The last couple of weeks have seen every single cryptocurrency lose a lot of value, starting with Bitcoin, and there is no end in sight. It’s been nothing short of carnage. But amidst this mayhem, two digital assets held fast. Granted, they lost value too. But their red numbers were written in single digits while every other token down by double digits. We’re talking about Stellar Lumen’s XLM and Ripple’s XRP.
Stellar Lumens (XLM)
It may seem a paradox, but you can make progress even in a market that is going down, and that’s what XLM has achieved. It briefly knocked Bitcoin Cash out of the 4th place by market capitalization. While it didn’t stay there definitely, this is a sign of things to come.
Bitcoin Cash’s hard fork created a hashing war, and it provided airdrops for community members. And yet, it’s gone down from $630 (before the fork) to around $160, currently. This is probably because many users that received coins from the airdrops are now squaring their Bitcoin Cash positions as the market is dominated by sellers.
As things stand, both EOS and Stellar Lumens have market capitalizations that are in the same zone as Bitcoin Cash. The difference between all three of them has been that XLM dropped at a much smaller rate. About two days ago you could have thought it would overtake them in the following days. This is exactly what happened between XRP and Ethereum, and now XRP is a solid second place by market capitalization.
But that’s not the case now. Stellar as gown down even more than EOS and Bitcoin Cash in the last 24 hours as it’s in red by 24%. In the current turmoil, XLM doesn’t really need to grow to be a safe haven. It just needs to keep dropping a lot more slowly than similar assets, which is precisely what’s been happening about 30 hours ago or so (but not now).
As we mentioned before, even in the recent mess, XRP managed a degree of success by becoming the world’s second-largest digital asset by market capitalization, overcoming the legendary Ethereum. It now outranks it by about four billion dollars, so it looks pretty safe in its new second place.
Then there’s the good news. TransferGo announced it would adopt Ripple’s xRapid platform to create a remittance corridor between Europe and India. This platform is fueled by XRP transfers, which creates demand and trade volume for the token.
Additionally, Ripple’s Asian partner, SBI, announced it would use Ripple’s technology to ensure security in credit card operations in Japan. And Mitsubishi also announced that it would use Ripple to settle payments between Japan and its Brazilian partners.
Ripple’s XRP has held fast because it’s proved to have myriad use cases in the traditional financial sector. Those banks who are using Ripple’s platforms and coin are settling international payments in minutes, at the cost of a fraction of a cent, thus giving their costumers better, safer, cheaper service. According to American Express, XRP is saving them around 70% of the costs involved in sending money overseas.
XRP has also managed to build a robust community that will go all the way to hell and back for the currency and the ideas it upholds. But even though it has been holding the grounds quite well, that case has changed now as the cryptocurrency is down by even more than Ethereum. XRP trades in red by 17.51% in the last 24 hours (ETH is down by 15.41%).
Good things happen even in bad markets, and they teach us a lesson. Let’s try and learn from the current bullish run: XLM and XRP are here to stay, and they’re very solid.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 Pixabay.
Is Ethereum Still Searching For Its Bottom?
The crypto space has mostly been seeing drops in value during the last 30 days, and it was clear that the bear market of 2018 still has enough energy to cause further damage in this year as well. Most coins occasionally felt a slight growth, although it was not big enough to spark a real rally and shake off the bears.
When it comes to Ethereum, the coin has been dropping continuously since January 10th. ETH experienced high volatility ever since it broke down a $180 support on November 14th, 2018. A small rally starting on December 15th started taking ETH back up, although the highest it managed to reach since then was $159.58 on January 6th, 2019. Since then, the coin’s price entered another free fall, although it never dropped below $100 since then.
The coin seemingly found some stability in the final days of January, when it was trading at around $119, although another drop followed in the first days of February, and Ethereum nearly dropped to $100 on February 6th.
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1) A crypto Whale moves a large portion of XRP
Many have probably already heard the term “Crypto Whale,” as it is quite common to find discussions mentioning them and their activities. The term is a name used for coin holders which tend to buy, sell, or move massive amounts of digital currencies. These are usually professional investors with large funding who can impact the crypto market in any way they please, and make the prices rise or fall depending on their calculated business decisions.
They are called Whales because of the large amounts they move, which usually have a pretty big impact on the market. And, since they are so influential, there are many in the crypto space that have made it their mission to follow the activities of known Whales, and base their business decisions regarding the Whales’ movement.
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