None of the top cryptocurrency and digital asset markets have shown any sign of recovering recently lost value. That isn’t necessarily surprising either, as the bearish pressure has made a lot of traders twitchy first and foremost. For the XRP price, it seems things are still going according to plan. Its market cap lead over Ethereum remains in place, primarily because the asset slowly recoups some losses.
More of the Same XRP Price Momentum
Even though there is plenty of price action among cryptocurrencies and digital assets, one would expect there to be some form of excitement. So far, that is not the case, as most currencies seem to do the exact same thing as yesterday. While that could prove troublesome for some currencies, XRP is not necessarily one of them. In fact, this digital asset is still holding its own and remains ahead of Ethereum in terms of total market cap. Especially that latter part is rather interesting.
Over the past 24 hours, there hasn’t been any genuine positive news to report as far as the XRP price momentum goes. Another 4% loss in USD value and a 0.3% deficit in BTC value do not make for a happy tale. Even so, the asset maintains a value of $0.33 without too many problems right now, which is always worth paying attention to. The minor loss in Bitcoin value shouldn’t pose any major problems either, as the 9,000 Satoshi level is still in the clear.
On social media, there has never been a shortage of people who are excited about XRP for a wide variety of reasons. That is one of the strong suits of this asset, as it has a community which will not back down in the face of adversity. Dave Koster still believes XRP will be at the top of the list in terms of market cap in the future. A very bold statement, although one that can become a reality in the future as well.
If Benjamin Clifton is to be believed, there is a good chance one XRP will be worth between $8 and $12 by 2021. That is a very bullish and rather optimistic prediction, especially when considering how one XRP struggles to get past $0.4 right now. A twenty- or thirty-fold increase in value would require a lot of effort and fresh capital to pour into this asset. It would also mean XRP would have a total market cap of nearly $800bn based on its total supply alone.
Although memes are usually associated with Dogecoin and a few other minor currencies, it would appear they now apply to XRP as well. As can be seen in the Tweet below, there is a growing demand to see XRP decouple from Bitcoin in any way possible. Whether or not it will ever be capable of doing so, remains rather difficult to predict. Its value is derived primarily from the world’s leading cryptocurrency, even though XRP is not a cryptocurrency nor a competitor to Bitcoin by any means. Very peculiar, when thinking about it.
When taking everything into consideration, it appears XRP is performing exactly as most people would have expected. There is no upward momentum, yet further losses are negated as well. As long as XRP remains ahead of Ethereum in terms of market cap, there is seemingly nothing to be concerned about as of yet. That situation may come to change at some point in the near future, but for now, the status quo remains in place.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.