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All-In on XRP: CME Trading Competition Winner Says He’s Betting on Early Retirement

June 17, 2019

The winner of CME Group’s annual trading competition in 2016 says he’s all-in on XRP.

In a new viral tweet, Eric Choe told his 142,000 followers he’s decided to go with XRP to place a big bet on early retirement.

https://twitter.com/CryptoChoe/status/1139982759827582976

The tweet comes after a chorus of fear, uncertainty and doubt on whether Facebook’s crypto stablecoin, codenamed Libra, will disrupt Ripple’s business model and impact the price of XRP.

Facebook has not officially revealed exactly how it will utilize its custom crypto asset; however, early reports indicate it could be used to give companies and individuals a low or no-cost way to move money around the world. Ripple has been working to achieve similar goals for years. The company now has more than 200 customers on RippleNet, its network of banks and financial institutions that use Ripple’s suite of cross-border payment products to move money around the globe.

On June 18th, Facebook is expected to release a whitepaper on its new coin, according to TechCrunch.

Bitcoin entrepreneur Charlie Shrem and Wall Street veteran Max Keiser say they believe Facebook’s global cryptocurrency will have a big impact on San Francisco-based Ripple and XRP, the second biggest cryptocurrency by market cap.

Facebook is launching their global crypto coin called “Libra”. What’s interesting is they are offering companies to pay $10m to become “validators”. If anything, it renders Ripple useless ?. The first companies to create a LIBRA/BITCOIN exchange will make a killing!

— Charlie Shrem (@CharlieShrem) June 8, 2019

The $FB global stable coin… FaceCoin obviates need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh. This will drive Bitcoin higher, as BTC competes with Gold, not fiat. (Also, crypto ‘payments’ companies likely to wiped out). https://t.co/w38jmtn7RN

— Max Keiser (@maxkeiser) June 7, 2019

As for the stop loss on his giant XRP gamble, Choe says he will likely place a sell order below 28 cents in case his plan backfires.

https://twitter.com/CryptoChoe/status/1139984649176965121

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.