The upcoming ‘Singapore Summit’ which see’s President of the United States, Donald Trump meet face to face with the Supreme Leader of North Korea, Kim Jong Un, in an absolutely historic circumstance, which is due to have an effect on the political sphere of the globe, traditional financial markets and of course, on cryptocurrency markets too.
Moreover, Financial News London are also highlighting that this week, major banks; The Fed, the European Central Bank and the Bank of Japan are all set to meet this week. According to FN London:
“Asian stocks traded cautiously early Monday, with investors showing little reaction to the weekend’s G7 meeting and hack of a South Korean cryptocurrency exchange. Following Friday’s broad regional declines, the Kospi and the Nikkei were each up around 0.3% as the yen strengthened a bit since the end of Friday’s local stock trading. With the Trump-Kim summit Tuesday and the world’s three most-important central banks — the Fed, European Central Bank and Bank of Japan — all meeting this week, investors are liable to do much more nibbling than eating for at least the next few days.”
You can see the full report by FN London, for yourself, here-
Clearly, these events are going to have an impact on all major cryptocurrencies. Tied in with the very recent Coinrail hack, which has seen the theft of around $40 Million from the South Korean cryptocurrency exchange and you might consider this week to be one with devastating consequences. In line with this, the markets are performing quite poorly of late.
Ripple XRP might very well see the biggest impact from the above, namely the Singapore Summit though. As we know, within Asia, XRP is often considered to be one of the most popular cryptocurrencies. Moreover, since XRP is considered to be tied to the mainstream somewhat, we can expect news from the summit to have an impact on the value of XRP. Now, we can’t tell if this impact will be positive or negative just yet, that depends on what happens within the Singapore Summit and the discussion between the two world leaders. Either way though, we believe that through its presence and its popularity, Ripple XRP will see some change through this.
Hey, who knows, maybe the President and the Supreme Leader will start paying each other donations in XRP, that would be sure to change the scope of the markets. And the rest of the world too, so its unlikely.
The take home message from this is that at the moment, the markets are about to see a surge of pressure from influences outside of cryptocurrencies. That is due to the volatile nature of the markets and our own emotional nature too. Hopefully, the implications provided by the Singapore Summit are good and indeed, hopefully news form Singapore has a positive impact on the markets. Either way though, we are turning to XRP in order to gauge what might be going on here.