ForexMinute.com – The growing influence of altcoins were indeed impacting Ripple coin before, as it saw a huge drop, but it seems like people are once again bringing it to the spotlight. Last few days proves it further as Ripple’s market cap has been gradually emerging, and today has occupied third place in the top ten market cap list.
There can be many factors, supposedly working in favor of Ripple coin. But somehow we also have to look at this not mineable cryptocurrency as a completely different protocol, offering payment solutions to businesses of varied sizes. Firstly, the trading volume of Ripple had seen major improvements in recent times. Incidentally, top altcoins including Litecoin, Darkcoin and Dogecoin have also encountered drops in their respective trading volumes. The relativity between both the cases can be considered as one of the reasons why Ripple is trending upwards in such an attractive manner.
Other factors that favor Ripple is the growing Bitcoin economy. As known to everyone, Ripple, as a protocol, offers businesses the great opportunity to transact multiple currencies in a less time thanks to its avoidance of multiple confirmations. Bitcoin is one of the currencies whose services are available inside the Ripple protocol. As the former’s acceptance inside the real market is growing with every passing moment, Ripple is likely to reap the produced-benefits likewise. This analysis, as per now, is pure theoretical and requires further discussion.
As a coin, Ripple prices are continuously inclining in sync of its market cap. The obvious pattern has helped the trading instrument BTC/XRP to reach from the bottom of 0.0000445 BTC to current peak of 0.000395 BTC. It is hopeful to incline further in the coming hours. However, trading wise, it is expected to lose steam upon reaching its upper threshold. But that will come later.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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