Since Bitcoin and other
cryptocurrencies became so popular, many people have rediscovered the thrill and excitement of gambling.
Nowadays, there are many places that pay out small fractions of the popular cryptocurrency, and satoshi (the smallest unit of Bitcoin) can accumulate faster than expected.
However, as countries such as Japan and South Korea take deliberate steps to introduce effective taxation, clear regulation and a welcoming attitude to the sector, there are many arguments to suggest the long-term outlook is looking much more positive.
One such example is XRP, whose coin has found itself dipping into new lower territories it has yet to find itself in.
The crypto market in general has struggled recently, and XRP found itself 3% lower earlier this week, at just $0.449, with expectations that it could still drop lower.
It is now likely to drop below $0.397, and represents external trends in the market that more newly-established crypto such as these find themselves being carried in.
Bitcoin is very much considered the leading digital currency out there, and its performance tends to be watched closely by investors of other crypto as a rule for how the market is performing. Recently it has failed to see growth and is on a relative downwards trend. Having slid below $6400, chart indicators also point to it reaching a recent low of $6200 before too long.
This kind of sentiment is likely to spread, and with XRP unable to generate any market announcements to the effect of eliciting a positive response from traders, it is somewhat stuck in what it can do to turn the market around.
At this point, it is clear that investors are generally in a bearish mood, and this shows no signs of lifting immediately. Volumes are also staying low in terms of general amounts traded, and this makes it more difficult to create a buoyant market with increased investing.
However, the picture is far from gloomy when it comes to a longer-term outlook, with many more institutions starting to take hold of XRP-facilitated payments and technologies, such as their XRapid format.
Part of this is the growing trend of more fintechs turning to ripple as their payment option, with it being liked for how fast the transactions can be.
Generally speaking, although crypto will be used as an investment tool just like any other commodity, the best way of them growing is not by waiting for such a thing to happen.
Instead, the proliferation of them being used as facilitation tools is far more likely to help boost both their volume and worth. After all, this is the point of crypto as a whole, and this positive longer-term view will likely help to turn the market before too long.
With countries such as Japan also aiding crypto growth through sustainable measures, an upturn is expected before the year is out.
Related article: XRP Eclipses Ethereum to take Second Biggest Market Cap