Look at the current bear market, there's no denying we're in tough times. When companies like Google ban crypto adverts you know that behind the curtain the mega powers of the world hate crypto right now... Or they appear to.
This is for a multitude of reasons but I believe the two most plausible are:
1. Banks / governments are worried and feel out of the loop. They want greater control, most likely the governments
2. There is huge market manipulation and the whales coordinate media attacks to lower the price, getting the small guys to sell so they can buy up!
IMO #1 is the most likely, but I believe there's a combination of both... Where am I going with this??
Well... This bear market is here to stay!! And XRP is heading to sub $0.20, my guess is lower. Could see as low as 9-16 cents.
Why, what's my rationale?
Look at coin market cap... Bitcoin dominance is growing against the alts. Even alts as fantastic as XRP are losing ground, all alts without except are in this basket NO MATTER HOW GREAT THEY ARE. So before I get roasted I'm an enormous XRP fan, always have been. It's by far my favourite crypto but right now it is overvalued... Yep, I said it. XRP is currently overvalued.
BTC market cap is 130 B, the last time we saw BTC at $7.5k XRP was just 20 cents (~Nov-17) - now it's at 60 cents. Yes, absolutely XRP was way under its intrinsic value at that point in time - I get that. But remember that was in a bull market the likes of which the world has never seen. The Cryptoverse has blown away all other investments for volatility, which is great for investors with a strong constitution!
1. The bear market will continue until regulators globally work out an international strategy. Don't hold your breath. This will take time!!!
2. BTC dominance will end up around 75%+... BTC is one of the few cryptocurrencies all nations 'understand' or at least are most familiar with and they're likely to regulate it first and are more likely to smash all alts before they understand them better
3. Alts like XRP will return to early to mid 2017 prices... Before the bubble. Yes! We were in a bubble!!!
When I first joined this forum in august 2017, I had the same questions as every newbie ( coin supply, banks don’t use XRP, being coupled to BTC etc etc) . But I didn’t pose those questions on the forum. Why not? Because I spent 1 month reading the forum faq’s and history. And all my questions were already answered a 100 times. Thats called educating yourself. Who begins reading a book at page 137 and then asks who the main caracters are?
BTC and XRP have been about a thousandth off from each other for the last couple of days. i.e. BTC $7k, XRP 0.7c. So that would seem to fall in line with the current prices you are positng.. not necessarily BTC tanking and XRP not.