XRP Holds Title Of World’s Second-Largest Cryptocurrency For Longest Stretch

XRP has successfully held the rank as the second largest cryptocurrency in the world by market cap. It has taken this position since 2016.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.00-0.80%

The market cap of XRP, on Nov. 15 reached $19.39 billion. This cryptocurrency is connected to the Blockchain startup based in San Francisco, Ripple. The figure was enough to give it a place as the second largest cryptocurrency in the world after it overtook ether. ETH was in the second position previously.

The longest stretch

The eleven-day stretch is the longest the digital currency has spent at the second spot since it held it for 13 days in 2016 from Jan. 26 to Feb. 8.

The dominance rate for XRP, which is an indicator that records the percent of the total crypto market cap contributed by the digital currency, reached a 45-week high. It surged to 12.74 on Nov. 20. Since then, it has retreated slightly to above 11 percent.

For the purposes of comparison, the dominance rate of bitcoin is presently 53.9 percent but the rate of ether, which is the world’s third-largest cryptocurrency, is just 9 percent.

It is important to note that since XRP started its market share uptick a week ago, the larger crypto market has witnessed a massive sell-off. It has lost nearly $90 billion as well as 40 percent of the total market capitalization presently.

The market rout has caused significant depreciation to a lot of cryptocurrencies against the USD. ETH and XRP are reporting 37 percent and 22 percent respective losses within the eleven-day span. The world’s largest digital currency is down by 32 percent.

Despite the advance in market cap ranks of XRP, ETH has recorded more trading volume recently. Within the past 24 hours, ether’s exchange volume of $2.47 billion is almost twice as large the $1.3 billion of XRP, according to the Crypto-Economic Explorer (CEX) of Coindesk.

XRP price analysis

Yesterday, the broad crypto market saw a minor upside recovery. XRP crossed the $0.3600 level against the US Dollar. At some point, the XRP/USD pair traded above $0.3800, but it had a hard time clearing the resistance at $0.3850 and $0.3900.

Also, there was a rejection seen near the $0.3850 level. This was the same case at the 100 hourly simple moving average. The price could not sustain the 61.8% Fib retracement level that was reached on the last drop from $0.4140 high to $0.3125.

The result is that there is a fresh decline below the $0.3700 level. The price moved back into the bearish zone. During this decline, XRP price broke the 61.8% Fib retracement level which was reached at the last wave.

The price tested $0.3300 level where some buyers emerged. Also, the 76.4% Fib retracement level which was reached during the last wave acted as a support near the $0.3302 level. On the upside, the initial resistance is close to the $0.3600 level. The important bearish trendline is active with $0.3620 resistance on the XRP/USD pair hourly chart.

 

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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