As we wrap up the weekend, I want to take some time to reflect on the biggest coin news of the week. I know that some coins tend to rally during the weekend (looking at you, Bitcoin Cash), so if anything crazy happens during the weekend, I'll be back. But for now, let's look at the biggest news of the week:
Coinbase will not carry XRP...or will they?
I know that Coinbase tweet about not adding any new coins for the time being brought XRP's value down from 22,000 SAT to about 12,000 SAT. LTC founder and former Coinbase employee Charlie Lee's tweet didn't help much either. Let's look at those tweets.
Wait...but doesn't that go against the November announcement by none other than Coinbase/Gdax leaders Brian Armstrong and Asiff Hijiri? They said on TV that they plan on adding new coins....so what's the deal?
Let's read between the lines a bit here.
Charlie Lee's statement gives me the feeling that he was one of the people that is currently advising Coinbase to not add any new coins for the time being. It is definitely a conflict of interest on Charlie Lee's part, but we all know that he still has influence inside Coinbase.
And, it must be noted, it wasn't simple "flack" that Coinbase received over adding Bitcoin cash. They were accused of insider trading. A few hours before BCH was added on Coinbase, BCH started to rise in value. I saw the uptrend, and thought it was a little early, because I expected BCH to be added on Coinbase on January 1st, as previously stated by Coinbase. It sure seems like insider trading at this point.
Let's look at what this means in light of XRP, DASH, and other altcoins being added to Coinbase. It will come, but it will happen after Coinbase secures a large position for itself and their partners. It will not happen soon, because they don't want to draw attention to their insider trading. Here's what to look for:
- Uptrend in XRP purchases in non-Asian markets.
- Loss of investor exuberance in XRP.
- Two or three flash crashes that settle XRP value at or around $1.50
If those three things happen, buy. If you have a position on XRP, hold.
Oh, and by the way, XRP has other things going for them - like Amazon and Uber integration. So stop the FUD.