Altcoins
A Close Look At XRP For 2019
XRP is currently the second largest coin by market cap, and it managed to hold on to this position for the larger part of the past three months. It is also one of the most popular cryptocurrencies in the market, and maybe even the closest one to reaching mainstream usage.
The potential of XRP
XRP is a coin developed by a company called Ripple, and while the coin was initially called by this name as well, it changed its name in an attempt to differentiate itself from the firm. One reason for this is that many believed that Ripple controls XRP, which is something that the company has always claimed to be false.
Even so, XRP remains Ripple’s native cryptocurrency, and it is used in combination with many of its products that aim to improve payment systems of various banks and financial institution. This is XRP’s largest use case to date, and more than 100 banks and financial institutions around the world have recognized the potential of the coin and Ripple products.
The products in question, mainly xRapid and xCurrent, are improved systems that allow transactions to be completed within seconds, even when it comes to cross-border payments. Furthermore, they are much cheaper, with lower fees than the ones used by banks so far, which also tend to take entire days to be processed.
Benefits of these products were clear to the banks as well, and while they are typically still quite skeptical of cryptocurrencies, they realized that implementing such systems is the only way to parry the innovations which cryptocurrencies are bringing.
XRP controversies
As mentioned, the crypto community was quite skeptical of XRP at first, and this did not change until very recently. The coin’s connection to Ripple and banks added even more fuel to this attitude, and XRP was accused of many things, such as centralization, not being a real cryptocurrency, market manipulation, and more.
It also had to face several lawsuits by unsatisfied investors, many of whom believed that the company created a coin just to use it to trick investors and get rich. Ripple always denied such accusations and made an additional effort to distance itself from the coin. They claimed that XRP could survive, even if Ripple ceases to exist, which should serve as proof to everyone in the crypto space that XRP is decentralized.
XRP performance
Ripple’s and XRP’s efforts ended up being quite successful, and the coin is now an accepted and well-respected cryptocurrency. Even so, its value remains rather low, sitting at $0.316004 at the time of writing.
However, the coin has reached higher levels of stability in mid-December, and for weeks now, XRP value remains between $0.32 and $0.36. As XRP continues to expand, a rally at some point remains a possibility, although this depends on the state of the entire crypto market.
Meanwhile, XRP continues to build up its network, connecting banks and financial institutions around the world. Apart from that, it is also listed on more than 100 crypto exchanges, although it has yet to win its place on Coinbase. If Coinbase does decide to list XRP, this might be just the push it needs for its value to skyrocket.
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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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Charts courtesy of TradingView
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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