The XRP quotation has returned below the one dollar mark in what turned out to be the last major sell-off phase on the market.
All the cryptocurrencies in circulation have collapsed in the last hours, up to record double percentage losses. For example, the price of Bitcoin has slipped to $ 8,000.
Several elements that, once again, are ditching the Ripple listing. Among the most reliable motivations are those inherent to the international regulatory authorities.
What is happening to the market?
Today the losses of XRP / USD have even exceeded 30 percentage points, while the market capitalization of XRP has slipped to 31 billion dollars.
The entire sector has fallen apart, as well as the Ripple quotation. First of all the investigations against Tether and Bitfinex, accused of artificially inflating the price of Bitcoin.
However, the latest news coming from Japan was one of the biggest problem for the market. The financial regulators ordered to every exchanges to send a detailed report on their risk management system. All this following a massive half-billion-dollar hacker attack on Coincheck.
Of course, the news about the tightening of international regulators are not helping Ripple’s listing. Among the latest statements, the Indian finance minister, Arun Jaitley, promised a real repression of the use of digital coins for illegal purposes.
“The government does not consider cryptocurrencies as legal tender and will take all necessary measures to prevent the use of these digital assets in the financing of illegitimate activities”, the minister said.
A momentary phase
Despite the current selling situation, many still believe in the immense potential of the XRP cryptocurrency. It has already been defined as the favorite of the banks, which have begun to approach it with the aim of exploiting the potential of its blockchain.
Several financial institutions are already working with Ripple, while numerous banks from Hong Kong to England are currently planning to enter the industry.
This, for the experts, will only provide the cryptocurrency with the legitimation necessary to break away from its competitors: if everything goes as planned, Ripple’s price will recover and continue to gain ground even when the rest of the market will suffer.
At the time of writing XRP / USD trades with a minus 31.50% at 0,73 dollars.