While investors were hoping that XRP would thrive in the US, there is reason to believe that tailwinds will blow from the East.
Let's compare the main news regarding Ripple.
America:
-The Internal Revenue Service (IRS) threatens cryptocurrency investors. The IRS has issued a reminder to investors urging them to report income related to cryptocurrency investments. The profit will be taxed as a capital gain. Violation of this regulatory requirement may be subject to a fine of $250,000 and imprisonment for up to five years.
-Potential sanctions on cryptocurrency transactions. The Office of Foreign Assets Control (OFAC) maintains a list of Specially Designated Nationals and Designated Nationals with whom U.S. financial companies cannot do business. Now the agency is considering extending these rules to cryptocurrency.
Asia:
-Yahoo Japan opens a cryptocurrency exchange. This is comparable to Google or Facebook opening a stock exchange in North America. It is clear that cryptocurrency is becoming legitimate in Asian financial markets.
-South Korea's largest e-commerce platform WeMakePrice, better known as Wemepu, supports payments in cryptocurrency. Investors in the tiny country successfully defeated legislation that would have banned cryptocurrency. They won the fight. This means that there is no existential threat to blockchain developers.
These are brief examples to highlight different trends in the East and West, but there are many more.
Analyst
Ripple prices continued to slide on Monday morning, falling as much as six percent as regulatory uncertainty weighed on investor decision-making.
However, regulatory uncertainty is fragmented. The fog may lift in Japan and South Korea earlier than in the US, thereby changing the direction of XRP prices.
We remain optimistic about our $10 USD price forecast for Ripple, however, we may need to extend the time horizon if external shocks continue to push down the XRP price.
According to https://www.profitconfidential.com
You May Also Like
The IMF demands that the Marshall Islands abandon cryptocurrency
Representatives of the International Monetary Fund (IMF) have officially stated that the government of the Marshall Islands should “seriously reconsider” its idea of adopting digital currency as a second legal tender. At the moment, the only means of payment in the country is the US dollar.
South Korean province to issue its own cryptocurrency
According to local news sources, Gyeongbuk, a province on the east coast of South Korea, intends to issue its own cryptocurrency and completely replace the local currency used in the province. The provincial government also intends to open an exchange where new coins will be traded, and residents will be able to use QR codes to accept cryptocurrency.
