The rally was so quiet, in fact, that it was ignored by every crypto price tracker, news blog, and armchair analyst.
Report: Ripple Rallied 3,400% & You Probably Didn’t Notice It
According to a now-deleted article from Investing.com (luckily, I archived it), the ripple price cleared a crucial threshold on Friday. No, the unnamed author wasn’t referring to the $0.30 barrier XRP slid under earlier this month, but rather a far more important resistance line: $9.35.
“XRP was trading at 9.35560 by 02:20 (06:20 GMT) on the Investing.com Index, up 97.17% on the day, Investing.com wrote.“XRP had traded in a range of $0.26774 to $9.36570 in the previous twenty-four hours.”
Now, I didn’t major in mathematics at university – and in full disclosure, I ditched Pre-Calculus for Consumer Math during my senior year of high school – but even I don’t need a calculator to know that something’s not quite right with Investing.com’s math.
While still a ridiculously-bullish rally, a one-day surge of 97.17% would have carried the ripple price to just $0.53, nowhere near its all-time high near $3.85 – much less $9.36.
Had the ripple price actually spiked about $9.36, it would have constituted a daily gain of roughly 3,400% – the largest rally the large-cap crypto market has ever seen.
Ripple’s market cap would have soared to $400 billion – leaving bitcoin and its paltry $179 billion valuation in the dust.
Unfortunately for XRP bagholders, neither the 97% nor 3,400% figure is correct. According to CoinMarketCap, ripple’s trading range on that day was somewhat more narrow than Investing.com suggests: $0.261967 to $0.273342.
Even worse for XRP investors, OnChainFX data reveal that ripple is one of the few major cryptocurrencies to actually lose value against the dollar in 2019. XRP is down 23% since the new year, even as the bitcoin price has zoomed nearly 175% higher.
How the Heck Did This Article Get Published?
So what accounts for Investing.com’s absurd analysis?
Here’s my theory: Multiple cryptocurrency exchanges suffered from errors relating to an Amazon Web Services (AWS) outage on August 23.
Since the article was clearly written by a bot, it’s likely that the AWS outage fed buggy data to Investing.com’s intrepid – and possibly-inebriated – crypto analyst AI…
Who then regurgitated that data directly onto the world wide web, unfettered by the whims of a cranky
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.