The Reason Ripple Dropped Nearly 30% Over Night!!
Prices on Korean exchanges have apparently been over a dollar higher than other exchanges which prompted a decision by CoinMarketcCap to exclude those exchanges from price calculations.
This sudden decision and the consequential effect on ripple's short term price appearance likely caused a panicked sell off by spooked hair trigger investors.
There's a good write up by William Suberg over here that highlights the issue.
There is also mention some Korean Banks are being investigated for money laundering via crypto.
All in all however, it looks like ripple is here to stay, and the short term price drop may simply be an excellent opportunity to score some extra XRP at bargain prices!!
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I think it was an automated process to remove outliers rather than CMC's sudden decision.
And to clarify, those exchanges were also removed for Bitcoin and other cryptos.
XRP is still getting a beating today with another -10% loss in BTC price, proving the recent pump was just speculation and people are dumping their bags.
It makes me wonder, with these coins and tokens not being pegged to anything of tangible value, most of the value is coming purely from speculation.
Sure, some coins have a value due to the service they offer, but in reality, how many people are actually using these services and/or buying things with coins? And again, as it's a service it's a "perceived value" which ties in nicely with speculation.