The Ripple cryptocurrency price had on surge this week, rising 89% from August 21-23. This surge was accompanied by a dramatic increase in trading volume (it exceeded $2.3 billion), primarily on South Korean exchanges.
It is believed, that such a surge had something to do with the rumours about Korean market showing interest in the cryptocurrency. Thus, the rumours have begun on the company’s social media. Ripple was about to announce a major partnership with a bank or corporation, most likely in Asia.
— Blockstradamus (@blockstradamus) 22 августа 2017 г.
As shown, the rumours were based on the fact that Ripple’s Twitter page has been teasing out an announcement about their upcoming conference with a multi-day countdown. Some Twitter users noticed that a geometric resemblance between the shape in the tweet and the Korean subcontinent.
However, the Ripple price began to sink on Thursday after the announcement did not live up to investor expectations.
— Ripple (@Ripple) 24 августа 2017 г.
It goes without saying that the users were quite disappointed:
Trying to find Toronto on Korea's map
— Przemysław Łach (@samoukwit) 24 августа 2017 г.
The price had gradually risen in the hours leading up to the announcement. At 14:00 UTC, the Ripple price was $0.289. Within an hour, it had dropped to $0.262, and it has continued to fall from there to $0.229, which is a 21% decrease from its pre-announcement-level.
Ripple charts on coinmarketcap.com
At the time of writing, Ripple's price is about $0.228, it has a market cap of $8.5 billion, which is about $1.9 billion less than 3rd-ranked Bitcoin Cash.