Ripple (XRP) appears to be on its way to a swift recovery, even if temporary, but it is losing its charm every passing day. When Coinbase first announced its decision to list Ethereum Classic (ETC) instead of Ripple (XRP), the initial reaction was that of disappointment and rejection from most in the crypto community. We even saw Ethereum Classic (ETC) spike up about 25% in a matter of hours, but it soon erased those gains. This led some into thinking that Coinbase’s announcement regarding Ethereum Classic (ETC) had no significant effect on the price of the cryptocurrency. However, soon afterwards Ethereum Classic (ETC) received another boost that pushed the price past $15 and suddenly everyone got to thinking that they might have been wrong about this. Good old adage “Buy the rumor, Sell the news” failed as FOMO drove the price past $17 and it continues to rise.
How does this affect Ripple (XRP) and Ethereum Classic (ETC)? Many in the crypto community expected Ripple (XRP) to be listed on Coinbase as the next coin after Bitcoin Cash (BCH). This innate belief on part of many Ripple (XRP) enthusiasts also pushed the price past $3 all the way from $0.18, in a matter of weeks! This came as a surprise to many but the fact that Ripple (as a company) was signing partners left and right everyday and the possibility of a Coinbase listing pushed the price higher and higher.
Before this whole debate of what is and what is not a security, many would have believed that Ripple (XRP) as the third largest coin by market cap deserves to be on Coinbase. Many believed that the reason Coinbase did not want to list Ripple (XRP) was because they feared that its low price would trigger a huge FOMO and may eventually result in Ripple (XRP) surpassing Bitcoin (BTC) in market cap. Another reason was that Ripple (XRP) was a centralized cryptocurrency and Coinbase did not want to add it out of principle.
However, little did many Ripple (XRP) enthusiasts know that Ripple’s XRP tokens may be classified as a security and that Ripple (the company) will have to distance itself from its own tokens. To add insult to injury, even major partners like Western Union left no stone unturned to attack Ripple. Western Union CEO recently stated that Ripple’s X Rapid (liquidity solution that uses XRP) made no significant difference to their business.
Most XRP enthusiasts with smaller stakes in the cryptocurrency seem unaffected by these developments but for the smart money, things have taken a 180 degree shift. Large scale investors with billions of dollars to invest look for investments that provide the best risk/reward and that are easier to manage. Up until now, that investment was Ripple (XRP) for many. But now it has fallen significantly from its all time high and presented opportunity for one of the highest return on investments with the lowest risk/reward ratio. However, recent developments have changed all that in favor of Ethereum Classic (ETC). Just like Ripple (XRP), Etheruem Classic (ETC) is easy to buy, sell and store. It also presents an opportunity for a massive return on investment, now with an even lower risk/reward ratio than Ripple. Ethereum Classic (ETC) being a blue chip coin as well as one of the most undervalued projects in the blockchain space has the potential to become the next Ripple (XRP) in terms of traction and investors’ interest.
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This article is published with analysis contributed by Fakhan
Disclaimer: Cryptocurrencies investments are full of speculative and market risks. This article is only for information purposes and not an investment advice. Please conduct your own thorough research before investing.