There is something going on in Asia that's artificially pumping Ripple's price upwards. Other than the news last week that a coalition of 61 banks in Japan, organized by SBI Ripple Asia in Tokyo, will launch a new digital payments systems pilot program with Woori Bank and Shinhan Bank of South Korea using the Ripple blockchain network, there seems to be no other known factors that's driving this unexplainable and unexpected price hike.
Is this just a delayed reaction from mainstream crypto lovers?
Another phenomenon is Ether, Litecoin and other crypto's response to bitcoin's major price correction. Historically, smaller cryptos loss about 10% more than bitcoin's but this time around, they are proving to be more resilient especially that this is the biggest drop in bitcoin's price both in value and percentage.
I think this is a good sign that the various cryptocurrencies are beginning to diversify and find their own niches in the blue ocean market. I hope this continues going forward so other cryptos become the safe havens during bitcoin's major correction. Right now, fiat is the only option to temporarily park your cash while waiting for the dip to get back into the game but the risks of keeping your fiat in an exchange are too high.
Looks like it will be another sleepless night tonight to wait for the bottom. It's movie marathon time!