Altcoins Like Ripple Did Not Make Recoveries like Bitcoin – But Licking WoundsSeptember 4, 2019
There was a sudden sell-off for Bitcoin in the past week, after which the Bitcoin has not climbed back above the $10,000 per Bitcoin mark.
In just a few hours the price of the Bitcoin saw an increase of $1,000, this leads to the price of the Bitcoin climb by 6% over the past 24-hour trading period. However, other Altcoins like Ripple did not make similar recoveries. A civil war is on the dice among the XRP community.
While there have been several high profile incidents happening this month, several analysts feel that these big-ticket happenings did not trigger the recovery of Bitcoin. The Bakkt Cryptocurrency platform has been watched closely watched, and this is also not thought to be any reason for the current price trigger.
Brad Garlinghouse of Ripple and Joel Katz, CTO Ripple stated, “you now have 60 days to stop dumping XRP, or we will stage a community takeover. If it’s a decentralized network like you say, we have the power to do it.”
The price of the XRP has slumped by 25% this year. The price of Bitcoin has risen by 200%. The Bitcoin dominance is now at 70%, which is the highest in 18 months.
Garlinghouse defended the selling of XRP tokens by stating, “Reality is we decreased our sales by volume quarter on quarter, and since then the inflation rate of XRP circulating supply has been lower than that of Bitcoin and ether.”
About 3000 signatures are already done on a petition that asks Ripple to stop “dumping” XRP. The petition read thus: “Ripple continues dumping billions of XRP on us, crashing the price.”
While XRP is a solid coin with massive potential, the current trend needs to stop. And the petition wonders how this sort of behavior is accepted in the crypto world.
The XRP investors continue to be frustrated with Ripple. The next resistance level for XRP is at 0.272 USD. The total numbers of coins currently in circulation are currently at 42,984,656,144 XRP. The market cap it at 11,216,014,073 USD. The value per coin is at 0.00002503 BTC and 0.2615 USD. The 24 hour volume is at 1,083,834,566 USD.
XRP has a long way towards market recovery with the 1st Resistance and support seen at 0.264062333 USD and 0.255980333 USD respectively. The price should climb over $0.2650 resistance area. The RSI is currently flat at the 60 levels. The cryptocurrency market is licking the wounds towards recovery.