A lot of people are growing concerned over the XRP price as of right now. The value of this asset has been on the decline for several days now. It is unclear what is causing this trend, though. Some people argue it is market manipulation, whereas others feel it is a natural correction due to the growing Bitcoin price. Is this the time to hold or sell? That is the big question.
XRP Price Is Taking A Massive Beating
It is not hard to see the XRP price is being driven down for one reason or another. With the recent price gains, it was expected profit taking would occur along the way. Then again, these past few days have been filled with major selloff after selloff for no apparent reason. Granted, Bitcoin is on the rise, but there is no reason to sell XRP because of it.
As is to be expected, some people claim this is clear market manipulation. Someone – or multiple entities – are seemingly looking to buy in cheap to make bigger profits. That could be the case, although it is hard to tell what is happening exactly. For once, it is not the result of a recent Poloniex outage. There have been several of those effectively pushing the XRP price back down, but this is not one of those incidents.
At the same time, people have to understand XRP is not a token to make a big profit from every single day. There have been days during which daytrading XRP may have seemed like a good idea. There has been a lot of good news related to Ripple and its digital asset, yet it only seems to cause people to sell even more. That is not necessarily a reason for immediate concern, though. Ripple’s XRP asset is a long-term investment and not one to reap profit from every hour or so.
One has to keep in mind XRP operates very differently from traditional cryptocurrencies. Although it can be traded on cryptocurrency exchanges, that does not make it something you can buy and flip for a profit right away. There is still a lot of misinformation regarding how Ripple works and what the XRP asset does exactly. People need to properly educate themselves on these topics before they get caught up the leis others are trying to spin. Always do your own research and never take trading advice from anyone else. Everyone has their hidden agenda is one way or another.
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