The weekend trading saw the XRP fall below $ 0.30 for the first time in 2018 and at its lowest point since it arrived in mid-December 2017. So, the XRP is in serious trouble or not?
Saturday saw Ripple (XRP – the crypto) hit a new low point, from a price point of view, for 2018 when it fell below 30c. It ended another week of trouble for a currency that, during the highs at the beginning of January, was worth eleven times that amount.
That calamitous decline is, we grant, reflecting on a market that has struggled for the vast majority of 2018. However, the performance of the industry leader and the general climatic performance of the encrypted market, Bitcoin, have been largely flat – in reality, slightly increasing – in the last month (after a significant increase in prices at the beginning of August). In contrast, XRP lost more than a quarter of its value in that period – having had a value of $ 0.51 in that period.
As you can see, for most of the middle of the end of July, the price of XRP has fluctuated around the value of $ 0.45, but August saw an almost incessant drop of the point lower on Saturday. The sharp decline occurred on 7 August while the rest of the market suffered from it.
Much of the problem with XRP during 2018 at that time was reduced to its legal situation, which saw it being the subject of an ongoing discussion – inside and outside the US courts – regarding the his relationship with Ripple, the company that created it.
We have explained many times, how this relationship caused problems – and constantly "joked" about "Ripple (the company)" and "Ripple (XRP – the crypto)", but a & # 39; other time it will not hurt. Essentially, Ripple (the company) has withdrawn from Ripple's control (cryptography), while retaining a huge amount of pre-extracted currency that it distributes for payment and projects as it sees fit. This is not enough, in the eyes of some, to avoid accusations of manipulation.
This controversial agreement recently saw him in court, accused by investors of what amounts to fraud on securities. However, during the weekend, an important milestone was reached in that case, when it was decided that the case should have been heard in the federal court – as requested by Ripple – rather than in the California state courts.
While the decision was a victory for Ripple, it is not tantamount to the "thrown away" legal action as some outlets have reported. It simply means that the process degenerates into a much larger stage. There he will sit next to two other live cases that Ripple is facing. However, this means that any decision at federal level would become a precedent in the United States. Through his actions to push for the federal courts, it seems obvious that the giant crypt is sure of success.
"Ripple wanted this in the federal court and plaintiff wanted him to stay in California, Ripple's lawyers know what they're doing, if Ripple wins in a federal court, it becomes federal law, which is a big advantage for the team Ripple. "
Positive news! Https: //t.co/j6ve3drNq3
– buckor (@bigbuckor) 12 August 2018
The news is not quite the 100% positive result some would like to launch it as – Ripple has even more federal court cases to win, after all. And, however, another non-bad news for the company and the crypt.
Comes after last week broke the announcement of the XRP on the Seattle Stock Exchange, Bittrex, which was a big thumb from a US concern – after a long history of trade avoiding Ripple due of regulatory concerns.
Then there was also this, from Weiss's evaluations – suggesting that the XRP should serve as a base currency in a cryptographic exchange, something that would significantly increase usage.
We believe that #XRP is the fastest digital resource for transferring funds between exchanges. It only makes sense for #Binance to use it as a basis #currency – why should you go through an intermediary currency to exchange? #crypto #btc #altcoins
– Weiss Ratings (@WeissRatings) 10 August 2018
It seems essentially that Ripple's impulse to differentiate itself from XRP is starting to work – as it should. However, while the success of Ripple (the company) seems assured, with the broader adoption of its xCurrent structure and other services, the success of XRP is all but certain, and until they are solved outstanding legal problems, they will probably remain so.
These new lows, therefore, are indicative of two things: both a market fighting a strong headwind at the moment, and a cryptocurrency that has had a harder year than many. Many, however, would argue that this is a trouble in the misfortune that the parent of XRP has bought on it.