedan (probably a used one):
"The surge comes the day before Ripple CEO Brad Garlinghouse is scheduled to appear on CNBC's Fast Money program on Tuesday evening alongside Coinbase President Asiff Hirji and two other cryptocurrency executives, fueling fresh rumours that the exchange might announce support for XRP.

Neither Coinbase nor Ripple responded to a request for comment. It's likely that CNBC convened the panel to discuss cryptocurrency trends, and not for any announcement by either company. [emphasis added]" -- G. Rapier
It's likely that the panel discussion is only going to be what the author suggested in the last bit of the second paragraph above: CNBC is gathering some of the big players in the crypto space to talk about where the whole thing is going next. It's not going to be Garlinghouse or Hirji getting down on one knee and presenting a ring to the other.

This isn't to say that Ripple will never be listed on Coinbase. It could very well be at some point in the future. This panel appearance by executives of each company, that's just not evidence that any such thing is on the way in the near term, however. If XRP were not so difficult to trade in my state (because of how Olympia, in its infinite stupidity, has "protected the consumer" by thoroughly limiting our exchange choices here), I'd probably take some profits off of the top of this rumor spike and plug them back in once it returns to where it was yesterday morning, around .90 cents, once reality sets in.

Unless Garlinghouse and Hirji kiss on camera tomorrow night, that is. Then I'm going to buy Roman Abramovich's yacht.

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