Ripple price news: Ripple investors gain BIG boost. Why is Ripple rising?
Some good news at last for the cryptocurrency world, as green floods the market.
The bulls finally pick up the pace and drive the prices back over $0.50, as the market re-corrects.
As of 8am, Ripple saw a 6 percent increase.
Trading this morning hit $0.520 a coin as the currency rises back up into the green.
Why is Ripple rising?
The crypto-market is adding to gains seen on Tuesday as the bulls make a dash for a better price.
It has been a torrid time to be a crypto-investor of late, with prices crashing into the red week after week.
Traders are now seeing light at the end of the tunnel with the news that the entire market is now back up into the green.
Ripple’s move back past the $0.50 mark is a precarious but welcome change.
The sea of green is positive but the cryptocurrency currently sits in a touted selling zone, so traders should be wary.
The US tax deadline looms
A large sell-off is expected this week with the US tax deadline hitting investors.
Americans are looking to raise cash to pay capital gains tax, forcing them to sell their coins.
This is expected to predicate a big boost to the market in the long term, but it is nice for Ripple to enjoy its moment in the sun.
The boost in price could be attributed to news that one of the world¹s biggest crypto-sceptics has been turned
Wall Street mogul, George Soros, announced that Soros Fund Management, one of the most affluent hedge funds, would be dipping their toe into cryptocurrency.
George Soros has announced he will be investing in cryptocurrencies
The $8 billion man had previously spoken at the World Economic Forum in Davos back in January, explaining that cryptocurrencies may not burst in the way people expect.
He said: “Normally when you have a parabolic curve, eventually it has a very sharp break. But in this case, as long as you have dictatorships on the rise you will have a different ending because the rulers in those countries will turn to Bitcoin to build a nest egg abroad. But it’s nevertheless a bubble typical which is always based on a misunderstanding like the tulip mania.”
The change in tune is a welcome addition to the chorus of crypto-positive businessmen.
To compound that, the wealthiest family in the world, the Rockefeller¹s, are also investing, collaborating with blockchain business, Coinfund.
Venrock, part of the Rockefeller Foundation, announced it would be partnering with the blockchain company. David Parkman, a partner at Venrock, hopes to have a long-term relationship with cryptocurrencies.
All cryptocurrencies are back in the green
Mr Parkman said: “We’ve been spending a lot of time in the crypto ecosystem and wanted to partner with this team that has been making investments and actually helping architect a number of different crypto economies and crypto token-based projects that¹s called coin fund, and we¹ve made a strategic partnership with them.
“There are a lot of crypto traders in the market; there are a lot of cryptocurrency hedge funds. This is different, and in fact, to us, it looks a little bit more like venture capital because these guys are a team of well-respected crypto enthusiasts who have really helped architect a number of different projects over time and their long-term focus, I think aligns them a little bit more with venture capital.
“Venture capitals often called patient capital because we’re early stage investor [and] it usually takes eight to ten years for companies we invest in to hit maturation or exit, and that¹s a lot different than some of the activity we’ve seen around.”
These high-profile backers have brought confidence back into a market that had been struggling in 2018.
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Reports showed that 2018 has been the worst year for cryptocurrencies.
The entire market lost more than half its cap in Q1, despite experts suggesting 2018 could be the year bitcoin breaches $20k.
However, the news that big hitters like Soros and the Rockefeller family are now entering the market should flood investors with confidence that this is the right move.
After all, they don’t make their billions by making bad investments.