The cryptocurrency market has been under the bear’s hug since last December 17th, and every single asset has felt it severely at some point (Ripple’s XRP hasn’t been the exception). The crypto verse has lost more than 75% in total value over the last ten months. Take Bitcoin. It has gone down to the 5k region a couple of times this year.
And yet, there are a handful of tokens that have been gaining ground against the current and are trading in the green. Ripple’s XRP is the prime example. XRP has been growing steadily for the last month and, over the previous few days, it’s displaced Ethereum as the world’s second’s biggest altcoin by market capitalization.
XRP had already beaten Ethereum twice for the second spot over the last two weeks. The grass (and trading numbers) look way greener for XRP than they look for Ethereum, which is why one is dropping, and the other one has appreciated by almost 10%.
Last Saturday was dramatic. The cryptocurrency market usually turns bearish on weekends and, yet, it was a bullish day for XRP. It opened at $0.472323 and went up to $0.496730 (a local high). And, while it dropped below the opening price to reach $0.466813, it closed at $0.491654. That brought XRP close to its next resistance level.
That level then got broken as it traded at $0.502975 (and went in the green) until before today (Monday, November 19, 2018) morning. Even though it’s currently trading in the red (again alongside the most of the coins), still, don’t miss the signs: the bulls are in for XRP.
Ethereum keeps falling down as Ripple’s trading volume keeps growing. A factor behind that growth is Bitbank, a Japanese exchange that is now offering trading pairs between Ripple’s XRP and the Japanese Yen (XRP/JYP). This pair alone has created 124.67 Million in additional trade, on top of the previous $829.92 Million XRP had already. And this is making XRP’s market capitalization swell very quickly which is why it’s taken over Ethereum’s former second spot.
Ripple explodes
Many crypto observers were, and still are, skeptics about Ripple’s XRP’s success. They think these are the usual results you can always expect from pure speculative pressure in which a specific token gets a lot of support for a short period only to fall back down a little bit later on.
XRP is proving them wrong one day at the time. In a rare gesture, Ran Neuner (of CNBC’s fame) has strongly suggested to traders to drop Bitcoin and Bitcoin Cash (because of the current hashing war happening between them) and go for Ripple’s XRP 100%.
XRP is the next Bitcoin. #XRPTheStandard#EOY$500$XRP
— JustAnotherCryptoKing [Mr. Maximalist #4576] (@JustAnothrPleeb) November 19, 2018
Some players have even started to wonder if XRP is the next Bitcoin. That is still a very doubtful proposition for this month, but in five years anything could happen.
Going back to the article’s initial question: What is driving XRP up? Simple answer: it’s becoming useful. Ripple has stopped ignoring retail and practical use cases for end-users, and, at the same time, it’s kept recruiting new partners in the traditional financial system so that the token is becoming usable for both big and small players, inside and out the cryptosphere.
In this way, it’s creating additional demand and trading volume for the coin (the Japanese example cited above is nothing short of dramatic) and increasing its value.
This article is not about financial advice but perspective. We’re not going to recommend for you to drop all your BTC and get XRP instead. But if you are a crypto enthusiast, XRP is a digital asset you should be watching, and, if you can, acquiring.
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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.
Image courtesy of Violetta/PixaBay
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