Unless you’ve been living under a rock for this past week, the whole crypto space have had their jaws hit the floor following the massive crash that hit the market this week, leaving Bitcoin to drop below the $5,500 key resistance level and the rest of the market to fall with it. Some believe that this was due to the Bitcoin Cash Hash War, but really it’s hard to define exactly what has caused this.
The two different teams joint up with Bitcoin Cash ABC and Bitcoin Cash SV have been blamed for causing this crash and the value of the Bitcoin plummeting. If you take a look at CoinMarketCap.com we can see that the top ten coins have suffered quite significantly, however, interestingly XRP and Stellar seem to be powering through.
If we look at Stellar, the fifth largest cryptocurrency in the space at the time of writing we can see that the asset is up by four percent over the past 24 hours.
One of the big things that caused this is most likely down to the pending listing on Coinbase. Several crypto investors have been positive that Stellar is the next asset to be listed on the exchange, considering BAT was listed two weeks ago, we could be just days away from a new listing.
The now second biggest cryptocurrency in the world, XRP has beaten Ethereum for the silver medal and it seems to be set to hold this position for some time. The difference in market cap is now $567,448,393 between the two assets. XRP has come a long way this week.
A few theories have been running around as to why XRP is thriving in this environment including the xRapid payment solution that uses XRP and is up and running now thus creating a constant demand for XRP in the markets. Furthermore, if we look at the 24-hour trade volume, we can see that over $1.2 billion XRP was traded yesterday. The trade volume of XRP is over $860 million at the current time of time of writing.
To get an idea of how the trade volume has gone up since the Hash War for Bitcoin Cash, the volume of XRP that was traded on Monday was around $320 million.
On top of this, XRP has an always growing community which is actively supporting, using and trading the second biggest digital currency. The Canadian based Cornfield exchange has even been using XRP as a base currency.
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