The Ripple quotation has returned below $ 1, recording losses even higher than those of Bitcoin and Ethereum. What prospects now?
The quotation of Ripple has collapsed until it slipped back below $ 1, according to the data reported by Coinbase.The steep descent of the cryptocurrency did not jar with respect to the performance of the rest of the sector, yesterday in the grip of an evident and generalized weakness. All the main players on the market have collapsed, with Bitcoin returning to $ 11,000 and the Ethereum which has lost more than 16%, slipping to $ 1,000.
To record the worst reds, however, was the quotation of Ripple, which has gone so far as to lose 46% of its value within a few hours.
Fear and speculation.
The collapse of the sector was determined by the tightness announced by China and South Korea, ready to impose more stringent ban, limitations and rules on cryptocurrency trading.
In the case of the XRP / USD exchange rate, however, the losses were even more evident. For Marouane Garcon, managing director of Amulet, the Ripple quotation has collapsed so clearly because the rally of the cryptocurrency has so far been determined by a mere speculation activity.
“If you turn on the TV you can not help but hear about XRP and its CEO. First there was the phase of large purchases, determined by the eagerly quoted on Coinbase. Once the platform has announced its intention not to introduce new cryptocurrencies, the retracement has begun. Now they are all continuing to take profit “,
The same opinion was also given by Milan Koch, managing partner of Alphablock, according to which Ripple’s quotation was overvalued and it was precisely the speculation behind the cryptocurrency that determined the collapse so evident.
As often happens, in short, even on XRP / USD experts appear today divided. On the one hand there are those who believe that the price will continue to rise due to growing international legitimacy. On the other hand, however, there is a part of experts increasingly alarmed by the continuous setbacks of the cryptocurrent market, which no longer have so much confidence in the predicted rallies of digital currencies.
At the time of writing the Ripple quotation travels with a fall of about 24 percentage points and trades on a share of 1.21 dollars. To date it is still the third cryptocurrency by market capitalization, preceded only by Bitcoin and Ethereum.