Baxia Markets
May 21, 2021

Ripple, Boom Or Bust?

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Will Ripple continue to go down? The great attack toward cryptos still rumbles on. Let’s take a look back at what happened. First, Elon Musk tweet “Indeed” triggers a series of discussions. “Is he going to sell Bitcoin?”, “Should I sell my cryptos?”. Many different discussions were floating around. The general panic defeated most of the traders. Even though Elon Musk explained on Twitter that he has not sold any of his bitcoin, the downward trend still has not reversed.


Furthermore, China has banned crypto trading. "Prices of cryptocurrency have skyrocketed and plummeted recently, and speculative trading has bounced back. This seriously harms the safety of people's property and disturbs normal economic and financial orders," said the statement from regulators supervised by the People's Bank of China and the China Insurance and Banking Commission. 


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Now, more and more countries are considering the regulation of cryptocurrencies. Also, in the US we are seeing many conversations revolving around taxing cryptocurrencies. Ripple is no doubt a cryptocurrency, however, it’s not based on Bitcoin technology. Instead, it aims to improve the speed of financial transactions, focusing specifically on international banking transactions. “Ripple, the underlying company, is still embroiled in a fierce SEC lawsuit. The case, set to resume at the end of the week, is looking like it will end in favor of Ripple.” says the INVESTOR PLACE, however, it is obvious that the price is related to Bitcoin. Why not just calm down and wait for the governments to finally decide on their opinion towards cryptos.


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