It has been a while since the last time I posted. During this short break a lot has happened in the financial world. A lot has happened in the macro and micro economy and it has had major impacts on my recommendations. What I will be focusing on is the recent news with the cryptocurrency XRP.
The reason that I take a look at XRP so much is because I am heavily biased towards it. Back in 2015 a fourteen year old me more or less bet his life on it. In my short investment career I have seen the currency go from nine cents per share to almost four dollars. In short, this experience has absolutely changed my life in terms of career path and overall experience.
If there is one key to cryptocurrency investing it is that the end of the year is always the best. For whatever reason cryptos always go up at the end of the year. Since my last post, XRP has seen double digit gains. Many of these companies release major news at the end of the year to show what exciting things they have coming up.
XRP has recently released news for numerous exchanges. The general concept is that XRP will be the facilitator of all payments and transactions because the exchange will use the XRP ledger. This uses XRP to make payments and transactions, so every time someone buys or sells it will use XRP to do so. This is huge news, as the more XRP is used in transactions, the more it should increase in value.
The main news is the new exchange called coinfield which will trade stocks and cryptocurrencies. The news states that it will use XRP for over 30,000 stocks. To me, this is major news. Also in the news is Ripple, the parent company to XRP, has invested with coinbase in a new exchange. They have also opened an exchange in Japan which will use XRP for payments. The volume and reporting for this is still to be determined.
Either way, in the latter days of the past three years, XRP has always done well. The end of the year and the very beginning is always great. If you are looking for some high returns I would say get long on XRP. I myself have added to my investment in it, and I cannot wait for the wild ride that is ahead. I hope it is both exciting and profitable! Until next time.