XRP Among Underperforming Altcoins With Today’s Bearish Movement

2018-10-29 18:58

Bitcoin broke the two-week pattern of low volume consolidation today with bearish downwards movement.  Although Ripple’s digital currency XRP was initially outperforming when Bitcoin began its consolidation, it began to mirror Bitcoin and trade sideways over the past week. The initial increase for XRP, while the rest of the market was consolidating, was likely due to increased anticipation for XRP being listed to Coinbase Pro. Anticipation of altcoins being listed to Coinbase Pro increased after the recent listing of 0x Project.

XRP Daily Chart – Source: Tradingview.com

XRP is underperforming market leader Bitcoin in today’s drop. XRP is trading around $0.44, down from an open above $0.46. XRP is among most altcoins in this regard with the vast majority of altcoins dropping in comparison to Bitcoin. Bitcoin has proven to be a better store of value this year with its share of the overall market capitalization of cryptocurrencies now being over 54%. Bitcoin represented just 32% of the entire market capitalization in January of this year.

XRP is the third largest cryptocurrency by market cap. It has far underperformed against the market leader this year. XRP was priced around 180,000 satoshis (0.00180000 Bitcoin) in January of this year but is currently trading around 70,000 satoshis. The lows of the year for XRP compared to Bitcoin was around 41500 satoshis but subsequently spiked leading up to the launch of Ripple’s xRapid product. Ripple’s xRapid product was the first of Ripple’s suite of services actually to require usage of XRP.

XRP Price Against Bitcoin. Ripple Chart – Source: Tradingview.com Key Takeaways: XRP appreciated two weeks ago as investors reassessed possibilities of a listing to Coinbase Pro. XRP consolidated over the past week along with Bitcoin but underperforms Bitcoin on today’s drop. XRP has lost over 50% compared to Bitcoin this year dropping from 0.00180000 Bitcoins in January to near 0.00070000 today. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

XRP Among Underperforming Altcoins With Today’s Bearish Movement was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin xrp movement bearish today consolidation began

Источник: blokt.com

bitcoin xrp → Результатов: 126


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