Ripple price news: Why is XRP going down today? Ripple plunges $6BILLION in 24 hours (Courtesy of THE EXPRESS)
By JOE TAMBINI
Ripple executives blamed the sudden drop on cryptocurrency tracker CoinMarketCap’s decision to remove data from South Korean exchanges from its calculations.
Why is Ripple going down?
Ripple’s most recent dip could be down to confusion over whether the South Korean government plans to ban the trading of cryptocurrencies.
On Thursday, Justice Minister Park Sang-ki sent shockwaves through the market when he announced: “There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.”
The Korean government has since distanced itself from the comments, saying: “All government ministries agree on the need for a government response to an overheating in cryptocurrency speculation and for a degree of regulation.
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Absolutely, Ripple is the premiere shitcoin at the comment. Unfortunately many newcomers to the cryptospace are allured by coins with extremely low nominal values (like Ripple) and invest thinking "cheaper" coins have the most upside potential.
Moreover, they read a sentence that Ripple is being used by banks and see this as a sign that XRP will be adopted to transact between banks. Absolutely not. While Ripple's blockchain tech is good, XRP by no means needs to be utilized by financial institutions.
Great, great analogy my friend Thanks for your excellent analysis!.
I wish I had your vote also :(
Ripple's the Darth Vader of the crypto universe
lol, Good one!
That's pretty cool to know thanks for the tips by the way :)
resteemed..
Thank you so much
Yup, everyone that I know that isn't extremely into Crypto somehow knows about only Ripple and Bitcoin. People thought the whole idea of banks backing it would automatically make it a good coin, when that is not the case.
@orangesphere's comment is spot on too.
I learned my lesson the hard way with ripple.
Finally someone who sees ripple beyond its 36 000% rise in 2017!
I 100% agree with you, in fact I wrote an article saying how ripple (XRP) is going down soon...
https://steemit.com/cryptocurrency/@adamo26/the-truth-about-ripple-xrp
I'm now following you as well.I read and UPVOTED your post. You should do the same @adamo26.
Already did!
very helpful. thanks @melip ata the information. before I did not know about this.
Ripple is op! Cant get my head around why everyone wants in!
Newbies lol.
Look at the market cap of Ripple, It lost quarter of market cap within a week. Very good article.
It lost 6 billion in 24 hours. That's savage