Something peculiar happens every time XRP spikes in value. This latest upshot is no different. As the value of our favorite coin goes up, the vultures come out, but instead of circling carrion, they wish to feed on success. They release statements disparaging XRP, hoping to catch the attention of Bitcoin maximalists and the fanatics of decentralization that, in their almost religious fervor, have convinced themselves that XRP is centralized. Their commentary is amplified by the publications that are so desperate for clicks that they will feature the babbling of Twitter analysts and forum trolls proudly in their headlines.
They call XRP a scam, a shitcoin, a banker’s coin. Or they’ll publish statements that find their way into headlines with publications like cointelegraph that indicate an impending drop in price. These analysts are akin to someone that has latched onto the leg of a lumbering giant to move with its forward momentum. They have an audience, most likely the sort that would sputter with glee at any negative XRP news. Or they wish to make a name for themselves within the broader cryptocurrency community. Whatever their motivations might be, I find it likely that it is simply a myoclonic jerk, as with every spike in price, they begin to wonder if they’ve bet on the wrong horse. So they reflexively take to social media and sputter and shout in the hope that they dull some of the progress because they’ve convinced themselves that the market is a zero-sum game, and if Ripple succeeds, they somehow fail. Do not listen to these charlatans.
There are two recent articles that were so comically moronic that I was left momentarily speechless. The first features the disparaging comments about XRP from a professional MMA fighter. What would motivate a cryptocurrency publication to report on this is beyond me. Perhaps it was a slow news day. I would like to propose an alternate headline to the article: Man Who Gets Hit in the Head for a Living Calls XRP a Scam. Even so, he is a massive step up from Twitter trolls, so perhaps news sources are trending upwards.
The second article featured this headline: ‘Dogs—–? Who Cares’ — XRP Price Flags as BitMEX Debuts Perpetual Swaps. If you can’t quote the tweet in the title, it’s best to leave it out. For anyone that hasn’t seen the tweet by Arthur Hayes, the title makes no sense at all. It looks like someone fat-fingered a text message. And look at these statements from the body of the article:
“Lackluster performance.” Let’s scoot over to the price chart and see what we’re dealing with:
That’s an interesting way to describe that spike. Let me break out my dictionary and see if the word applies.
I’m not a market analyst, but I think that steep vertical incline on February 4th – the same day the article was published – looks pretty brilliant, vigorous, and sheeny. Calling XRP fans bagholders – that’s in poor taste. It makes me think this wonderful journalist is not very objective.
On February 5th coindesk featured a comment by bitcoin maximalist Mike Novogratz, stating that XRP will have another lackluster year. And on February 4th, cryptodaily dug up a tweet from Jacob Canfield to justify this headline: Lows Coming For XRP If It Can’t Rise Soon According To One Analyst.
There is, of course, another potential motivation for the timing of these articles and headlines. It could simply be a tactic to get actual reputable publications to report negative news during a huge market upturn. When the price swings upwards for XRP, the negative headlines come out quoting analysts with every financial motivation to frighten potential XRP investors.