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Many in the Crypto community will remember November 15 as one of the worst corrections of a single day so far this year (the XRP had a minimal shock even at that time). After the fall of last week, the price of Bitcoin has found support at around $ 5,500 and has now declined by 15.16% in the previous 24 hours to fall below $ 4.523 (the lowest since October 2017).
Several other cryptocurrencies dived with Ripple's XRP as an exception (the lowest loser). In fact, XRP has already passed the Ethereum again (it was the case for a couple of days) to take second place as the biggest crypt by market capitalization.
Although the entire market is in a severe bloodbath and each of the cryptocurrencies faces double-digit losses, XRP is still fighting hard with the bears. Perhaps, it seems interesting. What will happen for XRP? Is it time for Ripple's XRP to reach the top spot?
Ripple's XRP, the least losing; will it take on Bitcoin?
The XRP is trading on the positive side (at least psychologically) compared to the rest of the cryptocurrencies. The last month has grown steadily and, at the time of writing this article, has already moved ETH from the second largest crypt by market capitalization. Currently, XRP is trading around $ 0.454, which is still on red, but compared to an initial $ 0.49, the Ripple native token is going well.
With regard to November 17 of last year, the price of XRP grew by + 113% while that of Bitcoin decreased by -29% and Ethereum by -46%. Therefore, at present, the numbers are clear for Ripple's XRP investments. Last month XRP recorded a gain of over 10% as Bitcoin and Ethereum beat 14% and 16% respectively.
The gain means that XRP has increased by five billion market capitalization from Ethereum. At this point, the notion of XRP that captures Bitcoin is really valid. IS? Apparently, there is a long way to go for XRP to overcome "the giant" as a $ 75 billion market capitalization gap lies between them, but many seem to be optimistic about achieving that milestone.
Reasons for which XRP still stands out even with the whole market in nosedive
Whenever there are positive developments around any crypt, many efforts are underway behind the scenes to make sure that it is climbing the ladder. Ripple's XRP is currently fighting hard to lift the market, and this is not happening without reason; the blockchain has been committed to creating several partnerships that have enhanced the current status of its token.
For example, not long ago, Ripple has partnered with CIMB Group, the third largest bank in Southeast Asia. Together with other financial institutions that use Ripple products, the CIMB Group will join RippleNet in order to improve international cross-border remittances using blockchain solutions.
In addition, Amun, a fintech company based in London, has announced the inclusion in Switzerland of a product marketed with multiple cryptographies (ETP). Significant news for Ripple due to the fact that Amun has already invested over 25% of the total Swiss portfolio of breakdowns in XRP.
In addition, the Coinbase exchange provided a further boost as it announced that it was adding XRP to its cryptographic platform, which means customers will have the advantage of securely storing XRP on Coinbase regardless of whether they they will be able to buy it on the platform.
XRP seems to be testing the Bitcoin at the moment, although the majority have the feeling that it is more centralized as Ripple controls almost 60% of the total supply. Furthermore, if we believe that security is a debate that may not end soon.
For now, the market crash has not had much impact on XRP, it has decreased by 4% in the last 24 hours, but it is lower than more than 15, 14 and 12 percent respectively of Bitcoin, Ethereum and Stellar. And, some of the cryptocurrencies like Bitcoin Cash (BCH) are in severe pain, the currency in question is falling from an impressive 43.31 at the time of the press.
Ripple's XRP has a lot to do to overcome Bitcoin, but with $ 4523 its price now seems likely. The krypton king is expected to sink even more from here; the next few years will tell where the XRP is located. But yes, no, even if it is tight, the Riken-fueled token seems powerless to stop the current cryptic bloodbath.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Skeeze / PixaBay
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