Except for a few coins like Steem, Zcash, IOST, and Dogecoin, a majority of the crypto market is in the red while altcoin losses are led by XRP and Ethereum (ETH) in double-digits. According to experts, altcoin bears are expected to stay while XRP might get a jump.
Altcoins into correction, XRP & Ethereum (ETH) ruling the loses
From yesterday, the crypto market is feeling the reds as prices take a drop. Though the majority of the crypto market is in correction mode, a few prominent coins are in the greens viz. Steem, Zcash, IOST, and Dogecoin among others.
As for the coins suffering from loses, XRP is at the top from the bottom while Ethereum (ETH) is also among the top loser.
When it comes to the top cryptocurrencies:
- Ethereum (ETH), EOS, Cardano (ADA) are down by more than 9%
- Stellar (XLM) and Tron (TRX) are in the red by over 8%
- Bitcoin (BTC) is down by the least at just about 2% while other top coins are in the negative between 4 to 7 percent
Recently, a China-based investment firm BlockVC’s manager Kiran Sun appeared on CNBC and predicted that the bears of the Bitcoin market will stay in the market for now. However, altcoins have to wait even much longer as he states:
“I think it depends on how you understand the market structure. We think for Bitcoin itself it has reached a bottom, but for the other cryptocurrencies, it’s far from the end. We think the bearish market is going to be lasting for more than 200 days for cryptocurrency other than bitcoin.”
As cryptocurrencies go into correction mode, the total market cap gets hit as well but still staying above $200 billion.
XRP loses over 40%, but a bullish scenario might be on the horizon
At the time of writing, world’s third largest cryptocurrency has been trading at $0.4609. With a market cap of $18.3 billion, the daily trading volume has again taken a surge and reached about $1.2 billion. Today’s price range of XRP has been between $0.4355 and $0.4923.
Meanwhile, Chris Larsen, Ripple co-founder explained that in order to achieve globalization, banking system requires digital tokenization while sharing,
“We are betting XRP ledger and XRP as the digital asset of choice where we are talking about the blockchain component of this internet of value. XRP clearly has, among the majors [cryptocurrencies], the lowest transaction costs. It is the fastest, about three seconds to settle, and it has the highest throughput of the major blockchains.”
If we take a look at the below-given XRP price chart of past 7 days, it has lost more than 40 percent of its value since hitting the high at $0.769 a few days back.
According to Nigel Green, the founder, and CEO of deVere Group, an independent financial advisory organization:
“There’s been an immensely positive buzz regarding cryptocurrencies in the last few weeks – with the standout being XRP. Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organizations, and individuals.”
Green is positive that it will hit $1 in the near future:
“The use of XRP is set to increase and naturally this will positively impact its price. I think it is likely that we’ll see it hit the $1.00 price level before year-end. It could even be double this in 12 months’ time as XRP adoption and usage soars.”
He concluded his bearish expectations of XRP with its growth scenario:
“XRP has been cleverly positioning itself to become a leading international facilitator of global remittances and inflows. This is a huge and growing market, especially in the emerging economies of Latin America, Asia and Africa.”
Moreover, with xRapid to be released in the coming months, the bullish scenario do holds a possibility.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.