Yes I know that the market has been down lately. We had a few crashes the last few weeks and things don’t look that great. It is quite expected right? Seeing all the bad news that seem to be appearing everyday and those really did hurt the crypto market. And look at BTC taking a huge bashing left and right. As of the time of writing, BTC has dropped to about USD33K. But luckily it did bounce back when it tested the 31K level. Is this actually good news for us. We are very likely not in a bear market at least for these coming few weeks. Hopefully.
But anyways the price of XRP seem rather stagnated to me. It has been very sluggish since the middle of May and has not really recovered. At most the price is moving maybe a bit sideways. Very surprising indeed. I would expect it to recover much faster than most other altcoins as the coin’s use case is getting to increase. Although the story of the US SEC trying to extend a further 2 months for the discovery in its “legal” fight with Ripple did a number of the price, I would think it shouldn’t matter that much. The US SEC and Ripple has been embroiled in this fight for years already. And XRP is one of the oldest altcoins out there, so a mere 2 months should not really do any harm. It has endured the 2018 crypto winter and should have some very strong fundamentals. And their main association is with banks and other financial institutions! Surely we would not expect banks to crash right? Who doesn’t want to transfer money overseas (aka remittance) in a fast, secure and low cost manner? I know I do. For those who are interesting in how Ripple and XRP work, please check out this article from investomania.
And I believe that the SEC case against Ripple does not seem to be strong. Furthermore I think that the SEC and Ripple could settle the case out of the courts fairly soon. And once that happens, the price could rise significantly. Of course this is not financial advise. Please do your own research when doing investing.
As to why the price of XRP is still so low? Well I think it could just be market jitters. Seeing how the market reacted the past few weeks I am sure a lot of retail investors are less bullish than before. Those 3 major crashes also caused a lot of investors to exit the market. Furthermore, the lack of any good news regarding XRP or ripple probably made institutional investors stay away as well. So if both retail and institutional investors are not buying, then the price will stay at these low levels. So investors should not panic too much. I myself don’t think that we will have another “crypto winter” or some doomsday scenario where the crypto markets will not recover. I mean surely there will be periods where the market will be bearish but I feel it would be rather short and it will recover soon enough.