A severe market slump occurred on November 14, 2018. The plunge made Bitcoin (BTC) lose in excess of 80% from the high prices reached in December 2017. While a few experts and analysts stay bullish about the broad crypto market, the comprehensive fall of BTC has made almost all the other altcoins to fall to new low levels.
Some of the coins have lost approximately 95% compared to their 2017 peaks. In the midst of that entire route, few survivors have emerged. In the case of Bitcoin, it has taken a thorough beating. At this time, the topmost crypto has settled at a significantly lower price range indicating that chances of recovery are a long way off.
In the center of the entire crypto market fracas, questions are emerging on the potency of the recent Bull Run. Will Bitcoin slide to the $4,000 mark? Where will the crypto markets settle? Can Ripple catch Bitcoin and make it relinquish the number 1 spot? Talking of Ripple, it has weathered the digital storm and emerged significantly on top. It has, for now, overtaken Ethereum.
Although Ripple purports that XPR has nothing to do with the general company, the simple fact is that it does. Whatever happens to Ripple trickles down to affect XPR. Moreover, with more than half of the XPR supply still locked away in their coffers, the company still holds all the steering strings.
Several positive developments reported for both the token and the firm have made XPR rank among the few cryptos that have made gains over the past month. In the last 30 days, it has appreciated by at least 10% while Ethereum together with Bitcoin has depreciated by 16% and 14% respectively.
The gains have propelled XPR above the $20 billion market capitalization mark and into the second place. The crypto social sphere is dominated with talks explaining why Ripple can catch Bitcoin. Although it is still a long way to go with a market capitalization gap of at least $75 billion, many observers believe that it is bound to happen if the current market trends continue.
Ran NeuNer, CNBC’s crypto-trader host, stated that the recent hash wars between the newly formed Bitcoin Cash ‘clans’ has affected the crypto ecosystem negatively. There are several memes that include pictures of the Grim Reaper coming to attack Bitcoin.
With the entire market dwindling, investors and stakeholders are turning to the next available haven that currently appears to be XRP. Decoupling and continuous gains can help Ripple Catch Bitcoin in the long run.
For Ripple to catch Bitcoin, it is necessary for XRP to get decoupled from the topmost crypto that has dominated in driving the state of the entire cryptocurrency market. The only way to achieve a total decoupling would be for the launch of many exchange platforms that offer trading pairs in XRP together with ETH, BTC, and other stablecoins.
Many requests have been put forward for the introduction of XRP base pairs as confirmed by the Binance boss. Whether decoupling is done or not, the prevailing trend shows that Ripple can catch Bitcoin if it continues gaining while BTC loses.
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