According to the report on CCN, more than 93% of the daily trading volume of XRP may be fake. If the allegations are true, this can affect XRP price prediction 2019 negatively.
It’s not unusual to here of things like trading volume inflation, price manipulation and other similar things in the cryptocurrency trading space. Many cryptocurrency exchanges that don’t care about ethical practices permit things like wash trading making it necessary to weed out the fake trading volume from the real one to determine the strength of each cryptocurrency. The trading volume of XRP on CoinMarketCap is different from the trading volume from OpenMarketCap.
XRP trading volume wasn’t the only one that was fake. The comparison also revealed that that Litecoin, EOS, Bitcoin Cash and of course, Bitcoin core, have fake trading volume. In fact, after removing the suspicious trading volume for BTC, its market dominance fell to 29%. This is rather significant considering the fact that Bitcoin is meant to be in control of more than 50% of the cryptocurrency market.
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Fake XRP Trading Volume
The founder of OpenMarketCap said that it is important for cryptocurrency exchanges to report accurate data to gain credibility. He wrote a blog about why some exchanges decide to report fake data and why this isn’t a good idea. Part of it stated;
“Exchanges are incentivized to report false numbers to climb price tracker listings (and thus be featured more prominently to users.”
Things like trading volume and market capitalization are put into consideration when a cryptocurrency is being ranked. It also helps investors determine how much trust they have in cryptocurrencies. If 93% of the XRP trading volume is being manipulated, this would mean that XRP doesn’t have as much hype or adoption as we think. This may also explain why the price of XRP has been stagnant for a while now with hardly any upward force. This kind of information can cause a panic sell-off that will drive the price of XRP lower against the USD. However, nothing like that has happened yet. The XRP price prediction 2019 is still about a fall in price followed by a rise. Source: Smartereum
XRP News Today – XRP Price Prediction 2019-XRP Price Holds its own Above $0.32
XRP (XRP) Price Today – XRP / USD
Please enter Coingecko Free Api Key to get this plugin works.According to the NullTx; over the past 24 hours, the XRP price has lost 2.24% to drop down to $0.3215. There is also a 0.8% decline in XRP/BTC, as this ratio now sits at just 6.320 Satoshi. The XRP/BTC market has been under a fair bit of pressure for quite some time now, and it seems unlikely any major reversal will occur in this department. That doesn’t necessarily have to be a bad sign by any means, but it is something well worth keeping an eye on as more time progresses.
As is usually the case where social media is concerned, there are fans of XRP and people who will try to drive the project into the ground. Kieran Kelly falls into the first category, as he is quite pleased with how parent company Ripple is conducting itself right now. It is certainly true the perception of Ripple could have an impact on the XRP value in the next few months, even though they are two separate entities altogether.
While the losses can’t be overlooked, it would appear things could improve pretty quickly. As the trading volume is still pretty close to the $1bn level, there may be a lot more momentum waiting to materialize in the coming hours. Whether that will be for better or worse, is difficult to predict at this time.
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