XRP Price Drops Slightly Despite Network Becoming More Decentralized
The past few hours have been pretty interesting for all cryptocurrencies and digital assets. After what appeared to be a small recovery period following the expected brief dip, more bearish pressure has begun to materialize once again. The XRP price is feeling the pressure following losses in both USD and BTC value. Even so, the ecosystem and network continue to grow, which is all most long-term holders are looking at right now.
XRP Price Momentum Doesn’t Tell the Whole Story
In the year 2019, more and more people are looking prices for individual currencies and assets first and foremost. That is a normal defense mechanism, as last year caused many people to lose part of their investments. At the same time, a current price per coin or asset only tells part of the story that is unfolding behind the scenes. While the current XRP price may not necessarily look that great, there are some big changes taking place which point toward a rather positive future.
Speaking of the current XRP price, it would appear there are minor losses in both USD and BTC value alike. More specifically, the XRP price has lost 2.6% in USD value, resulting in a price of $0.3625 per XRP. There is also a 1.85% decline in the XRP/BTC ratio, which means the 9,000 Satoshi level is under a lot of pressure again. However, these declines are not in line with what is taking place behind the scenes of Ripple and XRP, but rather a trend materializing by following Bitcoin’s price momentum.
Most people would assume XRP’s ecosystem is pretty centralized. That is no longer the case by any means, as the number of validator nodes has risen to over 1,000 in the past few months. One of the more recent additions comes courtesy of Tiffany Hayden, who succeeded in adding Frozen Ripples to the validator list. This further goes to show how easy this process is and helps further decentralize the XRP network as a whole.
https://t.co/0jZDN4a9eY is listed on the validator registry with a PERFECT agreement score!
We can use the domain to single out & shame reporters who LIE and maliciously spread MISINFORMATION about $XRP.
We will comb through and correct every last desperate word they write.pic.twitter.com/BygU7ctuDC
— Tiffany Hayden (@haydentiff) January 8, 2019
There is some dismay among XRP community members regarding the recent CoinField exchange developments. More specifically, the exchange has added fiat currency trading pairs for most major currencies on the platform, bar XRP. That is a situation which might need to be addressed at some point, as every currency or asset can benefit from additional fiat gateways first and foremost.
XRP fiat pairings? #XRP #xrpcommunity #xrpthestandard
— Dom H (@HSickboy123) January 8, 2019
Last but not least, Tails from the Crypto would like to make people aware of one key difference between Ethereum m and XRP. The former doesn’t have a supply cap right now, whereas the latter does. Even so, claiming Coinmarketcap is doing something wrong or illegal might be a stretch too far first and foremost. At the same time, one has to be aware of what is going on in this industry at all times and how individual coins are very different from one another.
**PSA*
I just realize that @CoinMarketCap is showing $XRP with a max supply but $ETH isn’t. Means $ETH isn’t backed by anything and can print more if your not keeping a close. Another reason to not use @CoinMarketCap. #RETWEET for awareness. #XRP #xrpthestandard #XRPcommunity pic.twitter.com/8EYa51jCi8
— Tails_from_the_crypto
(@mrcryptoman1) January 8, 2019
For the time being, the difference between the XRP price trend and the actual ecosystem developments are very different from one another. That isn’t necessarily abnormal either, as it seems XRP tends to follow the price of Bitcoin in some cases, whereas it does things completely different on other occasions. As such, it will be interesting to see where things head next, albeit reclaiming the $15bn market cap level may be a bit of a challenge for today.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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by JP Buntinx via NullTX