What’s causing Ripple (XRP), Stellar (XLM), and NEO to drop?
Ripple is currently selling for $0.751391, which puts the coin down 4.10% in the past 24 hours.
XRP dipped several hours ago, and from here it looks like Ripple may dip further.
Yesterday, it was announced that Ripple would be going to New York court against R3, a consortium of over 70 companies focused on blockchain technology in the financial world. Late last year, R3 sued Ripple, claiming that Ripple violated a previous purchase agreement for XRP. Although Ripple filed a counterclaim, this appeal has just been denied by the California state court.
This means that the fate of the lawsuit now rests solely in the New York court’s hands. Ripple has claimed that bringing the case to New York will cause Ripple “irreparable injury.”
Could this decline be the start of that injury?
Stellar is currently selling for $0.273712, which puts the coin down 4.71% in the past 24 hours.
Stellar was growing, but then the coin dropped off suddenly around the same time as Ripple did.
Interestingly, Stellar released some good news recently, and yet it still doesn’t seem to have been enough to keep XLM going strong. Stellar has partnered with Keybase, a security app powered by public-key cryptography. The partnership is meant to allow cross-border transactions without needing long cryptographic addresses.
This partnership may not have any short-term gains for Stellar at the moment, but in the long-run, it will likely be a successful and beneficial partnership towards achieving Stellar’s goals.
NEO is currently selling for $77.31, which puts the coin down 7.19% in the past 24 hours.
NEO’s dip corresponds with both Ripple and Stellar’s price drop-off.
Several hours ago it was announced that Google will be banning all crypto-related advertisements. Like Facebook, Google is disallowing cryptocurrency ads from appearing via any of Google’s ad products. This may spell bad news for crypto projects, but the ban won’t be going into effect until June of this year.
This news was first released several hours before the coins’ major drop-off points, so they may not be related at all (although there may be some trickle-down effect). But these kinds of patterns show how much the crypto market is tied together. There are instances where coins can separate themselves from the herd running off the cliff, but this is not one of those times for Ripple, Stellar, or NEO.
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