Ripple team looking to the East, market rebound and major lawsuit
The team at Ripple has been looking to the East in an attempt to get their project into use, GTR reports. After a dramatic week, markets rebound slightly on news that regulators are optimistic about relationships with crypto companies. 5 Billion of Ripple's XRP coins are at risk in this major lawsuit against the company.
As a week long selloff sparked frustration on discussion boards, many have been expressing their deep felt disgust that Altcoins are still tied to the price of Bitcoin. Morgan Stanley proclaimed that Bitcoin was acting much like the dot.com bubble in the 1990’s, and have predicted a pop.
Latest News on Ripple, Market Forecast and Price Analysis on March 22th
Ripples price has been grinding down steadily from earlier highs of about $.74, and at one point in early morning trading a candle spiked down to $.58. Trading steadily at around $.65 this morning, the news has not had a major effect on the price of the asset. From the message boards, people seem to feel loading in under $1.00 US is a good place to be, and I would agree with that sentiment. The technology has been making strategic partnerships and continues to progress unabated. It is a matter of time before they deliver to their partners, or they don't.
The team at Ripple has been looking to the East in an attempt to get their project into use, and in a series of moves designed to spread the love of Ripple solutions. The team is signing a bank per week, they say. The president of China, Xi Jinping has made some news recently after he amended the constitution and removed the requirement of term limits, making him one of the worlds most tenured leaders. Perhaps now that his political maneuvering is done he will turn his focus to more economic matters.
Other world leaders met at the G20 summit, and after a dramatic week, markets rebounded slightly on news that regulators are optimistic about relationships with crypto companies. Some countries have expressed the desire to have recommendations for regulating crypto as soon as July, while Brazil’s Ilan Goldfajn (Central Bank) has stated crypto will not be regulated in his country.
The G20 said they will apply the rules of the already existing Financial Action Task Force and continue to monitor crypto assets for terrorism funding and money laundering. Ripples cross border payment solution is at once useful and secure, and the team is willing to work with government institutions. As elections end in Russia and China this week, I am expecting more from those countries in the way of long term fiscal policy that may have an affect on the price of Crypto - assets.
Dispute around 5 Billion of Ripple's XRP and lawsuit with R3
5 Billion of Ripple's XRP coins are at risk in a lawsuit with R3, after a judge in San Francisco has denied Ripples appeal. R3 originally entered into an agreement to purchase the tokens at an agreed upon price, but Ripple says they misrepresented their abilities to deliver key relationships with big banks. Ripple says that R3 breached the contract and the tokens should not be sold at a reduced price. The dispute now heads to court in New York.
Morgan Stanley came out and said Bitcoin was acting just like the much like the dot.com bubble, which may cause a pullback from some investors, and although many have been calling Bitcoin and crypto in general a bubble in recent weeks, Japan has taken a much more serious approach. Today they told Binance, one of the worlds largest and fastest growing Crypto exchanges to stop operating in Japan without a license. The BTC price seems to have turned on the news, reversing its trend since early morning highs of 9177. We will continue to watch these developments carefully.
Altcoins prices are still tied to the price of Bitcoin
Finally, many have been expressing their disgust that many Altcoins are tied to the price of Bitcoin. The frustration I believe stems from the fact that many of the Altcoins that have come after Bitcoin have much, much more in the way of actual use than does their predecessors. Although Bitcoin has the advantage of being first mover, it really is just a store of value, and a proof of concept.
As other blockchain technologies come to the forefront and show off their special abilities, I expect Bitcoin to continue to shed Market Cap. Especially on news that child pornography has somehow become embedded in the blockchain. This market is very volatile on news, and so I have no reason to believe the volatility will stop.
As always, Trade safe!
- GTR - http://www.gtreview.com/news/asia/ripple-very-confident-of-entering-chinese-market-this-year/
- Lawsuit - https://ibsintelligence.com/ibs-journal/ibs-news/new-york-court-to-have-final-decision-over-ripple-r3-dispute-after-ripples-appealing-gets-denied/
- Morgan Stanley - https://www.express.co.uk/finance/city/934214/Bitcoin-price-shock-cryptocurrency-value-crash-warning-latest-BTC-to-USD-market-prediction