Week over week, Ripple tokens (XRP) prices are down 12 percent but surprisingly up two percent in the last 24 hours. In any case-unless of course we see rejection of XRP lower lows, these attempts of XRP higher highs are but technical short coverings. Check out those dismissive level of market participation which advice this skew. Anyhow, sellers seem to be in charge and bear manifestation would be there should we see breaks below 50 cents.
Let’s have a look at the charts:
From the News
It’s no doubt that we are witnessing a technological revolution. To say there would widespread adoption of cryptocurrencies as Ripple in the short term is but an understatement. According to the US CFTC’s Rostin Behnam, cryptocurrencies are not going “anywhere”. In fact, he believes that every economy across the world will have to get used to them as it will be part and parcel of their respective economy.
Perhaps this is the reason and a forward-thinking approach that several pro-cryptocurrencies and blockchain as Japan and Switzerland have taken. Russia was even planning on creating their own central bank backed cryptocurrency, the cryptoRubble while Venezuela has their own oil backed crypto, the Petro. Will Ripple cope with this regulatory warming view from several countries or will these very institution leverage on their infrastructure to make things easy? Well, time will tell.
In the meantime, some users are beginning to take note of Ethereum’s new proposals that would infinitely scale their network. Yes, while the network is not working miracles and processing thousands of transactions, it’s theoretical 15 TPS is just it: Theoretical. And it is something that Vitalik mentioned a while back during OmiseGo’s AMA session. He said Ethereum’s capacity peaks at 6 TPS but plans of data shards and plasma which is nothing more than an offline solution should be every user scaling panacea.
What everyone is posing is: Would Ethereum’s future ability to handle “Hundreds of Thousands” of transactions per second be a threat to Ripple