Why Ripple (XRP) Did Not Fall After JPM Coin Announcement

A lot of cryptocurrency enthusiasts expected Ripple (XRP) to decline significantly after JP Morgan CEO, Jamie Dimon announced their new JPM coin. As this coin will be used to settle institutional transactions same as XRP, many believed that this would deal a severe blow to the price of XRP/USD. A lot of Bitcoin (BTC) maximalists started attacking Ripple (XRP) on social media forums all of a sudden and rumors that some developers have left Ripple began to surface. This may have happened to Ripple (XRP) for the first time but this kind of fear mongering is not new. In fact, we saw it when ETC Dev announced shutdown and then Ethereum Classic (ETC) had the 51% attack. After that when Ethereum (ETH) delayed its Constantinople hard fork due to some security concerns, a lot of people started saying it was game over for Ethereum (ETH).

The takeaway from this whole discourse is that such developments towards the end of the bear market are just orchestrated ploys to suck more blood out of the market. If you are expecting something big to happen short term after the JPM announcement, please know that we have seen such developments in the past with no significant impact on the price whatsoever. The Van Eck ETF Rejection was a far bigger event than some JPM coin. Yet it failed to pull the price of Bitcoin (BTC) like the market makers wanted to. The thing is, the big boys know exactly what is up. So, if one of them dumps to create fear in the market, one of their fellows is going to scoop it up. The end result of this is quite obvious. So, what they are looking for here is for the retail traders to panic not the professionals.

JP Morgan is no doubt a large financial institution but in terms of technology, Ripple (XRP) is still far ahead. Besides, Ripple (XRP) is not a bank; it is a company that provides services to banks. So, a lot of banks would be open to using XRP instead of their nostro/vostro accounts. As for JP Morgan, its coin will only be used for inter-bank transfers. Another important thing to point out is that a lot of people do not trust the banks anyway. Moreover, they might find it difficult to make big changes on a large scale compared to Ripple (XRP).

If you look at the charts for XRP/USD, it is obvious to see that fear is being infused into the market at a point when Ripple (XRP) is prepared for a breakout. If everybody is so concerned all of a sudden why are they not selling? That is because the people you see bashing XRP on Twitter or Reddit had no XRP in the first place. If they had any, they would have sold them now and the price would have tanked. All such statements like, “This is the end of XRP” or “JPM is the new XRP killer” should be given no more thought than statements like, “XRP is going to $500 per coin”.