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Is Ripple really dying?
Ripple this amazing project that jumped so fast in the top 3 of all cryptos is going through a lot these days. Ripple had a really harsh bearish movement in the markets, but saying that it is dying I think it's a bit too much. Putting aside a lot of people which are saying that Ripple is about to go down for good there are even memes being made about it! B
What happened to Ripple lately?
- Free Spark Token
- Co-founder of Ripple Jed McCaleb sold 30 Million of Ripples
- Ripple got sued by SEC
- A few exchanges stopped support of XRP trading
Let's talk about each of them shortly:
1. Spark Token
The free Spark Token was promised to all of the Ripple Holders and it was said that they'll be giving for free the exact same amount of Spark. This was supposed in a way to raise the demand of Ripple which in theory would mean XRP = Higher Price...but ever since that got announced price of XRP took a steep road.
2. Why did Co-Founder Jed McCaleb sell 30 Million of Ripples?
Well, there are not much of information about why he sold it, but the day he sold his chunk of coins XRP already fell about 6%. But Xrp kept falling after that...The question is did he know what is going to happen to Ripple?
3. Ripple got sued by SEC
To make it simple they got sued because they kept a huge amount of XRP unregistered. SEC filed a $1.3 Billion lawsuit, this damaged XRPs reputation a lot and not just it's reputation but also, well it's price.
4. Exchanges stopping XRPs support
This seemed like the last kick that K.O-ed XRP. Beaxy, Bitstamp, OSL, CrossTower and recently Coinbase said that they are halting XRPs trade.
What do the charts look like?
Well, I actually need to warn you about graphic content, what you are about to see is very painful.
XRP today dropped again for more than 24%! Right now it's under the strong weekly support 0.217. It had a reaction after it touched the Monthly Support area at 0.170, but in my opinion Ripple is about to drop further down. Ripple with this momentum risks to drop further down to the 0.115 and if things don't change for it's good, it risks to even lower and I really hate to say it but it risks to go at the all time low!
What do you think about Ripple? Do you think it is dead? Let me know in the comment section below.
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