The deal Ripple made with MoneyGram was not enough to save itself from the shipwreck that pushed it down to $1.23 this morning, after reaching a peak of $3.30 just a couple of weeks ago.
Whether the bottom has been touched or not is yet to be seen given the unpredictable developments that have occurred during the past weeks. In fact, in some ways, the data should not surprise us since Ripple has made us accustomed to far worse scenarios in the past, especially if we consider the period below. During this period, Ripple lost more than 95% of its value, although not completely abruptly but over a span of 8 months.
So right now, when everyone was expecting to see Ripple surge, the digital currency instead keeps falling towards $1 and has us wondering if it is evident that a parity with the dollar is in progress. The parity would make perfect sense to accommodate the implementation in the MoneyGram network and it would fit even better with Ripple’s agenda.
The hypothesis does not seem completely improbable since we know the Ripple network is 55% centralized, and its escrow has always been declared a necessary tool to stabilize its intrinsic value.
The other cryptocurrencies in the Top 15 are not doing much better, with the exceptions of NEO and EOS. These two assets favor a strategy linked to the gifts offered to its owners, i.e. GAS in the first case and IQ Token in the second (although the official announcement only came on January 13 and resulted in a surge from $13 to $18), but they are still suffering.