On December 5, the advent of Bitcoin (BTC) was nothing short of a gala event with everyone’s attention turned towards it while the likes of XRP were floundering in its shadow.
Currently, XRP price stands at $2.25, after suffering a loss of 3.9% in the last 24 hours. Nevertheless, this high volatility asset remains the fourth biggest cryptocurrency with its market cap at 128 billion dollars. Closer to that is the stablecoin Tether (USDT) that has a market cap of 135.85 billion dollars.
XRP accounts for $22.92 billion out of $369.52 billion traded across the whole cryptomarket, putting Ripple on the fifth place in trading volume rank. Even though its price has statistically decreased over the past month period, XRP’s price has increased by 56% in the last week, making it quite strong at 339.6 % during the last period.
Tether (USDT), Korean won (KRW) or U.S. dollar (USD) are some of its most widely traded pairs. So far, 25.77% of all XRP exchanges for the last 24 hours were conducted in South Korea’s won, indicating great demand in this region.
Polymarket Drops Data on XRP Wallet Activities
On December 5, the numbers reported by coincarp.com indicated that 4,840,747 unique addresses held their XRP tokens. The top 10 wallets hold 40.71% out of all XRP, while the top 100 wallets control a whopping 71.58% of the total 57.1 billion Ripple in circulation.
On Polymarket, $2,181,22 has been spent on Ripple predictions to end the month at a particular price. At this moment, 21% of participants hope that XRP will hit $3.50 by end of December while 36% forecast the year end close at $3.
Ripple price has witnessed decline lately owing to normal price fluctuations seen in between a crypto bull run. That being said, XRP has exhibited impressive weekly and monthly growths suggesting investors believe in this old digital asset. With active trading and prediction markets, XRP continues to be a trending subject in the crypto market.
XRP failed to flow in the positive direction as Bitcoin scaled new heights while XRP shrunk over 3.9% against the dollar. However, ETC is currently enjoying an upturn, riding high at 56 for the last week. The crypto market continues to grab audiences for how volatile it is for ETC.
XRP Loses 3rd Largest Crypto Spot
Ripple is reportedly putting the launch of its stablecoin $RLUSD on hold as it seeks the green light from the New York Department of Financial Services. The company stated about the delay, “$RLUSD isn’t launching today” in an update on December 5 via X.
Soon after this announcement, the price of Ripple’s native token XRP registered a notable downside from $2.59 to $2.31. Now XRP has fallen deeper from its earlier position as the third largest cryptocurrency by Market Cap and behind Tether’s 135.8 Billion Dollar Valuation.
Market analysts have suggested the delays may have caused some panic selling amongst traders. Rod Denson saw data from Glassnode showing a lot of panic selling with trading volume falling from $ 32 billion on the 4th of December to $ 16 billion on the same day.
What to Expect Next for Ripple?
Stablecoins are having an impact this year, more so than the previous year, with 24-hour trading turning out over $317.13 billion. Such developing activity can be expected to have a noticeable effect on prices.
What is center but to Ripple, stabelcoin is a key component. It is a substantial component that enhances the on-demand liquidity platform of the firm. This is purported to optimize the efficiency of cross-border payment transactions, which, with greater acceptance, would lead to an increase in the price of Ripple assets.
As time goes by, with the growing adoption of stablecoins and Ripple continuing to develop, these companies will help determine the future landscape of digital payments and the value of assets.
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