The bullish boost that the cryptocurrency market received on Monday, November 26, seems to have waned with the bear taking charge again. XRP, Bitcoin [BTC] and Ethereum [ETH] all saw significant drops, with the cryptoverse looking into the mouth of another bearish run.
XRP, which has been one of the few cryptocurrencies holding strong against the bearish forces, has not been able to defend itself this time, with the cryptocurrency falling at the rate of 5.66%. Ripple’s product was trading for $0.354, with a total market cap of $14.297 billion.
The cryptocurrency’s $951.300 million trade volume was mainly consolidated between three main cryptocurrency exchanges: Bitbank, ZBG, and Binance. Bitbank held the lion’s share of the XRP trade volume, encompassing $151.849 million of the total. Bitbank was closely followed by ZBG, which had a grasp on 11.59% of all the XRP trade traded in the cryptosphere.
XRP’s fall surprisingly comes in the wake of developments in the space, with recent reports showing that XRP will be listed on Vertpig.com, a popular cryptocurrency exchange. The company had tweeted:
“As well as integrating EUR and GBP to Buy & Sell all coins Vertpig has listed. A big couple of weeks coming up, Make your next trade on Vertpig!”
Ripple, XRP’s parent company, has made it quite evident that the organization plans to cash in on the remittances market, with the main goal to improve the cross-border payments industry. The company has also created multiple partnerships with several established financial institutions such as Banco Santander.
Brad Garlinghouse, the Chief Executive Officer of Ripple, and Cory Johnson, the Chief Market Strategist of Ripple, have both been instrumental in the strides taken by all of Ripple’s products: XRP, xVia, xCurrent and xRapid.
Johnson has also made it clear that the main use case of XRP was instant payment settlement and heightened security. He had said:
“The World Bank said that the average cost of remittance was an all-time historical or low for humanity at 6.94%. The average business has a net profit margin of about 7% but the cost of moving money across borders is about 7%. That means the average business has no business in being global.”
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