Ripple is in a strong adjustment, something usual after reaching a new historical maximum value
Ripple is falling sharply in value, at the moment, fueled by the fall of Bitcoin, but it is common for it to lose much of its value, days after having hit all-time high.
Today may not be the best day to conduct an analysis of Ripple, just when it is suffering a strong adjustment of the valuation of Bitcoin, which is dragging the market, after it became known, that China could outlaw mining farms, exchange houses and small P2P transactions within the country. The truth is that it is possibly the ideal day for this, because XRP has a rather curious characteristic and that is that it is predictable.
Focusing on the last month, we see that this cryptocurrency has reached an all-time high of more than $ 3.7 (1), especially powered by South Korea. After this point we have seen movement between 2.6-3.5 $ and then the exclusion in CoinMarketCap (2) occurred, which caused the fall in value of XRP and since then it continues to fall in value, except when it was announced that MoneyGram (3) would start to work on the sending of capital through the blockchain of this cryptocurrency. This allowed a momentary rise and from that point it registers a fall, up to today's point, which is at $ 1.45 (4), with a loss in value of 22% and 11.800 BTC satoshi, falling 12%.
We are not facing an anomalous situation within Ripple and it is that this cryptocurrency, being an unmineable token, when it touches a maximum value, its value usually collapses between 50-75%. A few months ago XRP was much lower in value and for a few days it rose to $ 0.5-0.6 and then fell to $ 0.2-0.25, losing much of its value. This effect is usually common and is that when the value of this cryptocurrency becomes very out of control, a large package of cryptocurrencies is usually injected into the market, which allows the value to be readjusted, so that it does not skyrocket excessively.
Taking into account that MasterCard and MoneyGram have begun to work on the implementation of the XRP blockchain for cross-border payments and transfers of capital, thanks to the fact that the operations are validated in seconds and the commissions are minimal, it makes it a perfect cryptocurrency for banking ( which is the purpose of it). The second half of December, banks from South Korea and Japan, launched an internal test network, under xRapid, Banco Santander in its subsidiary in the United Kingdom is experimenting in this network and there are many banks behind that invest in the blockchain of this cryptocurrency.
If we are not facing the cryptocurrency with a more solid structure in the market and with more support, the thing is there. This consolidation in a market so reluctant to cryptocurrencies, such as banking, makes it one of the most solid in the market, in addition, this year is shown as a great year for this cryptocurrency, which could reach $ 50 of assessment. We'll see how the year goes, but it doesn't hurt to have a handful of Ripple saved.
50 dollars of valuation? Hopefully you're right but I don't see how it would be possible. The MarketCap would have to be crazy to get to 50, not possible in a long time. When the Ripple was at almost 4 dollars, the MarketCap was almost half that of bitcoin, and we have seen that the market cap of ripple always, but always, goes hand in hand with its price, now it fell to 1 and something and the market cap decreased the same percentage. To get to 50 dollars, you would have to put in about 25 times the money that is in bitcoin, which will not happen in the near future
According to the article, everything was predictable, they should have published it before then, so we would know when to enter the downturn 🙂
Any estimate on its minimum value? Now it is at € 0.8 (with a loss of more than 40%) and it is not clear to me where the limit is.
I have not sold because I trust that it will recover value (at least up to € 1.6 yesterday) but each time the fall is greater.
Bitcoin falls and drags all cryptocurrencies. February should be the month when the market reactivates and everything starts to go up. It is normal for the market to fall today, since it is the Chinese New Year and at this time, every year there is a strong fall. Nothing new under the sun.
It is an accumulated loss of more than 50% in less than two days, a bit excessive to obey only the new year, right?
South Korea and Japan are very important in the cryptocurrency market, there is talk of 30% -50% of the market.
Since the end of 2017, the president of South Korea said that he was going to block all exchanges so that he could prohibit their purchase, so since the end of December the price began to fall. Days later on the Korean president's page, a citizen launched a petition in which he asks the government not to take away his dreams of buying a house with the money he can earn by investing in cryptocurrencies. If a petition reaches 200,000 signatures the government must respond, at this time the signatures exceed 218,000 and the government will soon give a response. If the government does not block the purchase of cryptocurrencies, the market will recover. That is why informed people keep their money out of the market until they wait for resolution and uninformed people also leave it out, but out of fear, others just keep (HODL)
The President of South Korea has not said any of that, at any time. It was the Minister of Justice and it has already been said that nothing is illegal. More controls yes, but nothing more.