Not Even a #Ripple: #Coinbase News Fails to Rescue #XRP from Bearish Trend
It was the announcement that ripple (XRP) investors had been anticipating for more than a year, but the news that crypto exchange giant Coinbase was “exploring” support for the second-largest cryptocurrency failed to elicit even a microcosm of the sort of rally that even the mere rumor of a Coinbase listing frequently catalyzed during the 2017 bull run. As seen in the chart below, the ripple price failed to secure any sustained momentum following the Dec. 7 announcement, as a brief spike quickly gave way to the downward pressure that has plagued the crypto markets throughout 2018.Indeed, XRP not only failed to rally against the US dollar in the days following the news but also declined against bitcoin (BTC), succumbing to a recent trend that has seen altcoins shed market share and BTC cement its position as the dominant cryptocurrency. Over the past five days, the bitcoin price is down 12.33 percent, while XRP has declined by a full 15 percent, with most of that divergence occurring over the past 24 hours.
About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.
XRP is the 2nd largest cryptocurrency by market cap size. Its market cap is currently $12,369,316,108 and it has a circulating supply of 40,926,963,305 XRP. It's down 3.38% over the past 24 hours and is currently trading at $0.302229.