In the XRP (Ripple) digital asset community, the 589 number has a strange aura about it. Some people grin when they see that number pop up in an online XRP chat while others just shake their heads. The BearableGuy123 Telegram character, supposedly an insider about all things XRP, mentioned it in one of his images (see above) in 2019.
So when this image first came out in 2019, people thought that it meant the end of year price for XRP would hit $589! Keep in mind that the ever growing audience of XRP holders has been trying to decipher the BearableGuy 123 images for the past three years. I can’t tell you how many YouTube personalities jumped on that bandwagon. And what happened at the end of the year? Nothing. Everyone, especially those YouTube personalities, were feeling that they had been hoodwinked in the least and manipulated at worst. But as time progressed the 589 was deciphered as the Comex Rule 589. An entry on the Silverdoctors.com web site describes the Comex Rule 589:
“The COMEX Rule 589, which entered into force on 22 December 2014, could be applied at any moment. Let’s suppose, that Silver price is 16$. At some point nobody will want to sell its physical Silver. Buyers will then be forced to raise the auction. After a rise of $ 3, the market will be stopped 2 minutes to let buyers and sellers negotiate. Then the market resumes, the auction goes up by $ 3 … etc. When the threshold of $ 12 rise in the day will be reached, without anyone wanting to sell physical silver, the market will be closed. And there will be no fixing for that day. Without a fixing, nobody will be able to buy or sell silver in the world till the next fixing. The second day, the silver market opens at $ 28. But nobody agrees to sell physical silver at this price … so as the day before, the price rises by $ 12 … but there is once more no fixing. In 2 weeks, 10 business days of trading, courses will increase from $ 16 + $ 120 = $ 136. … Have fun and do the math by yourself.”
The current train of thought is that the XRP digital asset may be tied to a precious mental like gold or silver once the world’s economy collapses and digital currencies take on an even stronger role in everyone’s lives. In the future, while talking to future digital asset holders, get used to hearing of the “infamous” 589 number and all of hope and eventual disappointment tied to the number. And don’t be surprised if you keep seeing that number pop up in all sorts of strange locations.
Want some good suggestions on which cryptocurrencies to buy BEORE the economy/stock market crashes? Most of the cryptos listed in this World Economic Forum (WEF) PDF just released this month may probably be part of the new world wide financial system! At least that is my first impression. And most of the coins (aka digital assets) are available for purchase on Coinbase.com or Uphold.com! This is not financial advice and is for entertainment purposes only. I own XRP and XLM (Stellar). If you don’t like to read, here they are:
– Stellar (XLM)
How did I come across this information? I regularly search alternative media to get a head’s up on financial and societal trends and what is going on in America and the world.
I look for patterns and trends. In the past three years I have seen a lot of “alleged” blueprints for the new financial system being presented via alternative media. Many of the people providing these blueprints are suspected of being “insiders”. Lately, the remarkable pattern that has surfaced shows many of these same cryptos listed in the recently published (June 2021) World Economic Forum (Cryptocurrencies – A Guide to Getting Started…link below) PDF. What a strange coincidence! So the “crazy” alternative info is now matching what I see on the World Economic Forum’s web site PDF (page 17). Keep in mind that there is a list of close to 10,000 cryptocurrencies to choose from! The WEF chose those six cryptos to use as examples. Hmm. That makes me wonder what their selection process was. Did they throw darts at a dart board? Or could these cryptos be part of the new financial system? My gut feeling says, like I said earlier …maybe. Especially since Coinbase, a crypto currency exchange known for being very picky about which cryptos it makes available, already lists most of those coins! This tells me those coins have been vetted. And XRP, my largest holding, I believe is definitely one of the chosen cryptos to be used in world finance (specifically remittances and possibly as a reserve currency or for derivatives). Are we just waiting for an event to flip the switch? The World Economic Forum has a uncanny way of “predicting” events that end up affecting the world. This is the same WEF that “predicted” the breakout of the current virus and the proliferation of cyber attacks a good one-to-two years in advance. ….. So, I still stand by my observation that those listed cryptos may have an above average chance of succeeding in the coming two to six months.