XRP and Stellar (XLM) Continue To Thrive Amidst Market Turmoil
By now, the entire crypto-verse is aware of the crypto market turmoil that was ignited by the Bitcoin Cash (BCH) Hash Wars that are still ongoing. The two different camps aligned to Bitcoin Cash ABC and Bitcoin Cash SV have been blamed for causing the value of Bitcoin (BTC) to drop significantly in a time period of fewer than 48 hours. Further checking the charts, we find that the top ten coins have also suffered significantly save for XRP and Stellar (XLM).
XRP’s Unique Situation
The digital asset known as XRP has once again edged out Ethereum (ETH) from the number 2 spot and looks set to hold on to the position. The difference in market capitalization between the two assets now stands at around $639 Million.
A few theories have been put forth as to why XRP is thriving amongst all the chaos. Firstly, the xRapid payment solution that uses XRP is up and running thus creating a constant demand for XRP in the markets. Further checking the 24 hour trade volume, we find that $1.245 Billion in XRP was traded yesterday, November 15th. The trade volume of XRP currently stands at $869 Million at the moment of writing this.
To understand how the trade volume has increased since the Bitcoin Cash Hash War begun, the volume of XRP that was traded on Monday the 12th of November, was around $320 Million.
Secondly, XRP has a thriving community actively supporting, using and trading the digital asset. The Canadian based Coinfield exchange has XRP as a base currency. We also have the XRP centric exchange known as XRP United.
XLM Not Left Behind
Further analyzing Stellar (XLM) we find that the digital asset is up 6.3% in the last 24 hours. A major driving force for this gain can be attributed to the pending listing on Coinbase. Many crypto traders are optimistic that XLM is the next digital asset to be listed on the prominent American exchange. With BAT having been listed 2 weeks ago, many believe XLM is only days away from an announcement from Coinbase.
There is also the additional crypto traders theory that when XRP experiences some market action, XLM is sure to follow suit.
In conclusion, we have observed that both XRP and XLM have continued to thrive as the rest of the digital assets are yet to recover from the effect of the Bitcoin Cash hash war.
What are your thoughts on the gains observed by both XRP and XLM? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.