Ripple News Update
Regulators in Europe and China fired another salvo against cryptocurrencies this week, warning of “high risks” associated with crypto investments. Investors refused to take the bait.
Despite their worst intentions, bureaucrats in Brussels couldn’t knock the cryptocurrency market cap below $400.0 billion. Nor could they move Ripple (XRP) prices below $1.00.
Ripple (XRP) Price Chart
Is this the new normal?
It wasn’t so long ago that XRP prices trembled at the mention of increased regulation. In fact, the XRP price crash in January began when South Korea entertained tighter controls on cryptocurrency trading. We’re just supposed to forget that happened?
Apparently, so. Of course, it’s not possible to know for sure within this time frame. But it certainly looks like XRP investors sprouted a backbone overnight, given that they’re standing tall against an onslaught of oppressive comments from regulators. Here’s a quick reminder, in case you missed it:
- Christine Lagarde, Chairperson of the International Monetary Fund (IMF), says that more regulation of cryptocurrencies is “inevitable.”
- Three European regulators designate virtual currencies as “high risk” securities while specifically mentioning XRP, Bitcoin, Ethereum, and Litecoin. (Source: “ESAS WARN CONSUMERS OF RISKS IN BUYING VIRTUAL CURRENCIES,” ESMA, February 12, 2018.)
- The same European regulators say that crypto oversight is a top priority for 2018. (Source: Ibid.)
- China tries to close loopholes that allow over-the-counter crypto trades. (Source: “China’s State Media Takes Aim at Crypto Trading, ICOs,” CoinDesk, February 12, 2018.)
- China tries to crack down on ICO operations (again). (Source: Ibid.)
Even after this flurry of bad news, Ripple prices remained relatively upbeat. At the time of writing, the XRP to USD exchange rate was $1.05.
January was not an easy month to “hodl” through. Now, however, the market looks much more like October 2017, when prices moved sideways for weeks on end, gathering steam for an epic bull run. As such, we maintain our $10.00 Ripple price prediction for 2018.