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Let's face it. Bitcoin is having a bad time. Ripple's XRP held the ground very well, but yes, he joined the red party at the start of this week; however, it would be safe to say that it remained a step forward in the cryptic war as a whole.
Bitcoin surpassed the 17k roof on December 17th, but then the bears returned home. Since then, the entire market has seen a drastic drop (over 75% of total market capitalization) and Bitcoin has paved the way down.
And that was nothing. On the 14th of this month, there was a bearish race still going on, and it was apocalyptic to say the least. As we write this article, Bitcoin is trading at $ 4.306 (down 4.13% in the last 24 hours).
As things stand now, everyone is losing. But some are losing a lot and a handful of coins are holding the ground well. What he did best in the last conditions is XRP.
Let's briefly review the recent performance of XRP. Most coins lost value for eleven months, even before last week's debacle. Very few currencies were traded in the green before then. One was the Ripple XRP.
Do not get us wrong. Even XRP is losing now, but it has been trading in single red numbers while every other token in the market has been double-red or worse. The point is this: given the context, XRP is going very well, much better than Bitcoin. Why?
There are several reasons
XRP is supported by a series of strategic partnerships guaranteed by Ripple, the private company that still holds most of the tokens. This is possible because the company itself is working hard to create a complete blockchain ecosystem focused on XRP and its many use cases.
It is important to understand clearly: XRP has a full formal organization working on it, with talented and well-trained people who get paid to do it. Communities support most of the other projects with varying degrees of commitment and enthusiasm.
Ripple, as a project, and XRP, like a coin that comes to life with a very specific purpose, and they are pursuing it. Many cryptocurrencies are created experimentally or as hobbies by talented people who are fully capable of doing so.
Making it useful and ensuring adoption in the real world is a completely different game. And this is where Ripple's leadership makes a big difference. He is pragmatic, talented, knows his things and is working hard so that all the ships of the Ripple community navigate in the same direction.
This is a time when it is essential not to confuse losses with bankruptcy. Remember, Amazon reported losses for several years in a row before it became the money making machine that made Jeff Bezos one of the richest men in the world. The XRP is having success, and this has resulted in a series of passionate (if probably irrational) attacks from other projects.
FACT, EXP people say the same things over and over and ignore the law.
Done, block ALL the losers
– Dr Craig S Wright (@ProfFaustus) November 19, 2018
The infamous Craig Wright (who claimed to be none other than Satoshi Nakamoto) recently did everything to attack XRP and tell everyone (without trying to convince or offer any evidence, much like his claim to be Satoshi) that XRP is a security and it's going down like a main balloon. This is because it is not able to say that Bitcoin is faster or loses less value or has a real advantage on XRP in any practical way?
A big problem for Bitcoin is anarchism. There is no convincing leadership that has pushed a series of forks into other projects that basically use the same technology optimized to achieve a particular effect. The problem is that those "new" coins are replicating the Bitcoin to a large extent, so they are diluting the value of the original token. And now there is a hashing war between Bitcoin and one of its forks (Bitcoin Cash) which is not only taking its value away from BTC but is also draining away the power of computing.
In recent times, XRP has outperformed every other product on the market, including Bitcoin. He has already left Ethereum behind as far as the market is concerned and has been at the point two for a while now. The market capitalization of BTC is still much more significant than that of XRP, but if things continue in this way, do not be surprised if XRP ends up winning the crypts in the years to come.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliated companies, employees, writers and subcontractors are cryptocurrency investors and may from time to time 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 Pixabay.
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