Since Bitcoin (BTC) and Ethereum (ETH) have been in the limelight lately, the XRP associated with Ripple shows by itself. The no. 3 Cryptoasset by market capitalization has almost doubled in the past week and is the best performing coin among the top 30 tokens by market capitalization in a month.
At the time of writing (17:17 UTC), XRP is trading at USD 0. 55 and is up 22% in a day and 93% in a week. The price rose 109% in a month and 138% in a year, turned around (USTD) and became the third most important crypto asset again.
By comparison, BTC is trading at USD 18. 384 and is almost unchanged in one day. It’s up 10% in a week, 40% in a month, and 160% in a year.
The number of new XRP accounts created in the last 24 hours has also surpassed every other route in the last 18 months.
As economist and trader Alex Krüger recently argued: « [Altcoins] usually move in the * same direction * of Bitcoin, but more (in both directions) » ???? and you can think of [altcoins] as leverage bitcoin games. one????
In a tweetstorm, Krüger invoked Newton’s second law of motion and equated BTC with « heavy rock ». and altcoins to pebbles. one???? Because of its larger market cap, BTC needs more capital to move the price needle, while a mere ripple effect (no pun intended) could drive altcoin prices up.
Today, the 24-hour XRP trading volume reached almost 11 billion, according to Coinpaprika. USD (compared to around 1 billion. USD at the beginning of November), compared with 28 billion. USD at BTC.
Krüger added that decorrelation periods between Bitcoin and Altcoins have been the exception rather than the rule since 2018. He said market dynamics were different before 2018, citing BTC / XRP as an example.
The trader went on to warn that while correlations are real, they can also be broken easily, as was the case in October 2020. When it inevitably happens, it can be « very painful for the very many with altcoin assignments ». He noted that the BTC / Altcoin correlations will eventually reverse with the potential rise of a Bitcoin ETF (Exchange Traded Fund). .
In the meantime, in early November, the experienced trader Peter Brandt characterized the BTC / XRP performance as a « Dead Count Bounce » after 32 consecutive red days. one????
A recent report by authors from the Imperial College of London and the UCL Center for Blockchain Technologies also found that more than 94% of transactions on the XRP Ledger, an online payment system, had no economic impact. one???? As reported, the XRP Ledger Foundation was set up in September to « accelerate the development and introduction of the decentralized XRP Ledger. « »
@bgarlinghouse The U. . S regulators are very slow to provide clarity to XRP regulations. The U. S have until May 2021 . . . https: // t. co / ONcC2YjvqQ
@FelixOHartmann @mrjasonchoi Ok, so you’re back. But how long? Sustainable? Not? Will they bite on Defi?
__Find out more: More Japanese pro gamers agree to receive salaries in XRPRipple and launch new credit service for cross-border paymentsYou are not alone: Ripple Exec lost thousands on « Worthless » ???? Tokens TooRipple has three favorite countries in case USHow investors let themselves stumble into Ripple litigation. This is why Santander is reluctant to use XRP
Ripple, Cryptocurrency, Bitcoin, Ethereum
World News – GB – XRP is visiting the levels of 2018 with an uptrend above USD 0. 50
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