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Reasons behind Ripple’s XRP recent price slump

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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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