While Bitcoin prices remain relatively stagnant this week, altcoin prices have been on the rise. Many have risen 10%+ over the past seven days with XRP leading the pack up 20% in just the last 24 hours alone.
XRP had supplanted ETH for the No. 2 spot on Coin Market Cap, as dictated by market capitalization after the initial 45% surge earlier in the week. Now the price has stabilized and lowered, placing Ripple back at it’s original No. 3 spot at ETH’s heels after an early morning “flippening“.
ETH investors pushed back against Ripple’s rally leaving a small gap between the market caps. On September 27 XRP’s market cap sits at $21,225,762,532 and ETH hovers above at $22,333,283,680.
XRP’s rise is the most upward action the crypto community has seen in what feels like months. For a top three coin to near quadruple in price from $.28 up to almost $.80 is a good sign for investors. Also, the investment wasn’t a result of hype, it was because new products like xRapid settlement system are in development. As adoption nears and functional products dare to surface, crypto investors hope to see more altcoin trends similar to XRP’s current performance. With the xRapid settlement system, the Ripple community hopes to see increased liquidity for the cryptocurrency if properly implemented.
There are of course, whale theories that explain Ripple’s (XRP) sudden blast off. Many believe this pump has little to do with the big bank partnerships and products in development, the Ripple boost was a whale orchestrated pump to lure first-time investors in. Many new investors have taken the bait for fear of missing out (or FOMO). As the newbies and uneducated investors pump, the whales begin to dump.
Despite the rough year, 2018 has been for crypto markets, many still hold onto the crytpo dream of becoming #fulltimecrypto. This whale Ripple pump could be the perfect trap for those with a get-rich-quick mentality. New investors don’t understand how to navigate or assess potential long-term prices consequences for short-term sprees.