XRP bucks the market trend
Yesterday we wrote about how well Litecoin (LTC) has been doing, and today it is XRP, the token from Ripple Labs. JP Buntinx at The Merkle has been feeling optimistic about XRP’s fortunes, particularly as it has broken through the $0.5 point of resistance.
As he says, some people expected this to have happened a few weeks back, but it seemed to be sticking at a point just below $0.5 and nothing was making it budge. However, Buntinx says that there is a positive way to look at this, explaining that it is a sign of low volatility.
On 5 November he wrote: “Over the past 25 hours, there is a net 1$ gain in XRP’s USD value, combined with a slightly bigger gain over Bitcoin. All of these developments come at the most opportune time, as it allowed the asset to break through the $0.5 resistance without batting an eye.” However, he does inject some caution into any XRP euphoria, saying that we must wait to see if it can sustain this price point, especially as a rise in trading volume quickly followed it reaching $0.5.
Buntinx also suggests that some activity by OKex, which tweeted about some new trading pairs for XRP (XRP/BTC and LTC/BTC) could signal a further boost for XRP this week. The XRP/BTC pairing went live on 4 November and offers another example of margin trading for users to explore.
Still, not everyone is enthusiastic about XRP’s new-found good fortune. One Twitter account calls XRP “One of the most scandalous digital currencies” and says it isn’t worthy of anyone’s investment. It is true that XRP has divided the crypto community, with hardcore crypto fans rejecting it as not having sufficient ‘crypto credentials’.
Whether you like XRP or not, it is approaching Ethereum’s market cap level. This has happened before, and on previous occasions this has caused Ethereum to enjoy higher for a while. Ultimately, traders will decide what happens to both ETH and XRP. Let’s see what happens!