There seem to be multiple strange thing going on over at the BTC38 exchange. Not strange as in malicious, but strange as in some peculiar price changes we didn’t really expect at this point in time. Then again, cryptocurrency is volatile by nature, so it is hard to predict the future when it comes to digital currencies. Ripple seems to be dropping like a brick right now.
To be more precise, Ripple seems to be losing a lot of steam in 4 out of its 6 trading markets today. When looking at the BTC/XRP charts, prices are up by over 30% on Snapswap, and by nearly 30% on Bitstamp. Quite an impressive increase, although that mostly comes from the very low Bitcoin price if you ask me.
However, when we are looking at the Ripple/fiat currency markets, the charts are red all across the board. XRP/USD on Snapswap market is down by over 21%, XRP/JPY market is down by nearly 20%, XRP, XRP/USD on Bitstamp is down by over 23% and XRP/CNY is down by almost 22%.
You might wonder why I’m so interested in the XRP/CNY market on BTC38, considering Ripple is losing ground against every fiat currency it can be traded for. A lot of volume is changing hands on the BTC38 exchange today, as it seems to be a very busy exchange for non-USD traders, and China is simply an interesting cryptocurrency market in general.
When looking at the BTC38 charts, we see nearly 40 million Ripple has changed hands over the past 24 hours, which is a pretty impressive volume. On the other side of the charts, we see over 6 million CNY being traded in the past 24 hours, which is close to 1 million USD. Not a bad amount if you ask me!
Despite several uptrends at 5AM and 11AM on the XRP charts, prices are still going down hour after hour. By 1AM, one Ripple was worth 0,172 CNY, and right now, that price has dropped to 0.1343. When looking at the current recent market history, there is a lot of XRP being dumped on a consistent basis, so it will be interesting to see when the bleeding will end.