We have seen quite a few cryptocurrencies undergo a pump-and-dump cycle throughout the past few days. Bitcoin Cash was the first, followed by Monero – which seems to be maintaining its price – and now Ripple’s XRP asset is skyrocketing as well. All three currencies have one thing in common: the majority of their trading volume during the day of the value increase came from Korea’s Bithumb exchange. Owners of the XRP asset will be quite pleased with how things are going, although it remains to be seen if the increased value will remain locked in place.
What is Going on With the XRP Price These Days?
A lot of people were quite surprised when the XRP price hit US$0.33 earlier this year. In fact, that occurred in May of 2017, which almost feels as if it were years ago. We have seen so many changes in the world of cryptocurrency over the past few weeks and XRP is certainly a part of those changes. After its initial bull run in May, things took a turn for the worse as far as XRP was concerned. Its price continuously declined for weeks on end and eventually settled around the US$0.14 mark.
Considering that there are over 38 billion XRP in circulation right now, that value is still relatively high. With the recent XPR price increase pushing the value to US$0.28, the market cap has grown to US$10.77 billion. And considering that Ripple’s market cap jumped from under US$1 billion to this number during 2017, it’s not hard to see that the digital asset has been successful. In fact, its success is quite similar to that of some of the main cryptocurrencies including Bitcoin and Ethereum.
Unfortunately, it is hard to predict how things will evolve for the XRP price moving forward. After all, the current price action has all the signs of a clear pump-and-dump scheme. Some users may not like to hear that, but it is evident there are forces at work here which are bound to influence the XRP price over the coming hours and potentially even days. With South Korea’s Bithumb exchange bringing in over US$1 billion in trading volume and the other Korean exchanges generating more than US$650 million in combined volume, it is evident this momentum wouldn’t take place were it not for South Korea.
We have seen similar momentum where Bitcoin Cash was concerned a few days ago. For some unknown reason, the BCH price went up quite a bit before eventually crashing down again. Right now, the BCH price remains unsuccessful in its attempt to stabilize, and the current mining difficulty increase has made it unprofitable to mine Bitcoin Cash. The coming days and weeks will not be easy for Bitcoin Cash, even though its network hashrate has grown a bit. On the other hand, the network blocks are pretty far apart once again, resulting in about one block being found every hour today. That is not a positive sign by any means.
Focusing back on the XRP price for a minute, it is evident the trading volume across Korean exchanges could dry up at any given moment. If that were the case, nearly 75% of all current XRP volume would be wiped away in a heartbeat. That would subsequently result in a major XRP price decrease, although no one can tell where things would end up. It is not unlikely we will see an entire XRP price retrace over the coming days, depending on how long the volume across Korean exchanges remains this high. If history is a guide, it will not last long.
There is no denying Ripple and its XRP asset have their places in the financial sector. This is not your average cryptocurrency either by any means. XRP is a digital asset that is not designed to rival Bitcoin, Ethereum or any other major cryptocurrency. Instead, it is designed to change the financial sector as a whole in its own way. Various financial institutions are already paying attention to what the company has been doing with its technology; that much is evident. However, the value of XRP remains to be determined by the market, rather than by speculators and daytraders.
You could improve your articles by using less “filler” language. You say things like “that much is evident,” and “by any means” a lot in your articles, and it comes across as amateurish. Avoid including words without any real purpose. An example in this article: “Some users may not like to hear that, but it is evident there are forces at work which will certainly influence the XRP price over the coming hours and potentially even days.” A lot of words to say essentially nothing. There are forces at work which will influence the price of all cryptocurrencies, XRP is not special in this regard, so you might as well get to the point and talk about Korea. And even in this bit, you use lots of filler. You could remove “it is evident” and “certainly” without losing any meaning, and you could replace the phrase “over the coming hours and potentially even days” with something like “in the near term,” or even just drop it completely. This writing style makes it feel like you are stuffing your sentences with filler just so you’ll have more things to say. Stick to what’s important. Get to the point. And keep on going, I just thought I would comment since I see a lot of your articles, and they all seem to suffer from these same problems.
This is a Pump and Dump Word-filled Article. They dump the words … then “on the other hand” “it is evident” they Pump their words. Yawwnnn…
Good advice, time is money
I think he’s a “Fluffer”
Agree with the comment below – too much filler content. And, XRP has a better use case than 99.9% of all currencies in existence. You should have written about the facts instead of speculating on the price of XRP and what the Koreans may or may not do.
“…it is evident the trading volume across Korean exchanges can dry up at any given moment.”
What in the the *bleep* makes that even a rational statement? Let alone “evident”?!
This article gives zero effort to explain itself… utter nonsense.
You make valuable points about the author’s writing style – it needs work. I suspect what the writer needs most though is a good editor. Unfortunately, it seems that editors are in short supply for articles found here at The Merkle and throughout the Internet. Our author isn’t a bad writer – he or she just isn’t a good writer yet.
Humbly, I can offer a few helpful tips based on more than 30 years as a technical writer. I am not trying to offend – just educate.
Technical writing is meant to be informational or even instructional. As such, it should be free of unnecessary elaborations. One strives to be concise, clear and to the point throughout. The technical writer adopts a working mantra: “concise, clear and to the point – concise, clear and to the point”.
Keep to the active tense more than the passive. Avoid metaphors, idioms and colloquialisms. While these can have a place in technical writing such devices should be chosen judiciously and not overused. And example of a sentence in which something like an idiom or metaphor may be acceptable is the following:
” Filler language, such as the word ‘quite’ or the phrase ‘as a matter of fact’ should be rooted out of ones writing.”
Articles by JPB are easily identified by the author’s unfortunate overuse of the word “quite”, which can be found 5 times in this article alone. Quite is quite unless in most writing.
I would not be afraid to use ‘rooted out’ in my writing, however. Some editors might disagree with my choice. Most likely, I wouldn’t argue the point with an editor. I’d just change the wording. Every writer needs a good editor – a point which cannot be overstated.
Over time, through practice and good editing a writer, technical or otherwise, develops a personal style. A writer’s style becomes recognizable to frequent readers – having great impact on a career in writing.
Does one wish to be known for ones inadequacies as a writer? No. One wishes to shine. Be conscientious in your writing JPB. Find a good editor. Keep at it and you will shine.