The rally was so quiet, in fact, that it was ignored by every crypto price tracker, news blog, and armchair analyst.
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.
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.