A while ago, Ripple’s Brad Garlinghouse said that XRP is going to gain its independence from Bitcoin. What exactly did he mean. Well, for as long as the cryptocurrency market has been in existence, the price of Bitcoin has had a significant impact on the prices of altcoins. As Bitcoin rises, so do these altcoins. As Bitcoin falls, they typically follow. Garlinghouse predicted that a time is coming when some strong projects like XRP will gain independence from Bitcoin. When this happens, the price of Bitcoin will no longer affect the price of the said altcoin. Well, things appear to be working in favor of XRP now.
XRP (XRP) Price Today – XRP / USD
The current turmoil the cryptocurrency market is facing can be blamed on the Bitcoin Cash hard fork. As the war between Bitcoin SV and Bitcoin ABC intensifies, the enter cryptocurrency market suffers with BCH taking the lead. While yesterday was marked with a minor recovery, everything seems to be going sideways once again. Among the top five coins, only XRP is trading in green at the time of writing. While Stellar (XLM) was holding the gains yesterday, the altcoin has now started trading in red against the USD and Bitcoin.
Why Is XRP Thriving Amid A Bearish Market?
XRP was able to take over Ethereum’s place as the second largest cryptocurrency per market capitalization two days ago. With a market capitalization difference of over $630 million between both coins and with XRP’s current resilience in the market, it’s safe to say that the takeover will be long-term. The question is, why is XRP thriving?
Some cryptocurrency analysts have come up with possible theories to explain why the price of XRP is thriving. Well, thumbs up to Ripple for making progress in promoting its technology and XRP use cases. There has been an increase in the demand for Ripple’s xRapid payment solution. Keep in mind that this solution requires the use of the XRP token. This may be the reason why there has been a spike in the trading volume of XRP. Between November 12th and November 16th of November, the volume moved from $320 to $1.245 billion.
Apart from the rigorous effort Ripple is putting in place to promote the XRP token, another reason for the strong fundamentals is the active XRP community. Not too long ago, CoinField made XRP its base currency just around the same time an XRP based exchange called XRP United was created.
XRP (XRP) Price Now
At the time of writing, XRP was trading in green at $0.472617. While it’s not as high as it was yesterday, it is still 0.36% higher against the USD and 1.28% higher against Bitcoin. The trading volume over a 24 hour period is $499,089,616 and the market capitalization that keeps it in second place is $19,033,115,985. Note that there has been a rise in XRP’s market capitalization from around $18 billion yesterday to above $19 billion today.
XRP’s price action is impressive as Bitcoin (BTC) is trading in red at $5,532.73. This shows that the largest cryptocurrency per market capitalization is trading 0.97% lower against the USD with a 24 hour trading volume of $4,713,088,817 and a total market capitalization of $96,161,041,187.