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XRP price storms over 21% to become the second-largest coin; slashes Ethereum [ETH]

Priyamvada Singh

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XRP price storms over 21% to become the second-largest coin; slashes Ethereum [ETH]
Source: Pixabay

XRP, the coin that previously occupied the third position on Coin Market Cap has replaced Ethereum [ETH] to place its pride at the second position, just below Bitcoin [BTC] on the cryptocurrency index. At present, the token has taken a flight of over 21%, trading at $0.56 with a market cap of $22.5 billion, surpassing Ether’s market cap of $22.07 billion. It was evident that XRP defeated Ethereum’s market cap by over $400 million.

XRP surpasses ETH | Source: coinmarketcap

XRP surpasses ETH | Source: coinmarketcap

This is speculated to be due to the extensive adoption of xRapid by the Japanese financial institution SBI Group and the cross-border remittance service, SendFriend. xRapid is a product by the leading blockchain remittance firm and XRP’s parent company, Ripple, who built the product with the idea to lower the costs and provide speed to money settlements in the FinTech industry.



This month, XRP has experienced multiple pops and drops, with one hike session in the first week of October when xRapid was first launched for commercial purposes. Many big names adopted the product, causing a price rally in the XRP market.

The largest trading volume of XRP has been recorded to be flowing in from the Japanese exchange Bitbank where the figures are equivalent to $178.3 million [approx.] and the pair involved is XRP/JPY. The other exchanges contributing to the dense trading volume of the cryptocurrency are Upbit, Binance and Bithumb.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

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XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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