It seems that a good number of altcoins are bullish these days. XRP, Cardano, and Stellar are among altcoins that are looking bullish. A few days ago, Ripple was able to even dethrone Ethereum momentarily in the second spot. The reason for this is the xRapid. The xRapid was designed in order to speed up bank transactions. According to Sagar Sarbhai who is the head of relations for Asia-Pacific and the Middle East for Ripple, “I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production”.
$9 Billion Lost
Though the value of XRP spiked on Friday, the digital currency’s market capitalization has dropped by 30% since then. It has lost around $9 billion. And this is somewhat expected from XRP. There were investors who are already taking profits.
However, keep in mind that XRP is still quite far from its peak from last January. It has dropped as low as 90% from its all-time high.
There were a number of things that Ripple had to deal with. There were lawsuits that claim XRP of being a security. The US Securities and Exchange Commission even considered Bitcoin and Ethereum as commodities but not XRP.
Investing in Partnerships
Ripple has been known to partner with different banks and companies. Western Union and MoneyGram are among the companies that have made use of XRP products. However, Western Union mentioned that the use of XRP products never really helped them to lower the fees in sending money across borders.
According to Ripple, xRapid can make a huge difference since this can “bridge” currencies. How exactly does it work? It works by having a pre-purchased amount of XRP that is equivalent to the fiat that is being sent. XRP is then used to send the funds which will then be exchanged towards the other currency.
An Impending Bull Run?
Could there be an impending bull run? By looking at the price of Bitcoin and altcoins, it is suggested that there is a possibility of another bull run. It is said that during a bearish market, it is expected that people go after Bitcoin since it is considered a safe haven. And also, novice investors are most likely going to choose Bitcoin. However, if you will look at the charts, from 55%, Bitcoin has decreased in market dominance while altcoins are shooting up in value.
Weiss Ratings also mentioned that those altcoins that have lost 90% of their value are likely to increase by ten folds. And for this reason, you have Cardano and Stellar looking good in the past few days as well.
Seeing XRP lose a good amount of its value in a short period of time is expected. This is an opportunity for people to earn from their investment. But should we expect bigger things for XRP soon? If you are going to ask Ripple Labs co-founder Chris Larsen, “We are betting XRP ledger and XRP as the digital asset of choice where we are talking about the blockchain component of this internet of value. XRP clearly has, among the major (cryptocurrencies), the lowest transaction costs”.