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Ripple (XRP) rockets 46% in 24 hours

The Ripple (XRP) price has gone nuts over the last 24 hours, rising by an amazing 46% over the last day to sit at $1.72 at the time of writing.

It is still a long way down from its all-time high of $3.81, which means it’s currently sitting 55% lower.

It’s impossible to say whether in the next 48 hours there will be a crash or more large gains.

The price is down so heavily because of three events, the first being that CoinMarketCap decided to exclude Korean prices from price calculations, which meant the price shown was lower than before the change.

Next, news came that the Chinese government are going to be even tougher on cryptocurrencies after banning cryptocurrency exchanges last year.

Finally, the South Korean authorities are also planning on banning cryptocurrency exchanges as well, which sent further shockwaves through the cryptocurrency markets.

According to some news reports, some South Korean officials might have been allegedly caught insider trading.

Yesterday, the Financial Supervisory Service (FSS) apparently confirmed that some employees bought cryptocurrencies and sold right before the announcement of the cryptocurrency regulatory measures.

A South Korean official was supposedly quoted as saying “There is intelligence that FSS staff sold all of the virtual currency that they invested in just prior to the announcement of the government’s measures.”

The Chief of the Office of the Prime Minister purportedly said “We have confirmed that some public officials have done such an act.”

It is rather ironic that government officials might be profiting from cryptocurrencies when those currencies were set up to disregard governments to begin with.

Brave holders of cryptocurrencies have gained a lot over the last day, but who knows what will happen next? I prefer the more predictable landscape of the share market with real profits being generated.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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