The price of Ripple (XRP) which is the third largest cryptocurrency by its market cap, recently fell to a new low this year. As of Wednesday, Ripple dropped to $0.35 which is seven cents from the previous yearly low of $0.42 in July.
The current price of Ripple stands at its lowest level since December 12th, 2017 – and is far from its all-time-highs of $3 amid a bull run on the crypto market. Right now, XRP is down 89.2% from the highest price over a period of eight months.
What drives this trend is bad press for Ripple. The startup associated with XRP has been getting a lot of bad press and investor lawsuits stemming from the coin’s price decline. Right now, the price of XRP continues the downward trajectory and is down by 11.76% over a 24 hour period, according to data by CoinMarketCap.
Still, XRP is not the only cryptocurrency that dropped to its lowest point this year. It declined 8.78% from its previous yearly low of $72.65 which make it one of the biggest losers on the day.
The other altcoins followed with a sluggish performance. Ethereum and EOS are both down, 6.89% and 7.96% accordingly and are showing no signs of bullish revival. Bitcoin, on the other hand, has regained its momentum but its still in a position where it is mostly affected by the low market volume.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’
‘’But this, of course, is not a reason to bury cryptocurrencies. There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena. The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake. The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated. Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.
Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
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