In today’s crypto news, we can see Ripple despite falling down by 9.5 percent against the US dollar, overtaking Ethereum and is now the second most valuable cryptocurrency in the crypto market.
Two days ago on November 17, Ripple increased in value at approximately 8 percent while other major cryptocurrencies such as Bitcoin and Ethereum failed to maintain momentum. Its short-term rally back on Saturday, allowed XRP to peacefully surpass Ethereum with a market cap of $19.1 billion. Ethereum, on the other hand, remains at $15.92 billion.
One of the reasons why this could be happening on the market right now could be the exploring of Coinbase Custody to add major cryptocurrencies and ERC20 tokens:
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’
Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs.
ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]