Ripple may have seen a small 6% price fall during the latest cryptocurrency price drops. However, this does not change the fact that the cryptocurrency is positioned to skyrocket during this up and coming bull run.
The cryptocurrency had been trading within a very stagnant trading range for the majority of 2019 until price action saw some bullish momentum, allowing the market to drive above the $0.40 resistance level during May 2019.
Ripple has done very well to hold above the $0.40 level recently, and this is also partially due to the fact that Ripple is turning around against Bitcoin itself. Over the past few days, after a long bearish run throughout 2019, XRP/BTC has managed to remain above the 5,000 SAT level and is pointing toward a higher trajectory.
Ripple has also recently taken some steps that have received much applause from the community, as Ripple attempts to set the standard and raise the bar for the top cryptocurrency projects out there.
Ripple To Raise the Bar
The team have recently announced that they are taking steps to address the recent concerns that have been called into question with the fake volumes reported upon exchanges. Reports such as those released by BitWise have recently highlighted the fact that up to 90% of the reported volume on exchanges is false.
As Ripple has a target set at 20 bps (basis points) – from the volume reported by CoinMarketCap – for the target amount of private XRP sales, it has led to an inaccuracy in the reported sales of XRP. Ripple is set to address these concerns by taking steps to understand the scope and scale of the problem, re-evaluating their approach to XRP volume reporting and taking a more conservative report in Ripple sales. Ripple is intending to reduce their XRP sales to a total of 10bps for programmatic sales of XRP – in reported volume from CoinMarketCap.
Ripple Metrics Put It Above ETH
Furthermore, metrics reported by the Ripple team themselves put their market cap further ahead of Ethereum. When people start to realize that RIpple is actually the potential true heir to the #2 ranked position on the market cap rankings, people may start to increase their holdings in a buying spree.
As of this moment, Ripple is reported to have a market cap value of $17.5 billion, according to CoinMarketCap, with Ethereum reported having a market cap of $26.6 billion. However, according to the data from Ripple, their market cap is reportedly close to $41 billion – $13.6 billion ahead of Ethereum.
Image Source: https://ripple.com/xrp/market-performance/