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.
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%.
— 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
Why Blockchain Projects Keep Failing
If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.
So, What’s the Problem?
For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.
What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.
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The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.
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STEEMIT Running Out Of STEAM?
Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.
If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…
The Three Biggest Problems with Crypto
In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
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The crypto community is overrun with scammers taking advantage of inexperienced and naive users. What’s more, scams don’t only occur on an individual level.…
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