Volatility has been the main word associated with Ripple $XRP as of late and that's an understatement. As of recent the whole crypto market has experienced huge selloffs for various reasons. Ripple has been one of the biggest victims dropping 80% from it's all time highs. Not too long ago $XRP traded as high as $3.84 before dropping to $0.71 levels. During this time, people buying in the 3s got caught holding a big bag if their overall cost basis was sitting around $3.00. Ripple $XRP has since been accelerating as the overall crypto market has shown signs of correcting itself. As of today $XRP is surging and showing strong buying within the market. It accelerated through the $1.00 levels and is currently sitting @ $1.11 on Bitstamp exchange.
What May Be A Catalyst?
About 4 hours ago, the news about hit the mainstream. As you can see from the text there is talk that Ripple may be available to pay US TAX. The Arizona senate passed a bill that would allow residents to pay their taxes with Ripple and other cryptos. In the article above, it mentioned that Arizona wanted to be a state that incorporated Blockchain technology in the future. Obviously volatility would have to be something the state decides how to manage looking forward. Regardless, this news is huge for cryptos especially Ripple $XRP. It's evidence that mass adoption is beginning to take place when factors like these are being incorporated into the overall financial picture. Many people struggle during tax season to pay their tax bill if they are not receiving a refund. Many people continue to live paycheck to paycheck making it difficult to cover expenses like a tax bill. On the other hand, the inflow of money in cryptos has been massive. IF states like Arizona give their residents the ability to pay for taxes in potential cryptos gains, this is a huge stepping stone looking forward in our opinion. It plays into the bigger picture of regulation. Regulation is one of the biggest concerns to cryptos investors. If movements like this are occurring, it could be foreshadowing that regulators are willing to give this tech a shot.
The initial article that hit mainstream can be seen through the link below
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