At the end of last week it seemed that the cryptocurrency has recovered from the fall caused by pressure from regulators and governments. But as it turned out this is not true – it is now clear that we are in the middle of this process.
A slight lull was short-lived, as a result, yesterday the price of XRP has fallen by 6.69% for the day, and in the last 24 hours by another 8%.
What are the reasons for that fall:
1. South Korea strikes again. Large Korean exchange Korbit has ceased to accept deposits from foreigners after receiving official order from the Korean authorities. In practice, this means that only Korean citizens will be able to work for a local cryptocurrency exchanges. This week other Korean exchange may receive a similar notice. (Source: “Registering at Shinhan Bank KRW for Deposit” blog Korbit, 19 Jan 2018.)
2. The IMF called for international cooperation on the issue of cryptocurrencies. The International monetary Fund encourage “a broader international discussion and cooperation between regulators”. It seems that the IMF wants to create global standards for trading cryptocurrencies. (Source: IMF called for international cooperation on the issue of cryptocurrencies )
See also Forecast the price of Ripple to 2018 (updated version)
3. Tax Department of India issues notices to cryptocurrency traders. After the government of India realized that the turnover of cryptocurrency in the country is approximately 3.5 billion dollars of cryptocurrency traders and investors began to receive tax notices. In the end, no government can resist the temptation to tax. (Source: Tax Department of India issues notices to cryptocurrency traders.)
4. China decided to deal with the remnants of the cryptocurrency market in the country. The people’s Bank of China requires that a company providing financial services conducted an internal investigation and found no use of their services for operations with cryptocurrencies. If so, they should stop servicing these accounts. In other words, companies will have to spend money on an internal investigation to satisfy the requirement of the National Bank of the Almighty. (Source:people’s Bank of China banned the cryptocurrency serve traders).
Despite the abundance of negative news Ripple. We continue to believe that the cryptocurrency is able to implement our forecast for 2018.