Ripple overtakes Ethereum in Overall Market Capitalization, Gains 21% After a Week-Long Bloodbath

The last couple of weeks have been jittery for everyone associated with the crypto world. Major cryptocurrencies lost tons in market capitalization, only to stall the downfall on 26th November. The crypto trade market which was always under the bear attack, breathed a sigh of relief on Monday when the bulls took some charge. Among the best recovery made, Ripple(XRP) gained the most at 21% and overtook Ethereum as the second best cryptocurrency regarding market capitalization.

Ripple touched its weekly high of $0.399 after falling to its lowest at $0.329 in the aftermath of the November 15 BCH Fork. The overall market cap rubbed 15 Billion marks, overtaking Ethereum as the second most valuable cryptocurrency.

Ripple’s Chief Believes it has Potential to one-up Bitcoin

After the market stabilized for sometime on Monday and Ripple is surely outperforming many others in overall recovery, the chief marketing strategist Cory Johnson was quick to point that Ripple is undoubtedly the best cryptocurrency in the long run. The statement won’t deter Bitcoin investors to shift their options towards Ripple, but surely it would attract new potential investors.

Mr. Johnson further explained that Bitcoin is one of the most centralized currency in the market, primarily because of the influence of the Chinese Mining Community, and dubbing it as an inferior technology. In his statement, Mr. Johnson made a few critical remarks

  • Bitcoin has some real technological limitations
  • The digital asset that shows fundamental use cases will develop a primary value
  • XRP is being used more than Bitcoin being used as of today

The observations made regarding XRP surely gives it an upper hand but calling the pioneers a poor technology is going a little overboard. As the price correction for XRP came in with no solid backing, which means there is no guarantee that it would outperform its peers all the time. However, Ripple is the least-bad performing token among all.

Looking at the XRP/USD chart, Ripple is looking at a resistance level of $0.35 for the rest of the day to avoid a downward spree like many other. The current rate at the time of writing was $0.369, a tad below its daily mark of $0.371.  However, Ripple must not fall below the resistance mark of $0.329, which would be devastating as the next downside is around $0.268.

Final Thoughts

Ripple plainly has shown great potential throughout the year taking the second spot from Ethereum more than once. The actual concern for the people is the Bearish trend right from the November 15 BCH Hard Fork. The market has shown resistance towards bear a couple of times, but have lost the race on all occasions. It is to be seen whether the crypto world would bounce back as it did last year around the same period or the Bear would dominate the Bulls for the remaining of the year.