It happened before and it has happened again: XRP has taken second place in the Top 10 cryptocurrencies, knocking ethereum out of its long-held second place behind leader bitcoin.
XRP enjoyed a 21% recovery and on Monday 26th November, the XRP/USD rate reached 0.399-fiat on Bitfinex, following a November low of $0.329 for XRP. XRP’s market cap also reached $15.6 billion to put it firmly ahead of ETH.
Cory Johnson, Ripple’s chief market strategist talked about how XRP is better than bitcoin at the end of last week, and while his words won’t have worried too many ‘bitcoin believers’, he may have encouraged people to invest in XRP over the weekend. Johnson mentioned in his article that bitcoin was more centralised because of the influence of the Chinese mining community, and he also called it “poor technology.” He also tweeted that “XRP is being used more than bitcoin as of today.”
CCN says that the XRP correction over the weekend “took place in the absence of solid backings,” and suggests that the native token’s sustainability cannot be guaranteed for the moment. It adds, “At best, XRP could be heading to an extended upside recovery action, considering its the least-bad performing cryptocurrency in the bear run that has shaken the entire crypto market.”
However, perhaps the XRP daily chart gives a more accurate picture. For example, the XRP/USD is at the most corrected to stabilise, “meaning the near-term uptrend should extend to the nearest resistance level, probably towards the 100-period simple moving average before a potential pullback overtakes the trend.” Furthermore, the 0.329-fiat is providing decent support according to the daily basis. What we need to watch out for is it dipping below that level. CCN points out: “As of now, the pair is clearly targeting 0.396-fiat as its interim resistance while resting its foot at 0.371-fiat, the interim support for the rest of the day.”