Cryptocurrency is at a stage of regular revolution where some of the primary coins are being surpassed by newer, more exciting tokens. Ripple (XRP) remains among the most promising cryptocurrencies as it continues to rise in value and total market capacity. The coin most recently surpassed Ethereum (ETH) as the second most valuable token on the digital market.
Ethereum was one of many names to struggled during the holidays, but it has regained its footing in the past 48 hours. The token has seen over a 17% appreciation over the last week with a favorable outlook moving forward. That said, ETH remains a heavily speculative option in comparison to Bitcoin (BTC) or Ripple which appear to have more tangible utility coming in the short-term.
Ripple’s ascension into the second most valuable position coms as the total market cap holds just shy of $100 billion. Many have been awaiting the token’s surpassing of the $2.00 mark per coin, something that appears almost foolish as the value is inching near $2.50. Cryptocurrencies remain based in speculation regardless of usage and the result is heavy peaks and troughs in token value. XRP peaked at $2.84 right before the New Year prior to a near dollar drop in the subsequent 36 hours. Again climbing to new heights, Ripple enthusiasts are salivating over the potential of holding a long position.
Owners looking to short the token will need to act quickly. Both Korean and Japanese institutions have expressed an interest in exercising RippleNet as a host for transferring funds between larger entities. The successful implementation will likely result in an astronomical rise to the coins. However, early struggles and unexpected problems may result in a hefty reset to a value that has been on the ascent for months. Name institutions have placed the first two quarters as a likely timeline, effectively offering a timeline for investors. Shorting the token will likely take place before early feedback on the process is handed down from the institutions. Standing firm on a long position comes with risk, but offers valuable upside.
Ripple may not stand firm in the second position, but it’s role in the overall crypto-market seems guaranteed. Bitcoin’s market dominance continues to trend downwards. The leading token is now below a 40% dominance position, standing at 37.2% at the time of writing. Once resting at nearly 70%, the rise of altcoins continues to muddle the view of the market’s leading tokens. Investors may be able to find an opening with action prior to further appreciation with careful monitoring of the position’s unstable standing as of the past week.