The cryptocurrency market has been under the bear since last December 17, and every single asset has felt severely at some point (Ripple's XRP was no exception) . The crypto verse has lost more than 75% of the total value in the last ten months. Take Bitcoin. He has moved to the 5k region a couple of times this year.
Still, there are a handful of tokens that are gaining ground against the current and are trading in the green. The Ripple XRP is the first example. XRP has grown steadily in the last month and, in recent days, has moved Ethereum as the largest plateau in the world by market capitalization.
XRP had already beaten Ethereum twice for second place in the last two weeks. Grass (and business numbers) seem more environmentally friendly for XRP than they are for Ethereum, which is why one is falling and the other has appreciated by almost 10%.
Last Saturday was dramatic. The cryptocurrency market usually becomes bearish on weekends and, again, has been a bullish day for XRP. It opened at $ 0.472323 and rose to $ 0.496730 (a local maximum). And, while it fell below the opening price to reach $ 0.466813, it closed at $ 0.491654. This brought XRP close to its next resistance level.
That level then broke when it was traded at $ 0.502975 (and went green) until today (Monday, November 19, 2018) in the morning. Although it is currently traded in red (again together with most coins), however, there are signs: the bulls are ready for XRP.
Ethereum continues to fall while Ripple's trading volume continues to grow. One factor behind this growth is Bitbank, a Japanese exchange that now offers trading pairs between Ripple's XRP and the Japanese Yen (XRP / JYP). This pair alone created 124.67 million additional trades, in addition to the previous $ 829.92 million that XRP already had. And this is making XRP's market capitalization very rapidly rampant, which is why it was taken over from the former second spot of Ethereum.
Many scrambled observers were, and still are, skeptics of Ripple's success with XRP. They think that these are the usual results you can always expect from a pure speculative pressure in which a specific token gets a lot of support for a short time, only to fall back a little later.
The XRP is showing that they were wrong one day at a time. In a rare gesture, Ran Neuner (of CNBC fame) strongly suggested to traders to abandon Bitcoin and Bitcoin Cash (due to the current hashing war that occurs between them) and choose Ripple & # 39; s XRP 100 %.
– JustAnotherCryptoKing [Mr. Maximalist #4576] (@JustAnothrPleeb) November 19, 2018
Some players have even begun to wonder if XRP is the next Bitcoin. This is still a very dubious proposal for this month, but in five years anything could happen.
Returning to the initial question of the article: what is increasing the XRP? Simple answer: it is becoming useful. Ripple has stopped ignoring retail and practical use cases for end users and, at the same time, continues to recruit new partners in the traditional financial system so that the token is usable for both big and small players, inside and out the cryptosphere.
In this way, it is creating further demand and volume of trade for money (the aforementioned Japanese example is nothing short of dramatic) and increases its value.
This article is not about financial advice but perspective. We will not advise you to delete all your BTCs and get XRP. But if you're a cryptic enthusiast, XRP is a digital resource that you should watch and, if you can, acquire.
For real-time business alerts and a daily distribution of encrypted markets, subscribe to Elite membership!
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 Violetta / PixaBay