Ethereum {ETH} and Ripple {XRP} prepare for bearish momentum as altcoins drop

Fibo Quantum

According to the latest available data, ETH is priced at $224.14. The price fell by 0.88% in the course of the past 24-hours. The trading volume recorded stands at $6.447 billion. The total market cap of Ethereum is $23.982. If the coin manages to recover by the end of today, there is a chance that the market cap would cross the $25 billion level soon.

Ripple is also currently trading in the red zone, with a plunge rate of 0.34% noted. Nevertheless, the price rests at $0.329584 as of now. The trading volume recorded is $992.436 million. The total market cap of Ripple is $14.116 billion. As of this moment, 42,832,704,971 XRP tokens are in play as part of the supply.

Ethereum has a ton of fans around the globe. It is the second-most adopted digital currency. Ripple Labs tends to focus on banks and other financial institutions. DeFi applications are a major highlight of the Ethereum network, followed by God’s Unchained, which is a blockchain-based card game.

Ripple has been working towards the betterment of distributed ledger technology. Many banks and corporations have joined their group, and Ripple Labs is targeting institutional investors.

The deal with MoneyGram during the previous month had helped the price rally for a while. However, so far XRP HODLers have been disappointed even though few analysts had claimed that XRP would head to the moon. While there is no denying that Ripple played an integral role in helping the rate of adoption rise, the entirely centralized supply is a big concern.

Just when the token has started to show signs of bullish momentum, a bit more of the supply is released by those at Ripple Labs and the co-founders. There are more options for cross-border payments in the cryptosphere.