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Ripple’s XRP market price dipped down nearly 10% over the weekend after Bitcoin and Oil prices nose-dived as a result of the global coronavirus outbreak.
Ripple’s XRP market price dipped down nearly 10% over the weekend after Bitcoin and Oil prices led in the fall. XRP ranked third based on market capitalization, fell sharply on Sunday 8th to trade around $0.21 per coin. Bitcoin fell sharply to trade below $8,000 price level after hitting $9,190 on Saturday evening.
The crypto market was not the only one significantly affected as the oil prices plunged after OPEC and the Russian failed to come into common agreement on the future crude oil price. With the demand for crude oil falling due to the ongoing coronavirus outbreak, the OPEC members wanted to cut down the daily out, whereas, the Russian counterparts were not for it.
With the coronavirus outbreak continuing ravaging the social fabric of the global community, investors continue shying away from the so perceived risky assets. Bitcoin is losing its safe-haven stature that had started to grow in most as it is responding negatively in times of global crisis.
Over $30 billion was wiped out from the market as a result of the drastic fall, clearly emphasizing Bitcoin is significantly controlling the crypto market. However, according to Coinbase, Bitcoin might lose its dominance to other promising altcoins like XRP and Ethereum which are working with regulators to solve consumers’ problems.
XRP Market Price Analysis
Using the XRP derivative XRP/USD which is mostly used in the stock exchange, the market price seems to have settled to the initial level before the 2017 market bubble. Having hit a critical support zone at $0.20, XRP is now giving indications of stabilizing on the higher time frame.
At the time of writing, the market price was at $0.21 with the market cap stabilizing at $9.2 billion. With speculation trading significantly affecting the crypto space, XRP will in the meantime continue responding to how Bitcoin is performing in general.
However, some analysts will argue that 2020 onward will be strategic in the future of the crypto market, therefore, depending on the asset interoperability, the price will vary accordingly. Ripple has been making huge ground moves to make XRP adopted worldwide and bring down the dominance of the SWIFT system in the cross-border and financial institutions transfers.
Worth Noting in the XRP community
Amidst the weekend’s crypto crash, XRP recorded the least loss showing its tenacity to maintain and push forward in the near future. The Ripple community was hit by another major news of the former Ripple CTO, Jed McCaleb, who received 41,242, 351 XRP from his settlement.
The huge transfer did not, however, shake the market significantly, giving the XRP investors hope of asset stability.
Also, in a series of tweets, the current Ripple CTO, David Schwartz explained that validators couldn’t destroy the XRP which are stored in an escrow wallet held by Ripple. He also clarified that no more XRP can be created from the systems.