Ripple News Update
Regulators in Europe and China fired another salvo against cryptocurrencies this week, warning of a�?high risksa�? associated with crypto investments. Investors refused to take the bait.
Despite their worst intentions, bureaucrats in Brussels couldna��t knock the cryptocurrency market cap below $400.0 billion. Nor could they move Ripple (XRP) prices below $1.00.
Is this the new normal?
It wasna��t so long ago that XRP prices trembled at the mention of increased regulation. In fact, the XRP price crash in January began when South Korea entertained tighter controls on cryptocurrency trading. Wea��re just supposed to forget that happened?
Apparently, so. Of course, ita��s not possible to know for sure within this time frame. But it certainly looks like XRP investors sprouted a backbone overnight, given that theya��re standing tall against an onslaught of oppressive comments from regulators. Herea��s a quick reminder, in case you missed it:
Christine Lagarde, Chairperson of the International Monetary Fund (IMF), says thatA�more regulation of cryptocurrencies is a�?inevitable.a�?
Three European regulators designate virtual currencies as a�?high riska�? securities while specifically mentioning XRP, Bitcoin, Ethereum, and Litecoin. (Source: a�?ESAS WARN CONSUMERS OF RISKS IN BUYING VIRTUAL CURRENCIES,a�? ESMA, February 12, 2018.)
The same European regulators say that crypto oversight is a top priority for 2018. (Source: Ibid.)
China tries to close loopholes that allow over-the-counter crypto trades. (Source: a�?Chinaa��s State Media Takes Aim at Crypto Trading, ICOs,a�?A�CoinDesk, February 12, 2018.)
China tries to crack down on ICO operations (again). (Source: Ibid.)
Even after this flurry of bad news, Ripple prices remained relatively upbeat. At the time of writing, the XRP to USD exchange rate was $1.05.