Ripple (XRP) is one of the starts this Thursday. The altcoin managed to climb up by 5% and surged ahead of Ethereum while adding $2 billion to its market cap, as featured in today’s crypto news. Meanwhile, the crypto markets managed to climb slowly higher.
The total market capitalization is now at $115 billion and progress is slower going up than it is coming down. Bitcoin is still stuck at its new resistance level of $3,500 and it looks like it cannot overcome it. The daily volume for BTC has remained at $5.8 billion but the market dominance has dropped back below 53%.
Meanwhile, Ethereum (ETH) looks like it is suffering. The third largest token in the market has clawed back 3.5% to face $110 but still remains in a weak position. The market cap gap to XRP has now doubled as Ripple is surging, especially after the news that SWIFT has partnered with R3 which has a blockchain product using XRP – and which gave XRP a major boost.
The CEO of Ripple, Brad Garlinghouse, met with the CEO of SWIFT in Paris to discuss the future of cross-border payments but no direct partnerships were mentioned. Either way, XRP is the only altcoin now in the top 50 which managed to surge with double digits as its daily volume doubled to $880 million.
Ripple is now trading at $0.308 and looks stable despite its minor correction overnight.
Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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Ripple (XRP) Loses Momentum – Possibly Because Of JPMorgan’s Crypto Spell
“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple."The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances. Ripple's boss, Brad Garlinghouse, doesn't think so. As he tweeted: https://twitter.com/bgarlinghouse/status/1096118363506434048 Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.
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