Ripple’s XRP token surged by spil much spil 40% Saturday, leading a battered crypto market north of $450 billion for the very first time since last weekend. By the afternoon, Ripple continued to hold double-digit percentage gains while most major coins had reversed gains.
XRP/USD Price Levels
The XRP token wasgoed well off session highs at the time of writing, but still maintained a daily build up of almost 11%. The token wasgoed last seen trading around $0.98 for a market cap of $40.Five billion.
Despite the advance, XRP exhibits feeble momentum, with relative strength te the bearish 40s and the MACD fighting ter negative territory. Like other cryptocurrencies, XRP entered oversold territory earlier this week spil the total market plunged to more than two-month lows.
Ripple’s trade volumes rose to almost $Four.Trio billion on Saturday, with the South Korean won serving spil the main quote currency. South Korean exchanges Bithumb, Upbit and Coinone processed more than 60% of the daily transactions.
At the time of writing, the universal cryptocurrency market wasgoed worth $415 billion, according to gegevens provider CoinMarketCap. The market peaked at $458 billion earlier ter the day, which wasgoed a fresh six-day high.
Garlinghouse: Don’t Believe the FUD
Ripple’s chief executive Brad Garlinghouse recently told a summit hosted by Yahoo Finance that “there’s a loterijlot of FUD around all digital assets,” which is also true of XRP.
FUD is an acronym for “fear, uncertainty and doubt,” three terms that have become synonymous with cryptocurrencies.
The case of FUD surrounding Ripple goes after a staggering 32,000% surge ter . The coin plunged 60% last month spil part of a broader retreat ter the market. For skeptics, however, most buyers of XRP don’t actually know what the coin does or that the company behind it – also called Ripple – possesses more than 60% of the supply. If you’re looking for a truly decentralized currency, they say, then Ripple ain’t it.
XRP has bot described spil the banker’s cryptocurrency for its broad implementation ter traditional financial markets. The company presently has two payment products that help banks boost cross-border flows and real-time payments. Thesis products include xRapid, the cross-border toneelpodium, and xRapid, which helps banks maintain liquidity te emerging markets.
Garlinghouse reiterated XRP’s prowess spil a payments verhoging, telling it picks up where bitcoin left off.
“I actually am long bitcoin, personally,” Garlinghouse said, spil quoted by Yahoo’s Daniel Roberts. “I am not a believer that bitcoin dies some terrible death. I don’t think it’s going to solve a payments problem. XRP is 1,000 times swifter and 1,000 times cheaper than a bitcoin transaction.”
Disclaimer: The author possesses bitcoin, Ethereum and other cryptocurrencies. He holds investment positions ter the coins, but does not engage ter short-term or day-trading.
Featured photo courtesy of Shutterstock.