The ripple price posted a solitary advance on Friday as the wider cryptocurrency markets plummeted by a combined $125 billion.
Ripple Price Fights Against the Crimson Tide
Traders woke up to a sea of red on Friday, and virtually every top-tier cryptocurrency saw its price crash by more than 20 percent against the dollar. However, there was one notable exception.
Ripple, the fourth largest cryptocurrency, managed to post a 24-hour increase of two percent against the dollar, although it had ebbed from the record high it set on Thursday afternoon. At the time of writing, the ripple price was trading at $0.95 on Bitfinex, struggling to tread water as the storm raged across every other corner of the market.
Ripple’s USD, BTC, and USDT markets have all dropped below the dollar mark, but Bithumb, Coinone, and Korbit — South Korean exchanges — continue to price it at a premium of approximately 25 percent. In Korea, XRP is trading at an equivalent price of roughly $1.24 against the won — a full 30 cents over Bitfinex’s XRP/USD pair.
Factors & Outlook
As CCN has reported, ripple has traded up in recent months in response to a number of bullish announcements, including partnerships with American Express and prominent Asian banks.
However, its resilience in the face of Friday’s severe market correction may be a product of the rumor — as yet unsubstantiated — that Coinbase is preparing to add full support for ripple in the coming days. Now that Coinbase has added bitcoin cash, many investors believe ripple is the most likely candidate to become the fifth coin to be added to the trading platform.
However, as today’s market retrace has demonstrated, Coinbase integration does not necessarily ensure a sustained rally. The crash dealt bitcoin cash a 33 percent blow, according to the CCN price index, forcing the third-largest cryptocurrency’s price down to $2,349.
Write to Josiah Wilmoth at josiah.wilmoth(at)cryptocoinsnews.com.
Featured image from Shutterstock.
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