Cryptocoins News asks, what on earth is going on with ripple. Ripple is the bankers’ coin, developed and advances by the R3 consortium of commercial banks.
Cryptocoins writes:
Ripple seemingly did not want to be left out and so far their show is the most spectacular. Up 10x in just two weeks, rising in market cap from insignificant to an incredible near $13 billion at the time of writing, almost half of bitcoin’s market cap.
It has surpassed ethereum, the cool new kid, and it’s now sort of saying to the whole space, look at me, look at me, I’m the story now. Sure, I’ll oblige.
In late April, Ripple said that Japanese banks had joined the consortium but the May rise of Ripple was not apparently driven by Japan.
Poloniex and South Korea may be leading influences. Meanwhile, Jed McCaleb holding some 10 billion, another founder, wants to sell but has been tied up in a lawsuit.
The recent price rise is in the shape of an almost vertical line. It added six billion dollars in just one day, yet it has few vocal boosters.
The article strongly cautions readers against buying too much ripple. It says the market has considered and rejected ripple many times. We would agree.
blockcitynews.com
I don't care how high the price goes. I won't buy it. If it's used by banks then what makes people think they aren't the ones pumping it up? After all, they are banks, which means they have access to tonnes of the worthless paper to pump it.
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