Ripping Ripple

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Nearly two years ago, the breathless press reported than the guy who founded alt-coin Ripple was worth $60 billion, which was even more than the founders of Google. Of course, that huge fortune was measured in ripple-bux, and the cryptocurrency has since fallen something like 93% or so.

xrp

As you can see by that green line, this “asset” is just grinding along that 24 cents level, and once it breaks, there’s almost nothing between the green line and $0.01. My belief is that the entire crypto space will enter “phase two” of its collapse once there’s a critical mass of boredom with this class of instrument. Once all the dust settles, all I’ll be able to say is that they provided us with some really fascinating charts on the way up as well as down.