Cryptocurrency prices have nose-dived sharply since December 2017 when the leading crypto,Bitcoin, hit a high of $19,000. This year however, the bears took over the markets with Bitcoin now trading below the $6,000 psychological support level. Being the largest digital coin by market capitalization, Bitcoin’s status helped it attract lots of investment capital. However, the recent bouts of market volatility and low stability has been a silver lining on the clouds of other digital coins. Ripple (XRP) for instance, has been gaining a following due to its uniqueness. Its protocol is directly opposite to that of Bitcoin. Therefore a loss in BTC’s value could be advantageous to Ripple.
Ripple’s Technical advantages
The recent market activity shows that Ripple will soon catch up with Bitcoin and most likely overtake it. Technological advancements in financial services such as the launch of xRapid, resulted in enhancements and upgrades. Therefore, transaction fees were reduced to negligible levels, while the speed has significantly increased.
Bitcoin treading a slippery path
Bitcoin, given its market dominance, tends to be affected by activities of other digital coins which sometimes has a negative influence. A good example is the recent BCH hard fork. This saw the upgrade of the Bitcoin Cash network, and sparked a fierce hash war between Satoshi’s vision camp and that of BCH ABC. As a result, the price of Bitcoin surged downwards, dragging the rest of the crypto-markets down with it.
However, recent developments destabalized Bitcoin’s and called its decentralization into question. To investors, the actions of a few people ought not to have the ripple effect of negatively affecting Bitcoin’s performance over such a short period of time. In that sense, Ripple has emerged as an excellent choice. The fact that the crypto is slowly recovering even as Bitcoin and others struggle to stay afloat adds to its charm.
Ripple has overtaken Ethereum
XRP emerged as one of the strongest and largest digital coins in the market. On its way up, it came up against Ethereum. The crypto was able to surpass ETH twice in market cap in under a month. This earned it second place behind Bitcoin. Its stellar performance is perhaps due to XRP’s efforts to expand its customer base in recent months.
Additionally, more and more banks are becoming amenable to the Ripple Network (RippleNet) where the coin is used as the base currency in international transfers. More action would put in within BTC’s range as well as within its reach.
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