XRP Price Recovers from November 14 Cryptocurrency Market Slump

XRP is currently back to its price level before the sudden market slump that occurred last Wednesday. The second-ranked cryptocurrency leads a positive trading day for the broader cryptocurrency market after a difficult last few days.

XRP up by Seven Percent

After Wednesday’s crash which saw prices slide by an average of 12 percent, XRP is back above $0.50. At its lowest point during the price drop, XRP fell to $0.43. However, Sunday’s trading second-ranked cryptocurrency up by more than seven percent. As at press time, the token trade at $0.51.

This swift recovery is yet another reason for Ripple enthusiasts to tout the merits of the token. Recently, both Ripple and the token appear to a major topic across the virtual currency and blockchain technology spectrum with multiple adoption use cases.

With XRP upstaging Ethereum to claim the second spot based on market capitalization, it becomes the top-ranked altcoin in the market. The big question now is whether the top altcoin can challenge Bitcoin for the title of the most dominant cryptocurrency in the market. Presently, Bitcoin maintains a 52.5 percent dominance of the market despite its recent price crash.

Apart from winning on the price charts, there is a sense of XRP being one of the more dominant cryptocurrency talking points on social media. In a tweet posted on Sunday, Binance CEO, Changpeng Zhao referred the strong “XRP base shill.”

This tweet was in response to vociferous calls made by XRP enthusiasts to have the token as the base currency on Binance. Zhao’s tweet encouraged all such supporters to “put all their shills under one tweet.’

Positive Sunday Trading

Apart from XRP, other cryptocurrencies continue to record positive, albeit minimal gains during Sunday’s trading. Usually, small volumes dominate the weekend market which means there is bound to be pullbacks between Saturday and Sunday.

However, the reverse is the case as many coins have posted price gains within the last 24-hour trading period. All top-ten coins apart from Bitcoin Cash are in the green as at the time of writing this article.

XRP is the top gainer in the top-ten rankings followed by Stellar and Monero. Both gained 4.19 percent and 3.54 percent respectively. Bitcoin appears to be holding steadily above $5,600 with its market capitalization still below the $100 billion. The total cryptocurrency market capitalization currently stands at $185 billion. At the start of the year, this value stood well over $800 billion.

Image courtesy Shutterstock, Coinmarketcap, and Coin360.