Ripple Price Plunged to One-Month Low, but Its CEO is Right about Regulators

Ripple Price Plunge

Ripple price (XRP) extended its underperformance since the start of this week; market pundits are suggesting different reasons for this – including the increasing supply of ripple coins and some are blaming its centralized nature. The price of the XRP coin plunged below $0.90 level today for the first time in the last month, even though Ripple made an agreement with 61 Japanese banks to develop a payment app called ‘Money Tap’.

The broader selloff in crypto markets due to increasing regulatory actions across the world has impacted ripple price in the last couple of days.

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Ripple CEO Support Registration

While Ripple CEO Brad Garlinghouse admired regulators strategy of registering cryptocurrency exchanges and outlining broader trading policies, crypto markets aren’t welcoming the regulator’s decisions. The CEO suggested crypto markets to cooperate with regulators.

He said, “It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system…the blockchain revolution is happening from within the system it’s not going to happen from outside the system.”

Japanese regulators are also punishing crypto exchanges for leaving flaws in their trading tools and assets security plans. Japan’s Financial Services Agency stopped Bitstation and FSHO from trading for one month; the authority has also warned five other important exchanges to enhance their system and internal security.

The investigation related to the Coincheck hack has outlined several discrepancies in crypto exchanges – including poorly trained staff, inadequate compliance with anti-money laundering standards, and misappropriated cryptocurrencies.

The U.S. SEC announced that it will not allow any cryptocurrency exchange to operate unless it holds the registration certificate from SEC.

The wider market opinion favors regulators interference and policy guidelines, simply because it will decrease the illegal activities occurring through digital currency use. This may also help to reduce the volatility in prices.

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  • Fred Flintstone

    None of this actual news. It was all known and planned things within the industry for it’s strength and security. None of it is surprises. Yet its being used to harm volume in concerning ways. Causing a price drop over known things by posting retroactive news about old heists that did little to nothing to market prices until it gets used to affect our behavior??? Clear manipulation by leaving the news sources so tainted in favor of a price drop suggests collusion between regulators and people wanting to buy in low. News of this nature is actually cause to feel more secure about investing in coins, not panicked by things long known to industry insiders. Looks to me like outsiders trying to fix prices by news fixing investor viewpoints in a fairly misleading manner. Of course exchanges will be regulated. Duh. Like that’s new news??? No it’s not. That’s been known for years. Like suddenly an old heist gives huge opportunity possibly to the same shady characters who pulled the heist??? Cmon yall. Wake up we are sleeping at the wheel and the press sources are not helping one iota. SEC is acting normally. Japan is acting concerning because why are suddenly certain companies hit with a loss of operations while others are not, simply because they were targets which has been known a long time inside. Sure security and operations need to be fine tuned and continually upgraded as in every major market. This is a way for big hands to seize both mining and investor profits thru news and menacing posturing. IMO this manner of acting is a failure to take responsibility earlier on, and does not justify taking miner and investor profits in any way. Its a huge shakedown but not the right kind when the lower financial powers are the actual main targets. Creating pandemonium is a farce effect and lacks professional standards of conduct from both industry and regulatory responsibility. If anything this should help to teach the market of new investors what experienced ones already know. Take news, actions, and discoveries with a grain of salt and consider that prior to this huge heist, prices were fine, and afterwards, but after this ‘shocking news revelation’ with buzzwords panic began. So one company has to fix their areas of concern, and give an honest account, so what? How does that differ from any other major market? It doesn’t. IMO what actors involved want is to vilify the company or it’s workers and not look at how things are going since the actual heist. It’s a world gone truly mad. Is every regulatory mood going to be the tool to manipulate prices? Probably part of it. Should it be allowed? Nope. Fear mongering is not the answer. Look at the prices between announcements, pretty steady. Which means the actual substantive market issues remain unchanged. So why is fear mongering which may be ‘favors’ to certain companies or products, or tools to get friends in cheap, or short fortunes being made, allowed as a whole? Much smoother more reasonable and less inflammatory tactics are needed. It’s a chldish hotheaded response to real issues that are alrady understood as issues and progress was being made although a push to demand or set time limits is fine. But shutting down major market interests??? not fair to miners whose profits just got swooped by conmen or to newer, less experienced investors who just had their nest eggs taken by those with way bigger silver spoons. Enough insanity. JMHO