Many in the crypto community will remember November 15 as one of the worst single-day correction thus far this year (XRP got a minimal shock that time too). After last week fall, Bitcoin price found support at about $5,500 and now it has fallen by 15.16% over the previous 24 hours to stand below $4,523 (the lowest since October 2017).
Several other cryptocurrencies have dived with Ripple’s XRP being an exception (the least loser). In fact, XRP has already overtaken Ethereum again (been the case for a couple of days now) to take up the second position as the largest crypto by market cap.
Even though the whole market is in a severe bloodbath and each of the cryptocurrency is facing double-digit losses, XRP is still fighting hard with the bears. Perhaps, that sounds interesting. What next for XRP? Is it time for Ripple’s XRP to take the top spot?
Ripple’s XRP, the least loser; will it take on Bitcoin?
XRP is trading on the somewhat positive side (at least psychologically) as compared to the rest of the cryptocurrencies. For the past month, it has grown steadily, and at the time of writing, it has displaced ETH from second largest crypto by market capitalization already. Currently, XRP trades at around $0.454 which is still on the red but compared to an initial of $0.49, the native token of Ripple is doing positively.
Relating to 17th November last year, the price of XRP has grown by +113% while that of Bitcoin dropped by -29% and Ethereum is down by -46%. Therefore, as things stand, the numbers are clear for investment in Ripple’s XRP. The past month has seen XRP make a gain of over 10% as Bitcoin and Ethereum nosedived 14% and 16% respectively.
The gain means XRP is up by five billion in market cap from Ethereum. At this point, the notion of XRP catching Bitcoin is indeed valid. Is it? Apparently, there’s a long way to go for XRP to overtake “the giant” as a market cap gap of $75 billion stands between them but many seem to be optimistic about XRP achieving that milestone.
Reasons why XRP is still standing out even with the whole market nosediving
Whenever there are positive developments around any crypto, several efforts are ongoing behind the curtains in making sure that it’s all about going up the ladder. Ripple’s XRP is currently fighting it hard to lift the market, and that’s not happening without reasons; the blockchain has been busy making several partnerships which have boosted its token’s current state.
For instance, not too long ago, Ripple got into a partnership with CIMB Group – the 3rd largest bank in Southeast Asia. Together with other finance institutions using Ripple products, CIMB Group will join RippleNet in an aim to improve international cross-border remittances using the blockchain solutions.
Furthermore, Amun, a London-based fintech firm announced listing a multi-crypto exchange-traded product (ETP) in Switzerland. Significant news for Ripple because of the fact that Amun has already invested more than 25% of the Swiss total portfolio breakdown in XRP.
Also, Coinbase exchange provided another boost as it announced that it was adding XRP to its crypto-custody platform which means that customers will have the advantage of securely storing XRP on Coinbase irrespective to the fact that they won’t be able to purchase it on the platform.
XRP seems to be taking a go on Bitcoin at the moment despite a majority feeling that it’s more centralized as Ripple control almost 60% of the total supply. Also, whether it should be deemed security is a debate that might not end any time soon.
For now, the market crash hasn’t affected XRP that much, it’s down by 4% in the last 24 hours too, but that’s way less than more than 15, 14, and 12 percent of Bitcoin, Ethereum and Stellar respectively. And, some of the cryptocurrencies such as Bitcoin Cash (BCH) are in severe pain, the coin in question is down by mind-boggling 43.31 at the press time.
Ripple’s XRP has much to do to overtake Bitcoin, but with $4523 being its price now it’s looking likely. The crypto king is predicted to sink even further from here; the next few years will tell where XRP ranks. But yeah, right not, even though it’s holding tight, the Ripple-powered token seems helpless in stopping the current crypto 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 thorough research before investing in any cryptocurrency and read our full disclaimer.
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