We start this week with some underlying positivity in the wake of what has been a very disappointing weekend.
At the end of last week, we saw the cryptocurrency markets drop as a result of a few big events which occurred within the crypto-sphere. Namely the raid of UPbit, a South Korean cryptocurrency exchange accused of fraud, and, yet more significant movements from Mt. Gox wallets onto standard cryptocurrency exchanges. A combination of these two events, plus a few other little headlines, saw the market’s plunge.
As it stands, few currencies are yet to show signs of any imminent recovery.
Ripple XRP has taken quite a hit as a result of this. Last week, we did see Ripple on a slow decline, possibly as a result of the pending court case against the currency in which a disgruntled investor has filed a complaint against Ripple Labs, on the premise that he believes XRP is a security. See our coverage of this story, here- https://cryptodaily.co.uk/2018/05/lawsuit-start-things-come-ripple/
Through the start of last week, we saw XRP drop from $0.91, down to $0.81 as the discussion around the law suit heated up. This is significant as prior to this point, XRP had been testing $1.00 on a regular basis, peaking above $0.90 became a regular occurrence, leading many investors to believe that finally, we could see $1.00 this month.
As the week continued and as news spread, XRP stooped to $0.77, before Friday’s climate took hold, dragging XRP down to $0.65 by Saturday. Since this trough, we have seen some improvements in XRP’s value and movements suggesting that finally, Ripple may see a recovery here. Will we see $0.90 any time soon? We’ll have to wait and see before we can start to consider that.
At the time of writing, Ripple XRP is valued at $0.72 and is up 4.36%. As the value of XRP begins to climb, we can see signs that we could see figures of around $0.75 today, should this be the case, hopefully XRP will tip $0.80 midweek.
Due to the current state of the markets, we can’t assume that XRP will surge up again any time soon. Also, the looming pressure surrounding the court case and of course Ripples own controversy means that really, progression of XRP may be hampered for some time.
Eventually of course, we will see XRP move back up towards $1.00, many experts do expect to see XRP return to $3.00 this year, so at least for now, we have this optimism to hang on to.
Otherwise, let’s continue to monitor XRP, any progression right now is vital, if indeed XRP wants to see figures past $1.00 over the coming months.