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XRP and Tron [TRX] feel the brunt of the bear; development try to counteract effects

Akash Anand



XRP and Tron [TRX] feel the brunt of the bear; development try to counteract effects
Source: Pixabay

The markets opened today, 15th October, to most cryptocurrencies seeing red across the board. Even major cryptocurrencies like Bitcoin [BTC], XRP and Tron [TRX] were not able to escape the wrath of the bear.

XRP’s fall comes in the wake of a Ripple-SWIFT partnership that had riled up users. According to rumors, the partnership will utilize xRapid for settlement, most quote the reason as Ripple being at SWIFT’s annual conference this year, where they believe the company will make a “big announcement”.

At the time of writing, XRP was sliding at a rate of 3.33% with a total market cap of $16.258 billion. The cryptocurrency was trading for $0.406 with a 24-hour market volume of $339.695 million. The majority of XRP’s trade volume was held by Bitbank with a hold on $48.926 million of all XRP trade. Bitbank was closely followed by Binance, which had a $38.434 million of the entire trade volume.

Tron was another cryptocurrency that was suffering under the rule of the bear after a week of bullish rises. Tron had enjoyed a good week on the back of Justin Sun’s announcement of a secret partnership that was worth tens of billions of dollars.

The latest announcement has received a lot of attention by members of the crypto-sphere with several of them commenting on Sun’s post.

Rahul Sharma, a Twitter user said:

“Alibaba come on just say it.”

Even after the announcement, the cryptocurrency has dropped 12.4% over the past week making it one of the biggest losers in the top 20 cryptocurrency charts.

Tron was in the news again when Marcus Zhao, the Technical Manager for the Tron project, made several claims involving Tron’s competency over Ethereum [ETH], Bitcoin [BTC] and EOS. He had stated:

“As far as I know, Tron is the only public chain without any post-launch problems. I don’t know why he said there are many vulnerabilities in Tron. In comparison, ETH, BTS and EOS had block generation problems when they were first launched.”