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Reasons behind Ripple’s XRP recent price slump

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Ripple XRP
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The cryptocurrency markets continue to record dismal performances, with the market recording losses of over $8.5 billion US dollars over the last couple of days. Currently, the total virtual currency market cap stands at about $220 billion, a lousy figure compared to the roughly $231 billion US dollars verified a couple of days ago.

The crypto market also lost over $1 billion worth of trading volumes within last two days. Just a couple of days ago, the trading volume was $15.5 billion, but the crypto community is ending today’s trade volumes at $12 billion. There is a correlation between the markets trade volume downward movement with Bitcoin’s price drop. Even after a slight recovery yesterday, Bitcoin is currently trading at $6,461 US dollars.

Ripple (XRP) Price Analysis

For some time now, the prices of Ripple’s XRP have been fetching below one dollar (in fact, the coin is below 50 cents for quite some time now), a price that is far much lower than the digital coin’s all-time high price of $3 US dollars per token. As one of the top five virtual currencies as per market capitalization, Ripple (XRP) is still showing signs of resistance and progress even with the current market price dip.

Many companies and financial institutions are looking into partnering with the digital coin with some already closing exciting agreements. Such moves have managed to make Ripple become one of the top blockchain technologies in the market right now to be adopted and accepted enormously. For instance, Ripple’s xCurrent technology has been incorporated by many financial institutions in their operations around the world.

Over the past 24-hours, Ripple (XRP) prices fell by almost 3 percent (again). At a time like now yesterday, XRP was exchanging at $0.32 after depreciating from its previous price value of $0.37.

Today, Ripple (XRP) has further dropped to $0.33. Alongside the drop in price value, the virtual currency has recorded a fall in trade volume over the past one day. The trading volume yesterday was $360 million but today’s trade volume stands at $325 million.

According to a press release by Rosen Law Firm, a reputable investor law firm, Ripple Labs and its default virtual currency, XRP is under investigation for unusual market behavior. Rosen Law Firm is looking into Ripple’s activities to see whether they violated any federal regulations in regards to the sale of XRP coins. Despite the warnings from Rosen Law Firm, Ripple Labs continues to fight the ongoing market slump by trying to stabilize and avoid any further price depreciation.

Reasons Behind Ripple’s Market Slump

There are no substantial reasons why Ripple is performing the way it is performing. Neutral observers say that it’s going down because of the lawsuits the company has been facing one after another and the fact that XRP is utilized only in one product of Ripple. That mean even if Ripple rises as a company, it will have little effect on XRP price unless the adoption of the Ripple product that uses XRP (xRapid) increases.

Some other crypto observers claim Ripple’s dismal performance, and that of the entire market is highly influenced by the US Securities and Exchange Commission’s move to postpone the decision-making process on whether to incorporate another application to develop a Bitcoin ETF or exchange-traded fund.

This explanation explains Bitcoin’s fall in price and as we all know by now when Bitcoin takes a hit most of the other cryptocurrencies usually tend to follow suit. Today’s correction was nasty, Ripple (XRP) and Ethereum suffered brutally with a majority of other digital tokens recording heavy losses.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pixabay.com

Altcoins

Analyzing The Best-Performing Cryptos

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Over the nebulous first half of this year, some tiny cryptos were able to grow by more than 1000% and reach the desired top 100, while others that were already in the top 50 bastions simply zeroed. What factors led them to perform like this? Luck, external factors or well-made decisions?

First of all, it is important to clarify that it would be unwise to analyze them disregarding the market context (crypto and non-crypto) of the period, so we’re using a holistic approach.
In our timeframe, considering the traditional market cycle of emotions, in contrast to the standard chart below, the euphoria quadrant had a much larger peak and a much shorter duration, starting in the middle of 2017 and ending at the beginning of 2018, while we were stuck in the period of “excitement” since, maybe, 2015. The emotions in red passed in a rush and at the end of July, we were already in deep “despondency”.

Source: https://russellinvestments.com/ca/insights/the-market-cycle-of-emotions

Besides to the fact that the market completed half of the cycle in less than half a year, some very relevant things, besides the usual phenomena expected of an investment market, happened during this period. In addition to the hype the period enjoyed and the fact that bad, inexperienced investors were frantically joining the crypto market, we…

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Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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TRON Partnership Involves Cloud Computing

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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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