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Ripple rally supported by South Korea

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Before the turn of the year, Ripple recorded a strong price increase of around 80 percent since December 27, 2017. Ripple has overtaken Ethereum as the second largest cryptocurrency by market capitalization. Furthermore, it has become known that the CEO of NiceHash, a mining company from Slovenia, has resigned following the hack and theft of over 4,000 BTC.

Ripple’s market capitalization has risen from € 34 billion to € 74 billion since December 27 and has more than doubled. Looking at the volume of transactions and the crypto currency exchanges that are responsible for the volume of all transactions, it can be seen that South Korea had a significant share in the price rally. The South Korean stock exchanges Bithumb, Coinone and Korbit have been responsible for about 50 percent of all ripple transactions with the trading company Ripple / South Korean Won (KRW) since December 27, 2017. Even yesterday, Jan. 1, 1818, when Ripple’s trading volume fell to $ 1.8 billion, around 47 percent of all ripple transactions were made by the South Korean stock exchanges.

The previous few days, especially 29 and 30 December, transaction volumes had increased significantly, exceeding the $ 7 billion mark. With the knowledge that about 50 percent of all transactions came from South Korea these days, the influence of this country on the current ripple price can be explained very well.

It is surprising from our point of view, however, that there was no direct message from RippleLab before or during the period when the price has risen so significantly that such an euphoria could have justified. Although Ripple had been able to announce new partnerships with banks in November and mid-December . However, these do not appear to be in temporal relation to the price increase of the last days. Rather, the course rally may be related to the fact that there are currently major regulatory efforts being made by the South Korean government . These apparently drive the South Korean population into “the cryptocurrency of the banks”.

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On the other hand, there were also currencies (including Bitcoin Cash) in 2017, which recorded a significant price increase, initiated by the South Korean market. In the following days, there was always a smaller price correction, which has already suffered Ripple. The price of an XRPon December 30 was already 2.05 euros. Currently ripple is traded for 1.66 euros.

NiceHash CEO resigns after Bitcoin hack

In recent days it has also become known that the CEO of the Slovenian mining service NiceHash has resigned. In early December, hackers managed to break into NiceHash’s internal payment system and empty out the Bitcoin wallets with over 4,000 BTC.

As Slovenian media reports, the CEO of Nicehash, Marko Kobal, has resigned as a result of hacks. Meanwhile, Nicehash relaunched his platform on December 22, 2017.

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The post Ripple rally supported by South Korea appeared first on Digital Bodha.

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Ripple rally supported by South Korea


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