Ripple (XRP), like most other cryptocurrencies is having a rough time in the market today, following up on the recent declines that we’ve seen throughout the entire crypto industry. So, what’s the deal? Why is it that XRP is taking a dive? What’s going on in the world of cryptos? What’s next? Today, we’ll do our best to answer those questions.
What’s XRP Trading At Right Now?
As mentioned above, Ripple is having a rough time in the market, as it has been for some time now. Unfortunately, following up on recent declines, XRP is trading at $1.01 per coin after a drastic dive of 23.40%.
What Is Causing The Drop In Ripple
If you look across the board at cryptocurrencies as a whole, you’ll see that XRP isn’t the only one that is taking a dive. In fact, most cryptos are having a hard time in the market at the moment. Nonetheless, there is one bit of news related only to Ripple that can explain some of the drop.
Shortly after the new year, there was a bit of a spat on Twitter between a New York Times reporter and Brad Garlinghouse, CEO of XRP. When this spat happened, it dropped the price of Ripple slightly. However, it wasn’t this that caused the bloodbath. Unfortunately, more bad news was to come, and the news affected the crypto space as a whole.
CoinMarketCap Unexpectedly Removes Some Cryptos
Shortly after the spat between the CEO at Ripple and the New York Times Reporter on Twitter, more news hit that caused pain for XRP and the crypto market as a whole. In the same week, CoinMarketCap unexpectedly removed data from South Korean exchanges from its averages.
This unexpected move led to fear that regulation was going to hit in various areas. Of course, this fear led to a drop in crypto prices across the board, ultimately triggering more selling of XRP and leading to further declines.
Ripple Feels Even More Pain
This week, even more bad news hit for XRP. Earlier this week, reports came out of both China and South Korea. According to these reports, both countries are thinking about further regulatory smackdowns on cryptocurrency mining and exchanges. Considering that these two regions are overwhelmingly important for Ripple, this only exacerbated the declines that we’ve seen on the cryptocurrency as of late.
Russia Delivers Yet Another Blow
Finally, as if the news enough wasn’t enough to cause fear, more concern is coming as a result of comments made through reports about Russia. According to various reports, Russia is considering imposing stricter regulations on the cryptocurrency sector as a whole. In fact, TASS, a Russian news service, reported that Russian President Vladimir Putin said that “regulation will definitely be required in the future,” when speaking to the cryptocurrency market.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on XRP. In particular, we’re interested in following the story surrounding regulation in China, North Korea, and Russia. Nonetheless, there is something positive to watch for. At the end of the day, the centralized nature that separates XRP from other cryptocurrencies could make regulation easier, making it a more stable option in cryptocurrency in the future. In fact, this is why various major banks around the world are backing Ripple. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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