The cryptocurrency market has lost more than $20 billion over the past 48 hours, as major cryptocurrencies such as bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano recorded losses in the 2 to 5 percent range.
Most major cryptocurrencies have been on a continuous decline over the past 3 days, since May 6. As the bitcoin price failed to test the $10,000 support level, it triggered a domino effect across most cryptocurrency exchanges.
Today, on May 9, Ripple (XRP), Bitcoin Cash (BCH), and Cardano (ADA) were some of the worst performers of the day alongside IOTA, Litecoin and NEO. Apart from some exceptions including Ziliqa, Augur, and PundiX, the entire market recorded relatively large losses.
The $500 billion mark has been considered as a major support level for the entire cryptocurrency market and throughout May, the cryptocurrency market has remained in the $420 billion region, struggling to surge beyond $450 billion and testing the $500 billion mark.
Despite having a strong year throughout 2017 after securing partnerships with many of the largest banks in South Korea and Japan, the price of XRP has struggled to rebound beyond $1, hovering around $0.78.
Investors expected XRP to record gains in the first half of May, given its collaborative projects with South Korea-based financial institutions. On May 8, Ripple secured a partnership with Coinone Transfer, a fintech arm of South Korea’s third largest cryptocurrency exchange.
“We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution. Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service,” said Wonhee Shin, CEO of Coinone Transfer.
Coinone Transfer emphasized that with the adoption of xCurrent in South korea as a major remittance and financial network, the company will be able to settle low cost payments both domestically and internationally.
“Non-traditional payments companies like Coinone Transfer, and their parent company, Coinone, are revolutionizing the way money moves for their customers. We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service,” Emi Yoshikawa, director of joint venture partnerships at Ripple, added.
In spite of the usage of xCurrent by South Korea and Japan’s banks, financial institutions, remittance companies, and fintech firms, the price of XRP has continued to slump over the past few weeks.
While its Relative Strength Index (RSI) and Williams’ Percent Range (WPR) demonstrate that XRP is in a neutral zone and is in a solid position to rebound, technical indicators including both simple and exponential moving averages demonstrate a negative short term trend for XRP and it is likely that the price of XRP remains below the $0.8 mark in the upcoming days.
Investors highly anticipated the May 7 US government hearing about Ether, but as the hearing did not occur and the market failed to receive clarity from the SEC about the classification of Ether, the price of Ether dropped slightly from above $800.
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Last modified: May 20, 2020 8:49 PM UTC