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Recent price drops explained (partially) in personal view


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I am actually beginning to understand all the price drops.

a. no commercial usage

b. XRP not being going to be used by banks myth ( corrected the word)

c. Chinese money are not coming in (and Koreans losing faith)

 

You have probably seen these two reasons quite often by trolls FUDs, etc., but here's one that I have found so far and it is quite funny. 

 

 

 

d. Thanks to fast transaction speed of XRP, people are sending in XRP to buy NEO, OMG, etc. 

 

I don't know if I should be laughing or angry because in one perspective, ppl. are well aware that XRP is fast, unmatchable to other coins like BTC and ETH.

LIke I have mentioned in several other posts, we, Koreans, have only 6-8 coins to trade in domestic exchange markets.

What we must do to purchase these NEO, OMG, etc. is to:

 

1. buy XRP from Korea and then send it to Poloniex, Bittrex, or w/e

2. sell them for BTC

3. Buy OMG, NEO, and all the other pumped alts.

 

Do you see how all these puzzles are coming together?

This just stung me today.

 

This explains the mad XRP / BTC drops in Poloniex all of sudden, and decrease in XRP / KRW volume.

So, the downside is, XRP / BTC will keep going down unless price surge for NEO and OMG stops and Koreans or any other countries buy back XRP so that they can send

their money back to their domestic exchanges. 

 

 

It's just a personal speculation of mine, and I would like to say that ppl. shouldn't be worried as much as they should be.

Yes, we will keep seeing the price drops, even until end of the month, or even until new announcements are made in mid Sept., but it will rise again. 

Edited by Jasombre
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10 hours ago, Eric123 said:

@Jasombre if anything it would drive the price for XRP higher on Korean exchanges.

That's the fun part, ppl. sell their XRPs whenever there's a huge price gap between Poloniex (USD) and Korean exchanges (KRW).

Whenever KRW price surges to cost +2-5% higher than Poloniex: ppl. with XRPs begins to sell them.

 

Do you know why?

 

Since we experienced HUGE crypto bubble in May.

BTC hit 4.8M KRW which is 4100 USD (current price in USD).

XRP even hit I don't know 500 KRW? or something.

 

My point is, ppl. in Korea balances the prices by selling them because they are too scared of price gaps.

and also these Koreans are sending XRPs (since they can't send USD due to remittance prices, duh -> isn't this funny?), to Poloniex, Bittrex and selling them for XRP/BTC.

So maybe this really is the last timing to buy?

Edited by Jasombre
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3 minutes ago, Eric123 said:

@Jasombre Why would the buy high on korean exchange and sell low on Poloniex??  Obviously there something I'm not getting.

No maybe I'm just not explaining them correctly.

a. ppl. buy XRP when there are no price gaps btwn. KOR (I'll use short terms for Korean exchanges) vs. Polo

b. They send their XRP to Polo and Bittrex and sell them for XRP / BTC so that they can buy NEO, and w/e

c. So due to sudden price drops, price gap between Polo and KOR increases.

d. KOR starts selling XRP because they are afraid of the bubble

 

Get it?? Ppl. in KOR are using XRP due to 1. low remittance fees and 2. fast transactions => all that is about XRP.

So ppl. are actually making commercial usage of XRP LOL, but they just don't realize it because they are too busy buying pumped coins. 

 

Edited by Jasombre
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39 minutes ago, Nedkt said:

What banks are actively using it for day to day activity per the use-case? Please cite your sources.

Fresh news ;) 
 

“It’s been very successful; we have very positive feedback from staff members who have used it.” They liked the certainty of when the payment would arrive, which they said was superior to the experience with SWIFT for international payments.

“Ripple gives certainty as to when the money would arrive and how much would arrive. If you want 100 euros to arrive, you want to make sure you send exactly the right amount of money to cover any fees taken,  and with SWIFT that is sometimes challenging.”



https://www.forbes.com/sites/tomgroenfeldt/2017/08/16/ripple-uses-blockchain-to-move-money-faster-than-a-flying-courier/#10c660463f3a

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5 hours ago, Fenix said:

Fresh news ;) 
 

“It’s been very successful; we have very positive feedback from staff members who have used it.” They liked the certainty of when the payment would arrive, which they said was superior to the experience with SWIFT for international payments.

“Ripple gives certainty as to when the money would arrive and how much would arrive. If you want 100 euros to arrive, you want to make sure you send exactly the right amount of money to cover any fees taken,  and with SWIFT that is sometimes challenging.”



https://www.forbes.com/sites/tomgroenfeldt/2017/08/16/ripple-uses-blockchain-to-move-money-faster-than-a-flying-courier/#10c660463f3a

No. Ripple staff giving positive feedback about XRP or the Ripple network is not a bank using it day to day per the stated use-case for the currency. Do you have any banks who have adopted XRP?

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3 minutes ago, Nedkt said:

No. Ripple staff giving positive feedback about XRP or the Ripple network is not a bank using it day to day per the stated use-case for the currency. Do you have any banks who have adopted XRP?

That really wasn't the main point of my topic, but what the hay? I searched the XRP chat for you.

I hope you enjoy reading.

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51 minutes ago, Jasombre said:

That really wasn't the main point of my topic, but what the hay? I searched the XRP chat for you.

I hope you enjoy reading.

No, that's NOT what I am saying. What bank is using it now in day to day?

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47 minutes ago, Jasombre said:

Like I said, that is not the main topic of my post.

So, GO FIND IT OUT YOURSELF because I DO NOT KNOW

That's my point. There are none. There are only two things that will swing the price in any significant fashion. The news of a bank adopting XRP for day to day (i.e. not "evaluating") or a whale pumping. That's it right now. Everything else is priced in.

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2 minutes ago, Nedkt said:

That's my point. There are none. There are only two things that will swing the price in any significant fashion. The news of a bank adopting XRP for day to day (i.e. not "evaluating") or a whale pumping. That's it right now. Everything else is priced in.

I started this post to evaluate why there is a sudden drop of 'XRP / BTC' in Poloniex all of sudden when XRP trading was happening mainly in Korea only.

Swinging the price in any significant fashion... Yes, the news of a bank adopting the XRP for day-to-day trading will increase the price of XRP, but that doesn't explain the

current price drops now would it?

Or am I missing something from your quotes?

 

Edited by Jasombre
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