XRP Takes The Lead As The Cryptocurrency Market Attempts A Recovery 

ripple xrp wallet

XRP was one of the few cryptocurrencies that held its gains during the last bearish wave. While other major cryptocurrencies well falling significantly against the USD thanks to the Bitcoin Cash ecosystem war, XRP was doing pretty well. Yesterday, a minor recovery started and the price of all cryptocurrencies started to rebound against the USD. While many major coins only experienced a little boost, XRP is significantly higher.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.289
0.148%

Bitcoin (BTC) was also down by less than one percent at press time. It was trading at $5,560. However, during the trading session yesterday, it went from $5,490 to $5,616. The current situation in the market is what led the Bloomberg analysts into predicting that the price of Bitcoin will go as low as $1,500 before the end of the bearish market. They believe that Bitcoin will still lose 70% of its current value after losing 60% within the year.

XRP Thrives Against All Odds

Main while, the second largest cryptocurrency per market capitalization, XRP has been doing relatively well since after it took Ethereum’s place on Thursday. It is holding this position strongly as ETH struggles in third place. XRP took the lead in daily performance yesterday as it was up by almost 6% at press time. The cryptocurrency has still been unable to move above the all important resistance at $0.52. It lost this position after the November 14 saga. Today, the token is soaring at $0.508197. This means it is up by 7.34% against the USD and 6.36% against Bitcoin. The market capitalization is up at $20,465,988,800 and the trading volume over a 24 hour period is $879,320,344.

The third largest cryptocurrency per market capitalization, ETH was hovering above $170 yesterday. It eventually gathered momentum and started trading at $173 at press time.

Thanks to the slight spike in price, the total market capitalization has also gone up a little within the last 24 hours. Yesterday, it was recovering above the $183 billion level. The trade volume of all cryptocurrencies put together has been dropping since November 15. It now sums up to $13.5 billion from $25 billion a few days ago.

Bitcoin Cash Saga

Not too long ago, Meltem Demirors, CoinShares CSO talked about the possible cause of the price volatility the market has experienced this week. He said that institutional investors are withdrawing their funds because they are scared of what will happen after the Bitcoin Cash fork. Many other experts in the industry have agreed that the BCH fork is somehow responsible for this price crash.

Bitcoin Cash (BCH) Price Today – BCH / USD

NamePrice
bitcoin
Bitcoin
$8,293.37-0.20%
bitcoin-cash
Bitcoin Cash
$223.55-1.03%

On the 15th of November, the long anticipated fork took place. It was followed by a significant decline in the price of cryptocurrencies. Because of the upgrade many Bitcoin Cash trading services have been shut down in exchanges across the globe.

The upgrade has led to a division among the Bitcoin Cash community. One group advocates for the Bitcoin ABC client while another group advocates for the Bitcoin SV client. Many cryptocurrency experts outside the community have also taking sides with one group or the other. The statistics on Coin.Dance show that Bitcoin ABC is slightly ahead of Bitcoin SV.

Of all the cryptocurrencies that suffered losses over the last few days, BCH suffered the most. Yesterday, it was down by 4.29% against the USD trading as low as $385. Today, even while most of the top 20 cryptocurrencies were trading in green, BCH was still trading in red at $382.05. This shows that it is down by 1.67% against the USD and and 2.59% against Bitcoin. The trading volume over a 24 hour period is $282,123,308 and the market capitalization is $6,672,304,788.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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