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XRP and Other Cryptos Dive As Their Red-hot Rally Comes to a Sudden Stop

Jamie West by Jamie West
November 28, 2020
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XRP’s, the world’s third-biggest cryptocurrency, value has dropped by 20% on Thursday. This happened at the same time as Ethereum, the second-biggest cryptocurrency, dropped by 13%, and Bitcoin, the biggest, slumped by 13%, reaching its lowest since November 16.

This has happened after bitcoin rallied around 140% this year to reach a three-year high of $19,521 on Wednesday, shy of its all-time high of $19,666. A growth that has been fuelled by the boom in interest of new investors in cryptocurrencies since the pandemic left people on their homes in March of this year.

Since the pandemic started, Cryptocurrency believers enjoyed the soaring price of Bitcoin and other coins. They interpreted it as heralding evidence that mainstream investors are now becoming more convinced by the possibility of profiting from non-government regulated currencies.

This drop may have been caused when more investors started second-guessing the cryptocurrency’s recent surge and profit-taking towards the end of a volatile week.

Bitcoin’s 12-year history has been riddled with big gains and equally large drops. Its volatility has been why the currency’s use for payments has been hampered and made many larger investors more cautious.

“Bitcoin [is] giving us a timely reminder of the two-way risk that comes with volatile cryptocurrencies,” said Craig Erlam, senior market analyst at Oanda.

Analysts said that crypto investors were likely taking profit after Bitcoin neared its all-time high. At the same time, others speculated that this might have been caused by a tweet from Coinbase chief executive Brian Armstrong that triggered the sudden drop.

In his tweet, he said: “Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects.”

The U.S. Treasury Department is yet to issue a reply to a request for comment regarding the matter.

Other analysts and investors cited worries about market players’ surrounding speculation because of tighter U.S. regulation of how individual investors keep their cryptocurrencies. And, Bitcoin has reacted volatilely in the past to these measures by American authorities.

Last month, U.S. prosecutors filed criminal charges on four founders and executives of crypto derivatives exchanges BitMEX for allegedly evading rules designed to stop people from laundering money.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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