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After significant sell offs in the crypto markets yesterday, altcoins such as XRP and LTC are leading the market today. On the 24HR time frame, XRP is +6.50% , LTC +11.6% and BTC is -2.11%. As we can see from the chart below, XRP has been on a sharp uptrend today, wheres Bitcoin continues to dip and lose some ground. Bitcoin continues to struggle post regulatory news that we have been hearing about all week. Within The last 10 days, the cryptocurrency community has seen some of the largest government feedback yet. This all seemed to start when President Donald Trump shared his thoughts on Bitcoin and Facebook Libra Cryptocurrency. This event fueled the next development which was Treasury Steve Mnuchin coming out and holding a public conference covering their thoughts and concerns. If the community learned anything the last few days, its that regulators are cracking down and want to insure transparency looking forward.
Why Might XRP Be Inching Up?
As Visionary Financial discussed in the article above, the Treasuries public conference the other day was more clarity to us than anything else. Some people in the crypto space saw it as a bearish indicator, but we saw it as more bullish than anything else. All we took from the conference is that in order for cryptocurrency to scale globally, companies will have to insure proper framework to minimize risk and fraud. Many “specialists” in the Cryptocurrency space have argued that Facebook Libra developments would essentially outsource use case within XRP. The community is starting to understand how much of a regulatory nightmare this is going to be for Facebook, who wants to make Crypto accessible to 1.5B+ users.
XRP – One of Only Digital Assets Working With Regulators
The uptrend in XRP could be coming from normalized price action, or there could be a deeper catalyst. People could be realizing that Ripple & XRP have been working with regulators for years. As Visionary Financial mentioned in a previous article regarding XRP, Facebook and Ripple are focusing on 2 different markets for the most part. Facebook wants to introduce retail to crypto and Ripple wants to introduce financial enterprises to XRP. While all this regulatory framework / arguing is going on with Facebook, people are looking at Ripple and may be realizing how far ahead they really are. Not only does the company have pilots and partnerships with 200+ banks, it recently acquired 10% of Money-gram, and the CEO stressed the fact that they are working with regulators and enjoy doing so to create a better financial infrastructure. Time will tell if price action today stems from normalized price action, or from fundamentals much deeper.