Headlines today say “Ripple price plunges” and “Ripple price crash“
Ripple’s price dropped a measly 1%. The analysts covering cryptocurrencies need to learn to differentiate between a plunge according to stock prices and a plunge in crypto prices. Seriously, the media is utterly clueless when it comes to cryptocurrency.
Blockchain developer Ripple Labs Inc. lost its shot at a home-court advantage in a dispute with rival R3 Holdco over ownership of cryptocurrency XRP that was once worth more than $16 billion.
A New York court will probably be the sole decider after a San Francisco state appeals court denied Ripple’s bid to fast-track an appeal of an order quashing a lawsuit against R3. San Francisco-based Ripple has argued that it would face “irreparable injury” if it has to battle on R3’s home turf in Manhattan.
Litigation between the two developers arose after a partnership broke down, with Ripple claiming that R3 entered the arrangement on false pretenses, and R3 claiming that Ripple illegally declined to honor an agreement to hand over 5 billion of its cryptocurrency XRP.
Ripple filed suit in California and R3 sued in Delaware and New York. The Delaware suit was thrown out in October.
This comes as just another part of the media’s FUD campaign against all cryptocurrencies. But then again they were the one’s recommending Bitcoin as a buy at all time highs.
Media Wrong On Cryptocurrency?
According to Ronny Moas, we are in the beginning of this Bitcoin game w/ less than 2% penetration worldwide.
That is why we have volatility. My educated guess is that the weak hands who are getting shaken out — by talking heads & technical analyst sell signals — will regret this.
Target = $28,000
Back to Ripple. Ripple is a divisive subject in the crypto community. While it does have investment and growth potential, it is pretty much the anti thesis of Satoshi’s vision. It’s centralized and big banks will utilize it. Ripple fans say this further legitimizes Ripple and adds to the potential. Pick a side, I think it’s best we stay out of this one.
“Ripple is helping financial institutions save money and it is only expected to become even more prevalent in payment flows.
Transactions can take place in as little as 10 seconds using XRP, however, a fee of 0.00001 Ripple coin is charged to those that make payments. However, the transaction costs are likely to stay the same, even if the value of Ripple rises.
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