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The bullish push that the cryptocurrency market received on Monday, November 26 seems to have diminished with the bear that is taking charge again. XRP, Bitcoin [BTC] and Ethereum [ETH] everyone has seen significant drops, with the cryptic looking into the mouth of another bearish race.
The XRP, which was one of the few cryptocurrencies that remained strong against the bearish forces, was not able to defend itself this time, with the cryptocurrency falling to the 5.66% rate. The Ripple product was traded for $ 0.354, with a total market cap of $ 14.297 billion.
The cryptocurrency trade volume of $ 951.3 billion was mainly consolidated among three major cryptocurrency exchanges: Bitbank, ZBG and Binance. Bitbank held the lion's share in the XRP trading volume, comprising $ 151.849 million of the total. Bitbank was closely followed by ZBG, which had a knowledge of 11.59% of all XRP trade exchanged in the cryptosphere.
The 24 hour chart of the XRP | Source; CoinMarketCap
The fall of the XRP surprisingly comes on the heels of developments in space, with recent reports showing that XRP will be listed on Vertpig.com, a very popular criptovalute exchange. The company had tweeted:
"In addition to the EUR and GBP integration to buy and sell all the coins Vertpig has listed, a couple of weeks coming, make your next exchange on Vertpig!"
Ripple, the parent company of XRP, has made it quite clear that the organization plans to cash in on the remittance market, with the main goal of improving the cross-border payment industry. The company has also created more partnerships with several established financial institutions such as Banco Santander.
Brad Garlinghouse, Ripple Chief Executive Officer, and Ripple Chief Market Strategist Cory Johnson, have both been instrumental in the progress of all Ripple products: XRP, xVia, xCurrent and xRapid.
Johnson also made it clear that the main case of using XRP was immediate payment of payments and increased security. He said:
"The World Bank has stated that the average cost of remittances was historical or historical minimum for humanity at 6.94% .The average company has a net profit margin of around 7%, but the cost the transfer of money across borders is around 7%, which means that the average business has no business to be global ".
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