Could there be a better time to review Ripple news than a moment of collapse? So we think it’s time to sort out the situation and understand where the train will go. Let’s go through the cryptocurrency market in search of answers to the question of what to expect from the Ripple price.
Good old Bitcoin influence
By a good tradition, we will start our story about Ripple with Bitcoin. The price of the main cryptocurrency arranged a free fall festival, taking along the entire market. In a matter of hours, Bitcoin flew more than $1,000 down and landed in the area of $7,800. This is a loss of about 15% of the cost. The entire market reacted similarly. XRP has lost about 15% too and dropped from $0.24 to $0.205.
Was there a good reason for such price action? No, fundamental indicators generally spoke in favor of growth, or a minimum pullback of 200-300 points. But not 1200-1300! What do we have in the end? The whole market dipped, the Ripple price is about to hit $0.20. Let’s look at the reasons?
The World economy has gone mad!
No good Ripple news would be able to keep XRP from falling, because the world was taken by madness! The price of oil has approached its lowest levels over the past 4 years. Black gold has fallen in price by 30%! This result is due to the actions of Saudi Arabia, which declared a price war for Russia to exit OPEC +. If the confrontation continues, we can see $20 per barrel of oil.
The classic financial market begins to crumble from such fluctuations. Indices are flying down, traders are rushing into defensive assets in a panic. Whoever says anything, but Bitcoin is still far from the concept of “safe haven” and experienced players understand this, so they choose gold. Alas, not a single cryptocurrency, including XRP, can be called a stable asset.
The coronavirus also does not sleep and has its effect on the Ripple price. The disease effectively slows down the global economy, quarantining enterprises and spreading panic in the media. All these factors influence Ripple’s price. You would like to ask if there is something positive, maybe some good Ripple news? There were few.
Good Ripple news
The positive Ripple news is a huge transaction in the network and a new record of liquidity!
Despite the price reduction, the Ripple network lives an active life! A special bot recorded the movement of more than 170 million XRP. Can it be called a positive XRP news, and most importantly how much it can affect the Ripple price, is a moot point. But such results are definitely not bad.
The second Ripple news seems more encouraging. XRP gains more liquidity. Several bots detected new records in this indicator. The first ATH was set in the Philippines corridor, which works via the Coins.ph exchange. Now it’s 7,451,863. Another ATH was recorded for BTC Markets XRP/AUD pair. The current ATH amounts to 6,338,609.
You can say that this is mediocre news and we will agree with you. For more than a week, there was no powerful XRP news, but it was definitely worth understanding the current situation.
The last chance for XRP?
The only chance for a rise in the Ripple price now seems to be the growth of the crypto market. Only if Bitcoin succeeds in breaking free from the clutches of bears and the chaos of the coronavirus we can expect growth. Positive Ripple news will not return the price to previous levels. We are waiting for the correct price action!