XRP [XRP] has been one of the top controversial coins in the cryptocurrency market, alongside Bitcoin [BTC], in the past few weeks. The #3 coin on CoinMarketCap is noted for having one of the strongest community in the space.
Last week, the whole cryptocurrency market faced a huge bloodbath and the altcoins turned out to be the most affected. While the majority of the community believes that the reason for the sudden drop in the market is due to the Bitcoin [BTC] ETF postponement by SEC, others believe that it was either because of the whales or ICOs.
The most affected coins in the market in the past 7 days has turned out to be XRP. The coin has plunged by more than 27% in the past 7 days, making it the biggest loser amongst the top 10 cryptocurrencies in the market, despite all the positive news in the past few weeks.According to CoinMarketCap, the coin has lost almost $0.12 in value and $4 billion market cap in the past 7 days. On 6th August, XRP was trading at $0.42 with a market cap of $16 billion. At press time, XRP [XRP] was trading at $0.30 with a market cap of more than $12 billion. However, some people in the community remain optimistic and continue to hodl.
XRP Hong Kong, a Twitterati said:
“I’m actually excited about this sea of red! It means things are moving, happening, accelerating! I’m not scared of this price drop, I say “Bring it on!” because it means we are getting closer to the next bull run and because I know
$XRP is close prime time!”
Bobbi, another Twitterati said:
“I have from the moment I found
#xrp and nothing could or will shake me, no FUD, no being laughed at for investing, no price drop…..nope – nothing! #xrpproudhodler”
Karl Samson, an FX trader from Chicago says:
” Idon’t care what the charts and fudsters say. Once the Japan SBI partnership becomes public and transparent, we should see a massive jump in prices.”
Recently, XRP was added to the Philippines exchange platform, Coins.ph which has over 5 million users. Moreover, Bittrex, one of the leading cryptocurrency exchange platforms in the world had announced that they would be opening USD markets for the coin and it also received support from Bitcoin Superstore. Most importantly, Coinbase had mentioned XRP as one of the options for Coinbase Custody.
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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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