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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

HODLing Stellar Is A Good Plan For 2019

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HODLing
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HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

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Altcoins

Reasons To Invest In Electroneum In 2019

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Electroneum
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2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

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Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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Bitcoin ETF
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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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