The cryptocurrency market has been seeing a rollercoaster ride in terms of price with the market seeing multiple ups and downs. On January 10th, the market saw a massive bearish drop with almost all the major cryptocurrencies seeing significant price drops. Bitcoin [BTC], Ethereum [ETH] and XRP all saw drops in the 1-hour chart that has been noted by both users and investors.
At the time of writing, Bitcoin was still below the $4000 mark with a 1-hour drop of 1.14% and a 24-hour drop of $5.8%. The cryptocurrency was trading for $3822.02 with a total market cap of $66.68 billion. The 24-hour market volume of $6.28 billion was majorly shared by Bitmex and Coinbit, with the former holding a 16.08% hold on the total trade while the latter saw $325.6 million worth of Bitcoin trade.
Bitcoin was also in the news recently when China’s second-biggest maker of Bitcoin hardware, Cannan Inc shelved plans for its proposed Hong Kong IPO.
Another cryptocurrency getting attacked by the bear was XRP, sliding by 3.10% in an hour and 6.7% in the 24-hour spectrum The cryptocurrency was trading for $0.34 with a total market cap of $14.065 billion. XRP held a 24-hour market volume of $775.485 million which was split between Upbit and ZB.COM.
UPbit held control of 7.81% of the total XRP transactions while ZB.COM witnessed 6.87% of the total transactions taking place on the platform.
XRP had received a boost last week when Ripple announced that the company had partnered with over 200 financial institutions. Brad Garlinghouse, the CEO of Ripple had said:
“People got really excited about the potential of a new platform and the hype got ahead of the reality. That unequivocally has happened in this space… There’s religious fervor around all of them — some people seem to think these are the crusades and this is a holy war is being fought.”
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XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
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