XRP Coin’s Surprising Stability During Recent Crypto Market Plunge Has Ripple Investors Feeling Lucky
While Bitcoin is still the undisputed leader, with over 50 percent market hold, Ripple has been dominating the market as well, doubling its market capitalization in the past 3 months. With over $17 billion, the altcoin now makes over 12 percent of the total crypto market.
As the steady decline of all blockchain based currencies continues, XRP has outperformed the rest, even with a value drop of slightly over 10 percent; it has still managed to expand on its total share, in percentage terms of the total crypto market cap.
At a time when the major coins have seen a steep loss, ranging from 20 to 50 percent, XRP’s market cap stands at $17.6 billion, ranking it second with a hold of about 12.5% of the total market. This sort of rearguard action sees it rapidly moving towards the previous all-time high, that was achieved at the height of the crypto bull run at the start of this year.
Real Hope Or False Dawn
This sort of performance has even caught some in the industry off-guard. This sort of positive upturn comes amid a general mood of buoyancy that surrounds the project. In a recent conversation, Brad Garlinghouse, CEO of Ripple expressed the company's direction. He noted that they were not planning to join hands with the SWIFT banking network. On the contrary, the coin is looking to rival and eventually replace the system.
Its position has been further bolstered by the announcement of CIMB. The Malaysian lending behemoth had announced last week that it sees great potential in Ripple’s cross-border payment network and has joined in.
With its continuous expansion, the second largest coin is certainly positioning itself to stand on firmer grounds. This will no doubt help the company surge ahead once the bearish run of the market cycle ends. In the meantime, the virtual currency is treading carefully, at the time of writing, its value is hovering around the $0.45 mark.