Ripple Labs Chief Marketing Strategist, Cory Johnson, recently took a bold marketing approach when he compared XRP to oil, comparing his company with Chevron. As from Johnson's tweet October 4th:
"Ripple's relationship with XRP is like Chevron's relationship with oil, we have a lot of it, we believe it's superior technology and we support its many uses – for billions of reasons, but we do not have everything, we do not control it we are. "
XRP as a natural resource?
Johnson's decision to equate XRP with a natural resource could be seen as a cynical attempt to divert attention from the constant clamor of centralization surrounding XRP and Ripple Labs.
There is even a Ripple Lawsuit Tracker that continuously provides updates on the lawsuits of Ripple, which are currently five in total.
Ultimately, the comparison with oil is reduced to many levels, also because the oil produced by Chevron is actually owned by them. The extraction of the natural resource from the land requires initial capital, drilling licenses, land permits and all that a cryptocurrency journalist is unaware of.
It is unclear how this equates to a seemingly "predestined" cryptocurrency of Ripple Labs. Statements like this only serve to turn viewers into skeptics and skeptics into paranoids. To be honest, however, a devoted XRP tried to extend the metaphor:
"To further expand this analogy, the equivalent of where we are now with XRP, would be (somehow) similar to the oil before the cars hit the road.XRP has not yet started flowing through the system yet because all components are still positioned. "
XRP is & # 39; Contrarian Buy & # 39; says Fundstrat
Fundstrat released this intriguing relationship the same day that Johnson's tweet came out, describing a series of differences between the views of institutional investors and those of the twitter crypto-sphere.
The research team conducted surveys with institutional representatives and compared them with surveys conducted on Twitter. Among the many conclusions that can be drawn from the relationship, one is that XRP seems to be the most polarizing cryptocurrency out there. As per report:
"Clearly the crowd does not like XRP, for many known factors (the centralization of XRP, soft links with Ripple, etc.). But given the polarization and the fact that 1/3 of institutions consider it" less understood "- it makes us believe this it could be a contrarian purchase signal. "
While most of Twitter users chose XRP as their favorite cryptocurrency, there they were none that considered XRP their preferred currency by the institutions interviewed:
"On Twitter, 46% chose XRP as their favorite and 31% said they had" no sense. "No other token came in. Even 28% of institutions also said that XRP he made the least sense and zero institutions chose him as their favorite token ".
At the time of writing, XRP continues to bleed slowly after recent peaks. The currency recorded 5% losses on Saturday 6 October – the highest losses in the market capitalization of forty.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.