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Guest Vinnie

POLL: Why did the the price of XRP go up?

Why did XRP pop?  

80 members have voted

  1. 1. What is the reason that the price of XRP went up 250%, and the volume up 1,500%?

    • Fundamentals: Good news from Ripple, association with banking, public perception of utility
      52
    • Speculation: The rally is driven by people moving out of BTC looking to make a quick buck on a pump
      28


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I'd say 70-30 (fundamentals vs speculation). I think we've seen the signs of growing interest but they've been small signs. Everyone was talking about the increased numbers of users on XRPchat, more subscribers on Reddit, more tweets about XRP on Twitter, and then @enej said over a week ago that they had a spike in new clients. Of course part of this is speculation and the price will dip some from its high, but it's not going back to $0.006. The BTC acromony has left an opening for other tokens and people are taking off their blinders and taking the time to sift through the myths and bs. I think that Miguel's video actually probably primed the pump quite a bit. I've always found that when you dispell the myths for rational cryptotrsders they develop respect for  Ripple. I agree with others, now Ripple needs to capitalize in a big way. We'll see what they come up with. For example they could easily send out a tagged tweet encouraging the community to sign up for the quarterly reports to grow and sustain their following. Small but keeps people hooked in. 

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4 hours ago, Vinnie said:

I'll ask the obvious question, for the people who voted "Fundamentals" - why didn't good news in the past cause these spikes?

If it isn't from BTC & ETH drama, maybe it could be actual usage of XRP? From what Miguel said on Epicenter, Ripple currently doesn't have great transparency of the XRP pool. 

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50 minutes ago, nikb said:

I've been at Ripple for four years, and it's honestly the best job I've ever had: I get to work with some very smart people on something that I find very interesting and which I believe is important. I'm not going anywhere, sorry! :victory:

thanks for confirming!

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59 minutes ago, nikb said:

I've been at Ripple for four years, and it's honestly the best job I've ever had: I get to work with some very smart people on something that I find very interesting and which I believe is important. I'm not going anywhere, sorry! :victory:

you still working? how many employees are therre with you

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4 hours ago, Vinnie said:

I'll ask the obvious question, for the people who voted "Fundamentals" - why didn't good news in the past cause these spikes?

 @Vinnie  It's obvious what Ripple's official opinion is: 

Quote

 

Prices in that market advanced last week amidst broader speculation in the markets for alternative asset protocols. Miguel Vias, head of XRP markets for Ripple, commented on this development.

"I think the rally last week was largely BTC inspired," he told CoinDesk.

Some of those markets (including, for example, litecoin) have risen in recent days, though observers are split as to what is driving trader interest beyond a chase for potential gains. Tim Enneking, chairman of Crypto Asset Management, echoed that sentiment when reached.

"It's almost starting to look like a rotation from one altcoin to the next," he said

 

I voted for fundamentals though, because just 'switching' over to XRP as opposed to another alt coin is not as easy, and requires some doing that is not a requirement of other alt coins (minimum deposit in wallet, setting up trust lines, etc).  So I think it's a combination - they could have easily just chose another alt coin instead of XRP. 

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37 minutes ago, Thorhamma said:

If it isn't from BTC & ETH drama, maybe it could be actual usage of XRP? From what Miguel said on Epicenter, Ripple currently doesn't have great transparency of the XRP pool. 

XRP is certainly not being used... But it might get there (community development) if l they continue to talk about XRP on a weekly basis and dispell myths at the same time. 

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Just now, cmbartley said:

XRP is certainly not being used... But it might get there (community development) if l they continue to talk about XRP on a weekly basis and dispell myths at the same time. 

I don't have very high confidence in this price hike if you are 100% sure. Where do you mine for data regarding your answer, or do you have contacts?

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4 hours ago, Vinnie said:

Totally agree with the statements in this thread.

Ripple should have built relationships with the bitcoin / cryptocurrency news outlets so they could get multiple articles written today (coindesk, cointelegraph, etc) detailing their new partnerships and strategies. And there should have been quotes from Ripple officials, as well as a storm of positive tweets on their Twitter accounts related to the new volume. Another missed opportunity.

 

There are articles on both coindesk and cointelegraph. 

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Guest Vinnie
5 minutes ago, Omnis said:

There are articles on both coindesk and cointelegraph. 

Those articles don't have any promotion of Ripple tech, just silly commentary on the price (which is obvious to anyone who looks at a chart). Ripple needs to have relationships with these sites so that when news comes out, it also informs the public of RCL tech (ILP too?) including links where they can read more.

"I think the rally last week was largely BTC inspired," - dafuq? This is all they say?

Ripple needs to advertise on coindesk and the other sites, because it creates a financial relationship and inevitably leads to more favorable coverage.

Edited by Vinnie

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Speculation based on news.

 

As someone on here said before about the value of stocks: The price is not just a reflection of the current value of the company but also of the future value of the company.

I scraped some money together to put in early on in the pump based on the number of positive factors that cmbartley mentioned below,

54 minutes ago, cmbartley said:

Everyone was talking about the increased numbers of users on XRPchat, more subscribers on Reddit, more tweets about XRP on Twitter, and then @enej said over a week ago that they had a spike in new clients.

+ the recent news of Ripple hires to promote XRP.  

+ some interesting comments made the night before by a Japan based poster in the Zerpbox about the state of their banking industry and their focus on getting it working for the anticipated influx of international visitors for the Olympic games.

+ recent announcement of Japanese banks

+ updates to utility with escrow and paychan

+ FOMO at Polo

== A lot of positivity across the board.

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1 minute ago, Vinnie said:

Those articles don't have any promotion of Ripple tech, just silly commentary on the price (which is obvious to anyone who looks at a chart). Ripple needs to have relationships with these sites so that when news comes out, it also informs the public of RCL tech (ILP too?) including links where they can read more.

 

Not just price commentary. But yes, I understand what you mean. 

http://www.coindesk.com/mufg-standard-chartered-plan-blockchain-payments-launch-for-2018/

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1 minute ago, PlanK said:

Speculation based on news.

 

As someone on here said before about the value of stocks: The price is not just a reflection of the current value of the company but also of the future value of the company.

I scraped some money together to put in early on in the pump based on the number of positive factors that cmbartley mentioned below,

+ the recent news of Ripple hires to promote XRP.  

+ some interesting comments made the night before by a Japan based poster in the Zerpbox about the state of their banking industry and their focus on getting it working for the anticipated influx of international visitors for the Olympic games.

+ recent announcement of Japanese banks

+ updates to utility with escrow and paychan

+ FOMO at Polo

== A lot of positivity across the board.

 

This is why I repeatedly said that price matters when others on here opposed my view. 

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47 minutes ago, kiwissz said:

you still working?

You mean, did I change my mind since my post earlier today? If so, then no. I'm still working at Ripple, developing rippledB)

 

47 minutes ago, kiwissz said:

how many employees are therre with you

In the C++ team? There's 9 other developers. The team's collective depth of talent is amazing. Honestly, any company doing C++ development would be lucky to have the kind of team that we have put together at Ripple.

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3 hours ago, nikb said:

I've been at Ripple for four years, and it's honestly the best job I've ever had: I get to work with some very smart people on something that I find very interesting and which I believe is important. I'm not going anywhere, sorry! :victory:

 I sleep well at night knowing that :i-m_so_happy:

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