Connect with us

Blogs

Ripple’s XRP finds it tough to halter the incessant crypto market crash

Published

on

XRP
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for 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 thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Skeeze/PixaBay

Blogs

How Can Foreigners Get Loans in Singapore

Published

on

loans for foreigners in Singapore
READ LATER - DOWNLOAD THIS POST AS PDF

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

Continue Reading

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

Published

on

Aluna.Social
READ LATER - DOWNLOAD THIS POST AS PDF

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Press Release