Ripple’s XRP Price Remains Standstill as other Cryptos Gain, Ethereum Could Reclaim its #2
Although most cryptocurrencies have experienced a major price crash in the last several months, a good number of them have started rising in value.
Ripple’s XRP, however, appears not to be changing much, making its closest competitor in market cap – Ethereum – gain more ground to reclaim its #2 position.
XRP Remains Behind Even with Bitcoin Price Momentum
The movement of Bitcoin’s price has been a major determinant when it comes to the movement of other cryptos. If it gains steadily, other coins follow suit. If it loses value, the same thing happens.
This time around, Bitcoin price recorded considerable growth, with most coins also following suit. However, one crypto that remained behind, showing very little momentum is XRP. Over the last few days, it has lost about 1.53% loss over bitcoin and a 0% change over USD. It lost its $0.31 support level again.
Ethereum Gaining Ground
If this rate is anything to go by, then it’s no surprise to see Ripple losing ground and Ethereum eventually reclaiming its 2nd position in market capitalization ranking without a lot of effort.
With Ripple signing new partnerships right left and center, it’s difficult to tell just why it’s not gaining momentum as many people would have expected. XCH4NGE, a peer-to-peer service that uses XRP and other coins, announced that it would expand to 20 more countries, something that may affect the prices slightly.
Although some of these partnerships don’t seem to affect the price of XRP as one would have expected, they are still noteworthy development. But as services using XRP expand aggressively, the future of Ripple’s XRP will be very interesting.