A broad correction in the crypto market failed to hold down Ripple on Sunday, as December continues to be a banner month for one of the most undervalued digital assets.
XRP/USD Price Levels
Ripple’s value touched a session high of $1.0998 on Sunday before paring gains later in the day. At press time, XRP/USD was up more than 2% at 1.007 for a total market cap of $40 billion. In terms of market cap, that puts XRP fourth behind bitcoin, Ethereum and bitcoin cash, respectively.
Trade volumes over the last 24 hours approached $750 million, with the bulk of the turnover concentrated on Bitfinex, Poloniex, Bittrex and Coinone.
The XRP token has more than doubled since Dec. 12, when the first major jump occurred. Over the past 30 days, the cryptocurrency has quadrupled in value.
Ripple’s most recent record high occurred Dec 21 when prices approached $1.25. A sharp sell-off the following day gave rise to an equally strong rebound, with prices quickly returning to the 1.15 region.
By comparison, the combined value of all cryptos in circulation has declined by more than $50 billion from Saturday’s peak.
Ripple Defies the Odds
Ripple continues to trade in positive territory even as bitcoin and most major altcoins retreat. Although Ripple has largely benefited from the altcoin surge of the past month, it has enjoyed greater media attention due to a series of high-profile partnerships that are bringing blockchain technology to the corporate world.
Ripple recently announced a partnership with American Express to help tackle the credit card company’s liquidity shortfalls.
As Forbes notes, Ripple has “over 75 commercially deploying customers – and over 100 currently on their roster.”
A surge in Asian buying interest has also underpinned the digital currency at a time when North American traders are gearing up for its possible inclusion into the coveted GDAX exchange. Currently, only four cryptos are supported on GDAX.
Positive headlines and growing business influence suggest Ripple is poised for further gains in 2018. As recent price developments suggest, the cryptocurrency seems to be the most resistant to sharp corrections. This is partly related to the fact that Ripple differs from bitcoin and many of the altcoins in important ways. Although its backers do not like to refer to it as a centralized system, Ripple is owned by a firm with the same name. This firm owns more than half of all XRP tokens.
What’s more, Ripple seems to be the best positioned to address the limited transaction and scalability issues currently dogging the crypto economy. As it currently stands, Ripple transactions are confirmed within seconds, whereas bitcoin needs roughly 10 minutes.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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