Ripple Maintains Solid Gains Despite Slump in Overall Cryptocurrency Market
Ripple (XRP) was able to hold its ground amidst the overall slump being seen in the digital currency market in general as of December 25, 2017.
As of press time, the virtual currency rose by over 2% to $1.007 per token. On December 24, the cryptocurrency reached a trading session high of $1.0998 before losing its gains later in the day.
XRP’s price of $1.007 allowed it to reach a total market capitalization (cap) of $40 billion, enough to propel it to fourth place behind Bitcoin, Ethereum, and Bitcoin Cash in the list of the top cryptocurrencies in terms of market cap.
XRP also achieved a trade volume of around $750 million in a 24-hour period on December 25, with the majority of transactions occurring on the exchanges Bitfinex, Coinone, Bittrex, and Poloniex. By comparison, the total value of all virtual currencies in circulation has dropped by over $50 billion during the 24-hour trading session.
The XRP’s sustained bullish performance is largely credited to a series of major partnerships that were signed by Ripple recently. Among these is the agreement signed with credit card firm American Express to help resolve the latter’s liquidity issues.
Several traders in North America are also preparing for the possible listing of XRP in the coveted Global Digital Asset Exchange (GDAX). So far, only four digital currencies are supported on GDAX.
XRP’s growing popularity could also be due to its capability to address the limited transaction and scalability issues presently hindering the virtual currency market. At present, a Ripple transaction can be confirmed within seconds. In comparison, a Bitcoin transaction needs around 10 minutes to complete.
The month of December proves to be a banner month for Ripple. It remains to be seen, however, if this solid performance will be carried over in the new year and beyond.