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

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XRP
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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.

Image courtesy of Skeeze/PixaBay

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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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…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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