Ripple recovered today after a bearish run last week. With a whopping 21.79% loss in the last week, XRP is the second most depreciating currency in the top 10 in this period, surpassed only by Cardano, which lost 22.77% last week.
Ripple reflected a growth of 5.24% in the last 24 hours, reflecting the general recovery of the market from a week of decline. Experts speculate that the dip might be due to FUD over Mt Gox moving 16000 in BTC to a cold wallet.
The XRP token started trading at $0.88 on May 6th, with the biggest drop in value last week being from $0.78 to $0.66 within the span of a day on May 11th. Another drop was seen on May 12th, from $0.69 to $0.65. The coin is now hovering around the high $0.60s after brushing the $0.70 resistance on May 12th. It is currently trading at $0.69 and looks poised to break the $0.70 limit with continued growth.
The token still holds tight to the #3 position by the overall market cap, with a market capitalization of $27.1 billion. The week-long battle with Bitcoin Cash continues, as the gap between the market cap of these two coins is just $2.3 billion. With BCH exhibiting a growth rate of 10.39% over the last week, it is closing the gap between the two, with a market cap of $24.8 billion.
Both of the currencies also have significant events coming up this week. Bitcoin Cash has its long-awaited fork on May 15th, aimed at increasing the block size from 8MB to 32MB. Ripple has the Consensus conference, and more importantly, the community night on May 15th. The community night will feature a performance from Snoop Dogg, and investors expect many other announcements to occur on that day.
On the upcoming Consensus conference, David Schwartz was seen replying to a Twitter user, saying
“There will definitely be more focus on XRP, the XRP Ledger, and applications beyond what Ripple is doing.”
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