XRP continues to see sufficient gains at the time of writing and is holding strong as the second coin by market cap, according to data from Coin360.
Markets have seen another mild decline, with losses across the top 20 coins by market cap reaching 4 percent over the past 24 hours. Major cryptocurrency has seen some volatility during the day, with its price declining to as low as $5,490, while its intraday high reached $,5,616.
BitCoin’s hour of a rout
Following the market bloodbath on the 14th of this month, bitcoin is down almost 3% on the last 12 hours, adding to the 12%. The rout wiped more than $15 billion from bitcoin’s market capitalization in a matter of minutes.
Ripple play run and catch with Ethereum
Ripple has always challenged its closest rival and kept it on its toes ever since Ripple climbed to the No 3 spot. It is managing to hold onto its second position since the past few days.
Its valued at $0.514 and is comfortably ahead of Ethereum in terms of market caps.
Ripple, the common name for the XRP digital token, meanwhile overtook Ethereum as the world’s second largest cryptocurrency. This has been the norm over recent months as Ethereum and Ripple fight it out for supremacy.
More drama to unfold?
The cryptocurrency market drama is just starting, with analysts predicting that Bitcoin’s price would take a further dip to as low as $1,500. This is according to Bloomberg’s research arm Bloomberg Intelligence. Such a decline would mean a 70 percent drop from current market levels, while Bitcoin has already lost more than 60 percent of its value over the year.
Ripple has dropped just under 10% compared to many other major cryptocurrencies 15% falls. It has somewhat outperformed the wider cryptocurrency market over the last 24 hours, This is mainly due to its association with the established banking and financial industry.