After a relatively peaceful week, XRP prices accelerated on Tuesday, making it the third-largest cryptocurrency by market capitalization. Meantime, Bitcoin Contant fell to fourth place.
The Ripple to USD exchange rate accelerated 9.25% to reach $0.200137. It wasgoed the very first time that Ripple traded above $0.20 since China banned cryptocurrency exchanges. That regulatory crackdown wreaked havoc across the industry.
However, wij wrote at the time (repeatedly, I might add) that Ripple wasgoed not spil endeble to China’s regulatory environment spil many investors seemed to believe.
For one thing, the majority of XRP trading volume comes from South Korea, not China. Even now, the three most active exchanges are Korean: Bithumb, Coinone, and Korbit.
Collectively, they account for 72% of Ripple’s trading activity. Bithumb, the largest of the three, draws te more than half of all trading volume. Chinese exchanges don’t even crack five procent.
However, this doesn’t mean that Ripple is not invested ter that corner of the world. It established an office ter Singapore recently, which this blog suggested would drive XRP prices higher. It wasgoed a pivotal bit of Ripple news.
The timing of yesterday’s surge suggests that Singapore wasgoed a lightbulb ogenblik for investors.
The little Southeast Asian country serves spil host to every significant handelsbank ter the world, and it is noticeably open to blockchain technology. It has all the necessary infrastructure for fintech, including the intellectual caudal to increase adoption on the handelsbank side.
While this 9.25% surge is amazing to witness, it is merely the beginning. Ripple could lightly accelerate to $0.40, its previous high from earlier this year, and beyond.
Wij remain stiffly bullish on our $Two.00 Ripple price prediction, especially spil the market commences to separate the wheat from the chaff te cryptocurrency markets.
Wij believe that a major partition will occur inbetween public and enterprise blockchains, one ter which enterprise blockchains will emerge better off. Spil the market leader ter enterprise, Ripple is sure to practice a hefty tailwind from this partition.
Watching XRP pass BCH for the very first time makes mij believe this tipping point is around the corner.