The Value Of Bitcoin And Ethereum Go Down, It Goes Up For Ripple

Ripple skyrocketed, bitcoin and ethereum declined (Tech Crunch)

JAKARTA - In recent days, the value of cryptocurrencies has decreased significantly. However, the decline was not experienced by Ripple (XRP), which actually experienced a significant increase.

Cryptocurrency has decreased as a result of negative sentiment from a number of parties, one of which is from the central bank of the United States (US) The Fed. The Chairman of the Fed, Jerome Powell made a statement that digital currency does not have an unstable value.

“They (cryptocurrencies) are very volatile and therefore not very useful as a store of value, and are not supported by anything. Cryptocurrencies are more speculative in nature as a substitute for gold than the US dollar”, said Powell.

Two cryptocurrencies that are prima donna, bitcoin and ethereum, which have high value, have decreased by 4.7 percent and 6.3 percent, based on data from Refinitiv.

On the other hand, ripple actually increased by 7.65 percent the day before. Prior to this, the ripple value had risen by almost 20 percent. On Tuesday 23 March, ripple was up again by 8 percent. Bitcoin fell 3 percent instead, and ethereum also fell 1.7 percent.

Ripple experienced positive sentiment when the judge handled the Securities and Exchange Commission (SEC) legal case. The SEC sued the company Ripple Lab for trading XRP without first registering as security.

In fact, the SEC views ripple as security. The SEC also wants to encourage companies to be registered first. In fact, the judge handling the case views ripple as a cryptocurrency that is different from other cryptocurrencies including bitcoin and ethereum.

"According to my understanding, XRP not only has a value like currency but also its uses are different from bitcoin or ethereum", said judge Sarah Netburn, quoted by CoinDesk, Monday, March 22.

Ripple is not as decentralized as bitcoin or ethereum. The value of ripple is controlled by the manufacturing company itself, Ripple Labs. This is what differentiates ripple from other decentralized cryptocurrencies. This means that the position of Ripple Labs can control the ripple value. The company is similar to a central bank.