Ethereum (ETH), the queen of cryptocurrencies and second-largest in the market by capitalization, is facing continued setbacks after losing its $3,400 support level amid the market decline.
Down almost 15% over the last seven days, ETH’s price drop is reflective of an industry-wide slump as prices deteriorate from their high points in November.
Despite the slide below the $3,400 mark, Ethereum maintains its position as a powerhouse in the crypto market and continues to retain a dominant role in decentralized finance (DeFi) and non-fungible tokens (NFT).
In the ashes of Ethereum’s downturn, Ripple (XRP) is showing signs of recovery as crypto fans anticipate an update to the lawsuit in January and the successful launch of its stablecoin.
Ripple: Resilient and Ready to Rise
Ripple (XRP) is currently worth around $2.18 as it continues to show resilience to the fall in cryptocurrency market prices. This price reflects an almost flat modest price change but shows disparity against other crypto assets like ETH which has seen double-digit percentage setbacks in December.
- Ripple’s recent legal victories have reinforced crypto fan confidence in the asset and led its enthusiasts to expect a significant recovery for the asset in the months to come. As the company continues to expand its cross-border payment solutions and its range of partnerships, XRP’s future growth is anticipated to be one to remember.
- In addition to the recent legal victory of Ripple over regulatory forces, The payments company launched a stable coin last week hoping to compete with the bigwigs in the Stable coin markets.
- Ripple launched RLUSD a stablecoin to compete with Tether USDT, Circle USDC, and Paypal’s PYUSD.
- The launch of the stablecoin did very little for the XRP price and didn’t push up the price as expected.
- Ripple before now has been plagued with legal battles with the SEC under Gary Gensler closely watched by its community and investors.
A positive turnaround of events for Ripple as regards its legal tussles and the launch of a new stablecoin has placed the crypto asset on a bullish trajectory.
What to know
- Ripple Labs is the parent company of XRP and the firm is dedicated to championing cross-border payments. XRP this month flipped Tether to become the third-largest crypto asset by market capitalization but that has long since reversed.
- XRP at the moment is exchanging hands for $2.18 with a market capitalization of $124 billion. The crypto asset is down by 5.1% in the last 24 hours.
