The market capitalization of Ripple's $XRP has just surpassed Solana to become the fourth largest currency in the crypto industry.
The only currencies ahead of Ripple are Bitcoin, Ethereum, and the stablecoin USDT.
In fact, this wave of market conditions can be said to be expected. As the two donors who donated the most money in the election, Ripple and Coinbase have seen their currency price surge fourfold from $0.5 before the election to over $2 now.
There have been many rumors about Ripple recently, including that Ripple may issue RWA financial assets with Wall Street, that $XRP may be listed on a spot ETF, and even that Musk may buy $XRP.
Of course, these are not all rumors. The asset management company 21Shares has submitted an application for XRP's spot ETF on November 1, but many other tokens have been submitted in the same batch. It is said that there may be more than a dozen tokens applying for the next batch.
And even though it is rising so sharply now, it has not yet broken through the previous high in 2018.
However, as an old currency that has been in circulation for more than ten years, $XRP still has 40% of its tokens that are not in circulation. Its biggest risk is that the market makers will dump the market.
When $XRP was first issued, there were a total of 100 billion, and at least half of them were in my hands.
Ripple’s official website claims to have three main businesses: cross-border payments, asset custody, and stablecoins.
But after Lao Wang inquired, he found out that these three businesses basically have no customers. Everyone is familiar with stablecoins, and almost everyone is using USDT or USDC, while payment and custody are also handled by professional teams.
Ripple's main source of income is selling coins, selling $XRP at a discount to institutions.
In the past, the rise and fall of Ripple was always in the hands of dealers and market makers.
Ripple is also familiar with the practice of pulling up the market with favorable factors. Ripple and its market makers did this in the bull markets of 2018 and 2021, and these contents have been clearly recorded in the SEC's indictment, for example:
In September 2016, Ripple instructed market makers to start actively making markets around the time Ripple released an announcement mentioning Ripple's achievements that month. On September 20, the vice president of finance sent an email to the market makers stating that the entire $300,000 should be used to purchase XRP within 24 hours of the announcement.
In an email to company executives dated August 12, 2017, CEO Garlinghouse instructed certain Ripple employees to proactively try to increase speculative trading value with positive XRP news.
In June 2020, Ripple employees provided CEO Garlinghouse and co-founder Larsen with an internal report in which they emphasized that since early May 2020, "XRP has begun to underperform Bitcoin," partly due to Ripple's sales of XRP. These employees proposed "supply-limiting strategies," such as Ripple buying back XRP. Subsequently, Garlinghouse approved the buyback plan.
There are many opportunities in the bull market. If you miss some opportunities, just miss them.
