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In the last 24 hours, Ripple (XRP) has decreased by 9.5% compared to the US dollar. However, it has overtaken Ethereum (ETH) to become the second most important cryptocurrency in the global market.
On 17 November, XRP recorded an increase in value of approximately 8% during a period when most of the major cryptocurrencies, including Bitcoin (BTC) and Ethereum, struggled to maintain momentum.
The short-term XRP rally on Saturday made it possible to gain an advantage over Ethereum, comfortably outperforming ETH with a market capitalization of $ 19.1 billion. Starting November 19, the market capitalization of Ethereum remains $ 15.92 billion.
Coinbase Adding XRP custody and increasing sales pressure on ETH
In August, Sam McIngvale, a leading Coinbase Custody product, said the company is exploring the addition of many important cryptocurrencies and ERC20 tokens to its custody solution targeting institutional investors.
"Coinbase Custody is exploring the addition of many existing and future cryptographic resources only for storage and will work to add them as quickly and securely as possible, and we have not yet considered these assets for trading. making this announcement internally to Coinbase and to the public at the same time to remain transparent with our customers on support for future resources, "wrote McIngvale.
Earlier this month, Coinbase Custody integrated XRP into its custody platform, allowing institutions to purchase and maintain XRP with Coinbase as a reliable custodian.
Currently, the US Securities and Exchange Commission (SEC) is in the midst of stifling the initial money supply (ICO) projects for the issuance of digital assets that are considered securities under existing laws.
The SEC has not canceled XRP as non-security and since 19 November only Bitcoin and Ethereum have been canceled by the SEC. The integration of XRP by power stations such as Gemini and Coinbase Pro should therefore be extended until a more complete guideline is released by the SEC.
The integration of XRP into Coinbase Custody was however a positive development for XRP, as it opened the resource to a new group of investors outside the public cryptocurrency exchange market.
Meanwhile, the pressure on ETH sales continued to grow while ICO held a large share of their holdings in ETH in recent months.
As former chief editor of Diar, Larry Cermak He said"There is a big misconception that ICO companies have liquidated most of their holdings in ETH … On average, all these projects have moved or liquidated 62% of the amount initially In other words, they still hold 38% of the amounts initially collected ".
To finance their operations, ICO projects have consistently sold ETH to the foreign exchange market, amounting to millions of dollars, intensifying sales pressure on ETH.
Where is the market header
Technical indicators show no background signs and volume is falling. Market conditions are poor and, in the short term, it is unlikely to see a rapid recovery in the encrypted market above the value of $ 200 billion.
Shutterstock foreground image.
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