XRP Price Down By Over 5% As Crypto Bear Market Persists Despite Ripple’s Continued Adoption
XRP Down By More Than 5% As Bear Market Persists
The cryptocurrency market has been in decline for several months now. It got worse this month after Bitcoin’s prices fell from over $6,000 to a littler of $4,100. Amazingly, however, some of the smaller cryptocurrencies held strong against the tide. Unfortunately, XRP has fallen and joined the list of victims.
XRP’s prices fell by about 5.66% after the bear market rebounded following a slight bullish boost. The cryptocurrency is now selling for about $0.354 and prices are expected to dip even further with time.
It is not XRP’s price alone that has been affected by its recent tumble; market capitalization and trading volumes have also taken hits. The crypto’s market capitalization currently stands at a little over $14 billion. What’s more, the most recent trading volume figures are about $951 million – what’s more, a majority of these trades are distributed across 3 cryptocurrency exchanges: Binance, ZBG, and Bitbank.
Naturally, most traders are waiting to see where the prices will settle at before resuming trading – understandably, some are panicking and selling while others are buying in anticipation of a rebound.
The recent drop in XRP’s prices does not come as a shock – in fact, it was expected considering the bear market’s size and momentum. However, it has come at an unexpected time.
XRP recently made a significant price forward when Vertpig.com recently announced that plans were underway to list the cryptocurrency on its exchange platforms. Vertpig is a popular cryptocurrency exchange platform that is on the rise. The platform has also been making major strides itself – for instance, it recently announced that it would be accepting the Euro and Great Britain Pound for trades thus guaranteeing easier access to more interested traders. XRP is expected to get a major boost in trading volumes (and other fronts) once it goes live on the platform.
An Optimistic Outlook
Ripple, XRP’s management company, is obviously not happy about its cryptocurrency’s recent drop. In his press release and social media posts, Cory Johnson, the Chief Executive Officer of Ripple, was fairly optimistic of the crypto’s future. He was especially confident of his company’s ability to optimize its fast, cheap and secure payment and money transfer system. He is also banking on the traditional systems’ inefficiencies.
According to Mr. Johnson, the cost of remittance for the average business is about 6.94% going by current statistics of the World Bank. The World Bank also reports that the average business has a profit margin of about 7%. As such, it is difficult for small business to engage in global transactions under traditional monetary systems. By utilizing XRP’s services, small business (and everyone else) can send payments faster and at much cheaper rates. Businesses can even use XRP’s services to expand to the international scene.
The current bear market plaguing the cryptocurrency market seems unrelenting. More and more cryptocurrencies are falling under the tide and XRP is one of the latest victims. However, XRP’s developers are optimistic of a bright future ahead as they make more inroads into the remittance market.