After a relatively quiet week, XRP prices accelerated on Tuesday, becoming the third largest cryptographic currency by market capitalization. Meanwhile, Bitcoin Cash climbed to fourth place.
The acceleration at the USD exchange rate accelerated 9.25% to reach $ 0.200137. It was the first time Ripple traded more than $ 0.20 while China banned crypto-exchange trading. This regulatory slowdown has caused chaos in the industry.
However, we wrote at that time (again and again, I might add) that Ripple was not as prone to China's regulatory environment as many investors seemed to believe.
On the one hand, most of the commercial volume of the XRP comes from South Korea, not from China. Already, the three most active exchanges are Korean: Bithumb, Coinone and Korbit.
Together they account for 72% of Ripple's business. Bithumb, the oldest of the three, attracts more than half the commercial volume. Chinese commerce does not even break five percent.
That does not mean Ripple does not invest in this part of the world. Recently there has been an office in Singapore, which suggested this blog, XRP would lead to higher prices. It was a crucial part of Ripple News.
The timing of yesterday's threshold suggests that Singapore was a key moment for investors.
The small Southeast Asian country serves as the host to any major bank in the world, and is visibly open to block technology. It has all the necessary infrastructure for Fintech, including intellectual capital, to increase acceptance in the banking sector.
Analyst Taking:
We remain strongly optimistic in our $ 2.00 Ripple price forecast, especially as the market begins to separate the wheat from the chaff in the crypto-currency markets.
We believe that there will be a large partition between the public and corporate block chains, in which the corporate block chains will fail. As the market leader in the business, Ripple is sure to have a violent wind from this score.
When you see the XRP pass BCH for the first time, I think this turning point is just around the corner.