$XRP Today let's talk about Ripple. It has been mentioned before that this coin seems to keep pace with every bull market since its issuance in 2013. From $0.0005 in 2017 to now breaking $3, achieving a 6000-fold increase. However, if you think XRP is like BTC or ETH, creating wealth for a certain group of people, then you are mistaken! In terms of business, XRP mainly focuses on cross-border payments and settlements, cooperating with over 300 banks. However, constrained by regulations and various other factors, the actual business revenue in this area can be negligible. To put it directly, XRP did not achieve today’s success through business revenue but rather through controlling chips and pumping the price, completing large-scale cycle arbitrage in each round of bull and bear cycles. Regarding the chips, XRP has a total supply of 100 billion coins, with 63.3 billion currently in circulation and 36.6 billion locked in custody. The so-called custody lock means it belongs to the Ripple company, unlocking at a rate of 1 billion per month. Among the top 20 addresses, Ripple's custody addresses occupy the top 9, each holding 5 billion. If we exclude the chips held by exchanges, retail investors hold very little. According to the actual chip structure, we can see that on the surface, Ripple's holdings account for 41%, and if actual control is considered, it may be even more. XRP has a larger audience abroad, while it is relatively unpopular among the Chinese, which is somewhat similar to TRX. Considering that XRP was one of the earliest coins to imitate BTC's issuance, it adopted a 'company coin' model from the very beginning, designing a highly controlled chip structure, combined with brand effects and aggressive price pumping, making it easy to attract retail investors during each bull market. In conclusion, I personally believe XRP is a typical 'controlled coin' model, not to demean it. In fact, as long as the controllers do not abandon the market, they might really be able to achieve something. Moreover, cross-border payments are also a significant piece of the pie. Therefore, if you want to invest in XRP, I would suggest positioning during the bear market. In the bull market, it’s better to stay away, as tokens with high control will definitely need to release chips during a bull market, and the probability of buying in at that time is very high.