Ripple price (XRP) continues to stay relatively stable amid a red cryptocurrency market. Through this week, Bitcoin (BTC) and other virtual currencies have lost as much as 20-25% of their price, with many sinking below what BTC has seen. However, XRP remains as one of the best performing virtual currencies in the last week. On the first trip, Ripple price actually increased by several percentage points, and has kept a level near $.50
XRP Performs Better than Any Other Top 50 Cryptocurrency
XRP shows that it is a very strong cryptocurrency in the market. In the last days, it was able to reach the second position in the market after surpassing Ethereum (ETH). During the last week, every single top 50 cryptocurrencies are registering losses. XRP, instead, is growing more than 1%, something similar to how stablecoins are performing.
Indeed, there are some experts that are predicting a further drop in Bitcoin’s price. Bloomberg Intelligence says that this drop is just starting and the drama could continue. In a recent Bloomberg article, analysts say that Bitcoin could fall down to $1,500 dollars.
When Bitcoin’s price fell, XRP and the whole crypto market fell as well. XRP, for example, lost 17%. However, this virtual currency was able to recover the price lost and even reach previous price levels close to $0.52 dollars.
Ethereum, instead, was not able to perform as well as XRP. This virtual currency fell from $206 dollars and reached $175 a few days later. This represents a 15% decrease. Nonetheless, Ethereum was not able to recover its price as XRP did in the last hours.
A few days ago, Coinbase Custody announced that it was going to add support for XRP. This is why the market was very excited. The XRP community received this as a very positive signal from one of the largest and most popular companies in the crypto market. Although it does not mean that Coinbase is going to support XRP for trading, it shows that the company is experimenting with XRP.
During the last weeks, XRP and Ripple partnered with other companies all over the world. Ripple offers cross-border payment services to financial institutions and banks. Using XRP and Ripple’s services, these firms can reduce costs and transaction times.
More Ripple Price Reading
At the time of writing, XRP is the second largest virtual currency with a market capitalization of $20.58 billion dollars. You can learn more about Ripple price and XRP’s future in our price prediction article here. If you’re interested in buying Ripple, you can follow our guide here to do so on Binance, our #1 ranked exchange — or you can read about more Ripple buying options here.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
