rafaelken1989’s view on the XRP
DISCLAIMER: I am not a financial advisor nor certified analyst, and definitely not a pro trader. All contents discussed on this blogpost are solely my own views and for Trading education/entertainment purposes only. Crypto Trading/Investing are extremely risky where losses can exceed deposits. Enter with discretion. Do your own research and due diligence. The basis of this featured article is purely educational in nature.
Hello to anyone that reads this article! Let me introduce myself, my name is Ken but I prefer to be called by my brand name rafaelken1989. I am an XRP investor since September 2019 as well as a try hard crypto day trader and an amateur trading analyst.
As everyone knows me, I am one of the XRP watchmen. I spam my social accounts especially my Twitter https://twitter.com/rafaelken1989 with endless updates for XRP, Bitcoin and more!
I read the charts my own way after setting up the trading system that works for me after 3rd year of brutal experience with the markets. I look upon XRP both in the short and long term perspectives. Thus by saying that, I am proud to say that I am aiming to be an accurate/precise trader and analyst.
Let me share you some of the major details that I have used in my trading system, as much as I read the news and research the fundamentals, I rely heavily on the technical aspects, market sentiment and structure. I check the candle structures, volumes, assess the timeframes I found helpful in getting trading confluence, indicators, layout chartings and trend lines. My latest additions are Elliot waves and Wyckoff theories and I open a lot of charts (more than 5 at times) to help me.
No one is right nor wrong in doing TA or speculations. The goal of doing these things is to get probabilities for the right entry and exit targets for potential profits. Of course, this article does not aim to give any form of financial advice but rather educational in nature. So please do not take action and just learn from me.
I like what famous crypto trader and investor, @jaydee_757 with what he said in his Twitter bio:
"Show me the charts and I'll tell you the news."
Indeed a very, very self explanatory!
When I say trading, it means for short term busy only because the crypto markets are very brutal, emotionless and ruthless. As much as it can please anyone especially newly attracted participants in the markets, it can also swallow anyone alive as well in the short span of time! A lot of things I cannot discuss in details about my experiences in crypto. All I know that in my 3rd year with XRP, I have learned a lot like Bitcoin dominance, black holes in the crypto markets, manipulation, FUD, FOMO, etc. I cannot tell them all for it will make this article very long!
So my advice is always apply risk management in short term trading plans or else you will resort to long term holding or infamously termed as “hodling” in the cryptocurrency space. A lot of people are emotional once they are attached or married to a coin. I have truly experienced this. Lastly, XRP’s price or any other crypto IS EXTREMELY VOLATILE in nature. Cryptocurrencies are one of the riskiest or can be the riskiest asset type of the world!
So let me proceed with my own version of what is XRP applying everything that I have experienced.
XRP is the native cryptocurrency of the XRPL or XRP network. Like many other cryptocurrencies existed, XRP has its own version of a public ledger. Peer to peer, fast, scalable, green and efficient crypto.
Ripple company is behind XRP’s creation. In fact, XRP is mistakenly called Ripple because of that connection. Let me be clear here, XRP is not Ripple in any way! Sadly, the Ripple company and its executives are filed with a lawsuit by the US SEC last December of 2020 claiming that the former are selling unregistered securities which hammered XRP’s price on spot.
Regardless of XRP’s price very unstable against the major fiats it is pegged against, majorly the US dollar, it has a finite supply and cannot be created anymore.
It has an original total pre-mined supply of 100 Billion XRPs which uses proof of burn protocol thus every XRP is destroyed per successful XRPL transaction. But worry not, because it would still require a very long time for entire XRPs to run dry.
XRP’s supply also is especial in a away that its former CTO or co-creator, Jed McCaleb, is selling handsome amount of XRPs on a regular basis, making him one of the richest man alive!
To know more about him, please read my other article:
https://read.cash/@rafaelken1989/jed-mccaleb-ex-xrp-superstar-4f2263f5
XRP also is different against the crypto leader Bitcoin. XRP is built for payments while the latter is for value storage but I supposed already that the legendary Bitcoin creator, Satoshi Nakamoto intended Bitcoin to be a means of currency to be used, what do you think?
Check article below to know the major differences between the 2 currencies:
https://read.cash/@rafaelken1989/xrp-vs-bitcoin-which-is-the-best-cryptocurrency-d58afc8b
If Bitcoin is the value, then XRP is the vehicle of that value. Making XRP the vehicle of value.
Courtesy of https://coinmarketcap.com/
XRP is sitting pretty at the top sweet 6th spot according to market cap ranks. Heading above the likes of Cardano (ADA) and Solana (SOL). I am not saying that I am biased for XRP as I just want to layout facts here but if that is the case, then I am.
At the time of writing this article, I am doing some basic math for XRP’s supply to assess where the cross-border token at.
Take note that the following figures are based on my own research and unreliable! It MAY STRONGLY under corrections.
Based from the figures above, we can assume at current sell rate, it takes approximately 225 days for Jed McCaleb to stop dumping XRPs!
2nd table also suggests that there are over 9 billion XRPs burned on transactions and forever lost in limbo?
By analyzing the data, anyone (fan or not) can say that XRP is both a decentralized and centralized type of currency because of the Escrowed contracts.
So XRP has 3 major woes that hinder further development:
1. Undergoing Ripple and SEC lawsuit.
2. Escrow contracts to end by December 2025 to January 2026.
3. Jed XRP dumping ducks.
On the good side of things, these major woes can be also the puzzles for XRP’s not just mooning but marsing process. Who knows right? Out of these woes, the one that really worries me a lot is the lawsuit, if XRP is deemed to be a security then that is the end of everything for me with XRP. I just SELL all my trade positions and bags for good.
Remember to check my long term chart image below where I carefully put on the timestamps with XRP’s Wyckoff theories.
Courtesy of https://www.dailyfx.com/
Thanks for staying to the end! Hope you find this article informative.
God bless us all!
