Ripple XRP and Ethereum have recorded significant losses on March 14/15 in tune with the overall southbound trend in cryptocurrencies, on the back of a Google action banning all cryptocurrency related advertisements effective June,2018. While the Google action has been seen as the major factor affecting the crypto market sentiments, elsewhere, regulators have also been upping the ante on cryptocurrencies.
On 14 March, Ripple XRP started off at $0.75 and dropped to $0.65 the next day, before recovering to $0.70. A month ago, the coin was trading at $1.15 and the present price translates to a loss of about 35% in the space of a month. Since the beginning of March, the cryptocurrency market has plunged by over $130 billion according to Coinmarket Cap.
Ethereum is trading currently at $619.10, gaining about $10.10 in a beleaguered market. There are also signs of moderate recovery with Bitcoin also getting past the $8300 mark.
More partnerships for Ripple
BBVA, the Spanish giant in banking recently released a statement stating that their recent tests involving Ripple were successful. BBVA claimed that it has successfully tested the XRP (to clarify, the bank used money for the test, and not cryptocurrency) to facilitate cross-border transactions involving various countries in Latin America and Europe where the bank enjoys a good economic footprint.
On the other side, Porsche a major German luxury car maker announced that it was aiming to be among the first car makers to integrate cryptocurrency and blockchain in their vehicles. Porsche is likely to enter into an arrangement with Ripple to achieve this objective. Porsche’s plans to integrate blockchain and cryptocurrency in their luxury cars would need a stable crypto like Ripple which has a network with abilities to handle instant transactions that are also essentially free.
Ripple XRP may have more pain in store
According to Ramesh Upadhyay or Coin Telegraph, Ripple XRP may experience more pain in the coming days and he opines that the next couple of days are CRITICAL. He adds that if the bulls fail in holding on to the $.70 level, the coin could potentially head towards its next support at $0.5627. He has also stated that the bulls would be expected to defend both the support levels strongly and if they fail to do so, the XRP/USD pair can potentially sink to $0.23. But, if the supports are held, there may be range bound action over the next few days.
What is common between Facebook, Google and Ripple?
In the context of the Google ban on crypto ads, there have been many opinions being expressed in different quarters. CEO of PR firm Ditto, Trey Ditto speaking to Business Insider for instance, stated that Google’s decision to ban crypto ads was like “throwing the baby out with the bath water”. He added that Google and Facebook were being used to educate potential users and investors on a range of opportunities and topics. Therefore, the Google move punishes the good players in the fast-growing crypto space and that could hurt investors and consumers seeking information to aid smart investments decisions on cryptocurrencies.
As for the potential camaraderie between Google, Facebook and Ripple, they are looking at cryptocurrency from an identical angle. There is a huge possibility that the three giants are together in working on regulations. If this is not true, why would Facebook and Google who are shouting regulation, lend support to Ripple or perhaps invent new cryptos. They may not need to invent a new crypto since Ripple XRP has pledged its support for regulation. Anything is possible in this huge world and given the huge popularity of Ripple today, particularly in cross-border transaction space where Google too has investment via Currencycloud, possibilities are bright that they collaborate to bring out a viable solution. The future holds the key to whether a Google-Facebook-Ripple collaboration would indeed see the light of the day.