The crypto-markets are experiencing some sideways movement at the moment of writing this. The total crypto market capitalization is stagnant at levels of above $250 Billion and currently at $252 Billion. The King of Crypto is having a hard time maintaining levels above $7,000 and is currently trading at $6,996 and down 1.14% in 24 hours. With regards to our favorite remittance coin of XRP, it has dropped by 1.8% in the last 24 hours and currently trading at $0.42.
Looking at how when BTC drops, XRP drops by a similar amount (1.14% and 1.8% respectively), it can be concluded that XRP is tied to the hip with BTC when it comes to market stability. As a matter of fact, the team at Ripple highlighted this fact in their 2nd quarterly report of 2018. They stated the following:
“XRP was notably less volatile in Q2 and XRP’s 9.0 percent price decline was in line with bitcoin’s 8.2 percent decline.”
This means that once BTC is huffing and puffing in the markets during its highly anticipated Bull run, XRP will also not be left behind. Speculation is high that the CBOE Bitcoin ETF that is pending at the SEC will be approved sometime this year. Some had believed it will be postponed for another year or so, but the recent development of the owner of the New York Stock Exchange (NYSE) launching a Bitcoin market, has rekindled the hopes of an August Bitcoin ETF approval.
Switching our attention to the country of Japan, the SBI Holdings company through its VCTRADE platform is aiming at becoming the number one cryptocurrency exchange in terms of trading volume as well as superior customer experience. VCTRADE is very much XRP friendly. The future plans of the SBI Holdings company can be seen in their recent financial reports that highlight the following plans:
- Acquiring new customers and retaining them through the provision of superior customer services at a low cost as compared to their competitors
- Provide the narrowest spreads and high-level security for VCTRADE clients/customers
- Implement a future services expansion policy that might include commission-free trading of BTC, BCH, and XRP on VCTRADE
- Provide superior deposit and withdrawal services
- Support of Ethereum (ETH) on the platform
- Boost crypto fund businesses with the CoVenture Holding Company: an Asset Management Company based in the US and Co-founded by SBI
- Start offering cryptocurrency financial derivatives through the Clear Markets Firm in the US. SBI owns a 12% stake and aims at acquiring up to 20%. The Clear Markets Firm provides an over-the-counter derivatives electronic trading service in the US, UK, and Japan
There is also news of Coinbase finally warming up to XRP through its Custody service. This service stores digital assets for institutional investors as well as high net individuals. Coinbase has not confirmed it will be supporting XRP in its storage service, but it announced it was considering it.
In conclusion, the future does indeed look bright for our favorite remittance coin of XRP in terms of market performance and investment products through SBI Holdings. This means that its current price might be the lowest it might be for the foreseeable future. Yes, it is a bear market, but the future looks too good not to buy or HODL some XRP.
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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 thorough research before investing in any cryptocurrency and read our full disclaimer.
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