Will Brad Intervene?Not surprising, Ripple (XRP) has been under immense sell pressure in the last half-year and today’s drop below 17 cents and Dec 2019 lows spell another low for the third-most valuable coin.
For perspective, XRP is down 23% in the last trading day and down 33% in the past week. Combined, the coin is down 49% month-to-date and 52% year-to-date.
It has also posted losses against Bitcoin but is up against ETH, which is on a free fall, adding 8 percent against Vitalik Buterin-co-founder currency.
XRP bears reversing 2017 gains
As prices drop, traders also noted that associated volumes were high. From different coin trackers, XRP-related volumes are up 35% in the last trading day, highlighting how ferocious bears have been.
As bears pushed prices below Dec 2019 lows amid high trading volumes to current spot level, 15 cents, holders of the coin are confounded with the idea that all the massive gains made in 2017 have almost been reversed.
Amid the massive crypto rally of 2017 induced by the ICO-mania and investor exuberance, XRP, like Bitcoin, soared. At peaks, the enterprise-focused coin traded at $3.32.
However, with bears taking charge, XRP has slumped 95%. Still, XRP is the most valuable coin after Bitcoin and ETH, with a market dominance of 4%.
Brad Garlinghouse: XRP is better than Gold
Even in the depth of bear, Brad Garlinghouse is confident of Ripple and XRP. In a series of tweets, the CEO said that holding XRP is better than gold.
— Brad Garlinghouse (@bradgarlicbread) March 12, 2020
Gold remains one of the most valuable and time-tested physical assets held not only by individuals but by central banks.
As the global economy dangles and on the cusp of falling into a recession, Russia’s central banks has been ramping up and increasing their gold stocks.
Bitcoin is largely regarded as gold’s alternative thanks in part to its mega valuation, censorship resistance, and its digital nature.
Tether (USDT) Flips Bitcoin’s Spinoffs
With this capitulation, USDT’s market cap has surged to $4 billion, $2.7 billion shy from XRP, which is lodged at third.
Tether (USDT) has flipped Bitcoin SV and Bitcoin Cash, both of which are Bitcoin’s spinoffs.
Tether is a stablecoin, and as prices fall, it is the much-needed shield during times of heightened volatility.