XRP Shows Resilience During This Bear Market As Ripple’s No. 2 Spot Looks To Weather The Storm
Although we are in a bear market that started at the beginning of the year for most altcoins, XRP had a decent performance compared to other assets. During the last few months, XRP had a fluctuating price between $0.25 and $0.65. At the same time, it became the second largest virtual currency after Bitcoin (BTC).
According to a recent survey released by data.ripple.com, during the last 6 years, more than $1 trillion has been moved using XRP in over 900 million XRP transactions. Furthermore, 43 million ledgers were also closed on XRP.
Moreover, there have been transactions of millions of dollars on the XRP ledger. As we reported a few months ago, 150,000,000 XRP have been transacted paying just a small fee. According to David Schwartz, the Chief Technology Officer at Ripple mentioned that in order to have larger transactions XRP price must increase. The higher the price, the largest the value the ledger can move.
Ripple has been working in order to allow companies to send and receive cross-border payments using xRapid and other products and services that the company developed. In the future, new institutions could start using XRP in order to improve liquidity and transfer funds from one country to another.
Furthermore, there are XRP users that are asking exchanges to list XRP as their base currency. This is a request that Binance received during the last months. The XRP community claims that XRP is fast and cheap to move funds between exchanges. At the same time, it would be something that would increase revenue on these platforms.
At the same time, Binance has decided to list new trading pairs using XRP, including XRP/USDC, among others. Another exchange, CoinField, informed that they will launch XLM/XRP trading pair.
Ripple has currently partnered with more than 150 institutions from all over the world including banks and other financial firms. The bear market was not a problem for XRP and Ripple development during the last year. Indeed, XPR was able to remain the second largest digital asset and surpass Ethereum (ETH).
At the time of writing, XRP is being traded around $0.29 and it has a market capitalization of $11.88 billion.