The cryptocurrency market has received the blessings from the bull-lord and looks ready to make strides and rally upwards. During the topsy-turvy ride of the coins across the board, many re-arrangements took place as the market kept switching allegiance between the bull and the bear. A major change also took place when XRP replaced Ethereum [ETH] to become the second largest cryptocurrency in the world.
In the month of November, Ethereum saw a steep decline in its performance as several ICO projects involving ERC20 tokens that had raised capital in ETH faced a sell-off. This brought a severe downturn on the Ether charts and gave XRP the edge it required to overpower Ethereum.
At the time of writing, XRP was one of the top three gainers on the cryptocurrency index and had soared by 15.7%. The token was trading at a bullish price of $0.38 with a market cap of $15.82 billion. Here, its total trade volume in the past 24-hours was recorded at over $1 billion.
On the other hand, Ethereum [ETH] has also been riding the bull at a price hike of 9.92% wherein it broke out above the $100 mark to trade at $108.8 with a market cap of $11.3 billion. The 24-hour trade volume for ETH was calculated to be $2.35 billion.
The difference between the market cap of XRP and Ethereum [ETH] is currently calculated to be around $4.5 billion, giving Ethereum huge competition to reclaim its throne beside Bitcoin.
Furthermore, the widespread adoption of the RippleNet may work against Ethereum as xRapid uses XRP as the base currency to carry out the remittance process. According to the recent reports, it has been clear that Ripple and XRP have built many bridges and are being supported by key authorities, such as the International Monetary Fund [IMF].
From a commercial adoption point of view, Ripple has taken charge as it continues to grow its network of big players in the banking sector, such as Siam Commercial Bank and SBI Santander. Through its initiative called Xpring, many startups have also made the use of XRP relevant in their payment mechanisms.
Therefore, when the use cases of Ethereum and XRP are compared, the latter appears to be a stronger contender among the two.
76205|XRP/USD Price Analysis: Coin stagnates even after massive adoption news
The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.
The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.
The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.
The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.
The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.
The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.
The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.
The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.
The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.
The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.
76171|xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts
XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.
There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.
The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.
However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.
Nayer Malik [@sinjunsmyth], a Twitter user, stated,
“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”
In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,
“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”
C3|Nik [@C3_Nik] acknowledged the above and replied,
“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”
A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,
“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”
Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.
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