Ripple Rides up Crypto Charts, Knocks Bitcoin Cash Out of #3 Spot
The majority of cryptocurrencies have been taking a break this week with very little movement in either direction. This morning, however, saw declines across the board during the Asian trading session, all except Ripple which bucked the trend again and saw gains.
Bitcoin had rebounded a little from its previous slump to $12,000 but it was short-lived, the digital currency is going through another sell-off from a high of $16,900 yesterday down to $14,700 today and still falling. Ethereum has also pulled back a little to the $700 level, likewise with Bitcoin Cash which is down from $3,000 to $2,600. Litecoin which has been stable at $280 for a week has also dropped 12% in the past 24 hours falling to $250 at the time of writing.
Ripple on a Roll
One winner has again emerged, emulating its actions a week ago by knocking Bitcoin Cash (BCH) off the third spot in the market capacity charts. Ripple has gained a lot of attention in recent weeks, even Nasdaq reported on the altcoin’s performance yesterday. In a sea of red down as far as Bitconnect at 18th, Ripple is the only coin showing green gains this morning.
XRP has shown a shallow but steady upwards gradient over the past week rising from $0.89 to an all-time high of $1.47 according to analytics website Coinmarketcap. This is an impressive 65% gain over the period when most other altcoins, and even Bitcoin, has lost out. Its market capacity is currently $52 billion, whereas Bitcoin Cash has dropped to around $45 billion due to recent selloffs. Even news of today’s SegWit2x BTC hard fork hasn’t been able to bolster its prices as it did previously when people jumped on for free equivalent coins.
Credit Card Credence
A lot rides on the news in crypto land and a coin can shed or gain double-digit percentages on fake news, FUD (fear, uncertainty, doubt), or a pump from someone ‘in the know’ such as John McAfee. Verge is a prime example of this going both ways in the past seven days just on ‘news’.
It has been good so far for Ripple. News yesterday that SBI Holdings and subsidiary SBI Ripple Asia would establish a consortium with a number of Japanese credit card companies using Ripple’s blockchain has given the digital asset a further boost. Initially, the syndicate will be composed of three major credit card providers including JCB, Sumitomo Mitsui Card and Credit Saison.
Ripple is often seen as being more stable and established than other cryptocurrencies. News that major financial institutions are also taking it seriously is keeping it pumped when all others are dumping.
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Images courtesy of Coinmarketcap,