Bitcoin steady while momentum builds for XRP, up almost 10%
Despite a nervous start bitcoin had crept to close to $6,380 by 2.30pm London time today. This still represents a -1% slip over the last 24 hours. Ethereum managed a modest uptick also but it too remains well in the red, down more than -3.3% in the last 24 hours.
Much better news for XRP, up almost 10%. Ripple has been boosted by comments from their Asia Pacific unit that it is edging close to launching its commercial version of its xRapid system.
XRP roars back
The XRP spike has seen trading volume build substantially in the last day. Its market cap was up to $12.2bn at the time of going to press. However some of the price movement may be also catch-up in play. XRP has not responded meaningfully to positive news in some time.
But there’s no denying the significance of the xRapid news. If it comes off and banks and other financial institutions get behind it then XRP could make its own distinct trajectory.
New decisive shift?
“We’re seeing a shift towards development in the blockchain and crypto space,” Josh Fraser of open-source blockchain platform Origin told MarketWatch, “which is extremely important because some of the key pain points in the space are usability and pricing.”
“People who have written off crypto as a result will only be drawn back in when they see real utility, versus speculation. This will help stabilize prices and is why building usable systems is critical.”