The crypto market hasn’t been a nice place these last few days, although a crypto like XRP has done good to withstand the storm. The whole crash is all thanks to a rivalry-ridden Bitcoin Cash fork. As a fact, the only reason the rest of the market is suffering is because of Bitcoin’s panicky reaction to the fork event. It’s to be remembered that Bitcoin is the original chain from which Bitcoin Cash was forked out last year.
When the fork happened on November 15th and the hash war started between BCHSV and BCHABC, Bitcoin took a heavy hit too. Bitcoin is a market leader with a dominance of over 50%, and that means that its price reactions are bound to affect the rest of the market. That’s what happened. Bitcoin went down, and the rest of the market went down with it. But XRP seems to defy this “the rest of the market” theory.
XRP – The Sole Survivor
Since the fork happened, the market has stumbled twice with attempted recovery efforts across the board. In these two events, XRP has stood out as one cryptocurrency that has defied the heavy bearish sentiment to stay afloat in terms of both daily transactions and market cap. While most of the other cryptos lost by historic margins, XRP has only dropped by a few percentages – if the cumulative figures are taken into account. Although its price has been affected, the crypto has been battling hard to keep the heavy bears away.
As a matter of fact, this particular coin is still up by some percentages compared to its value last month. That paints a stark contrast to the likes of Bitcoin, Ethereum, Bitcoin Cash, and others that have shed off their value by shocking percentages and are far down from where they stood last month. Bitcoin alone has lost about 20% in value over the last few days. As such, XRP emerges as the sole survivor of the market crash.
Ethereum Beaten To Third Place
Besides holding fast onto its value, XRP has taken strides to overtake Ethereum to become the second largest cryptocurrency in the market. In fact, the market crash almost looks like a blessing for XRP. The crypto’s daily transaction volume is now well over $1 million. At the time of this writing, XRP is almost $4 billion ahead of Ethereum in terms of market cap. In this sense, XRP seems to be gaining instead of losing the bear war.