Ripple or XRP, has been on many investors hot list for quite some time now. With the cryptocurrency market being extremely volatile in the past week, and the entire latter half of January, the price of Ripple has been quite interesting as well. The coin was able to pick up in price on Tuesday, January 23rd, during the end of the day. With the coin still being far away from its high the Friday prior of $1.70, it does appear that the price could potentially be looking for new highs.
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Some investors in the cryptocurrency market are concerned that there is a falling level of confidence with the coin that could end up making the price fall down once more. The CEO of a popular crypto related company stated that “With the massive dip we saw last week, it’s likely that investors who were shaken by the volatility – but smart enough not to sell at the bottom – are simply taking their profits while they can, or pulling out while they’re breaking even.”
One of the biggest threats to the market continues to be that of South Korean and Chinese regulation. These countries represent some the largest markets for these types of coins, and continue to be the ones keeping up trends of coin prices. If these markets fall due to the high amount of regulation, it will be difficult for the rest of the world to make up for the demand. After South Korea announced that they would be placing more stringent regulation on the cryptocurrency industry earlier in January, the coin Ripple dropped more than 69%. The hopes are that this type of price action can not fall as heavily on speculative ideals, helping to boost the integrity of the market in the future.