Ripple’s XRP and LTC Leading Altcoin Comeback as Market Turns Green


Ripple’s XRP and LTC Leading Altcoin Comeback as Market Turns Green
Contents

There has been a slow and steady comeback across the cryptocurrency market with Bitcoin just creeping above the $8,000 mark. It is in the altcoin market that there is a real comeback brewing as the likes of Ripple’s XRP and Litecoin are leading the way.

All but one of the top 20 coins are in the green, although most of these gains are small. Bitcoin has built up to $8,000 with just a two percent growth over the last 24 hours. On the other hand, Litecoin is up by over eight percent, and XRP is touching six percent gains.

Breaking resistance

With the last market downturn, XRP slumped below a key marker of $0.40 but the recent growth has pushed the token above this mark, and even beyond the next key resistance point of $0.412. It is now sitting at $0.421 with the next key resistances near $0.422 and $0.425.

Litecoin, which is the leader of the gains in the top 20 altcoins, is trading at $113. The silver to Bitcoin’s gold was the key catalyst to the beginning of the cryptocurrency spring and has made a bit of a reputation for leading the way this year.

Altcoin answers

While the cryptocurrency spring is still in bloom, and Bitcoin has been the primary benefactor of the change in the market sentiment, there is still a lot of energy bubbling under in the altcoin market.

Ripple’s market push to increase the price of its XRP token has been up and down in 2019 with rumours now circling that the company has acquired the well-known money sending company, MoneyGram.

On the other side of things, Ripple have also come out and said they expect their forecast for Q2 to be substantially lower as they are addressing fake volume reporting on the XRP token.

For Litecoin, the year has been a good one as they were the first coin to double in value through 2019. Litecoin is benefiting from the shift in focus for cryptocurrencies, seeing them more as a useful currency as enterprise blockchain and cryptocurrency use grows.

Cover image via 123rf.com
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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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Ripple’s XRP Price Struggling — Is This the End as Max Keiser Predicts Facebook Coin Will Take Over?
Contents

While the cryptocurrency markets have been down of late, there has been very little to be excited about from a Ripple point of view. The company’s XRP token has failed to kick on during the cryptocurrency spring, and maybe it is down to losing its niche.

There is a bigger and bigger drive for coins that accomplish what XRP does, and despite being one of the first, there is major competition emerging from big companies like JPMorgan, as well as now Facebook.

Max Keiser, a well-known cryptocurrency commentator, has said he believes Facebook’s hugely hyped GlobalCoin will do away with the need for hundreds of altcoins, including XRP. It remains to be seen if GlobalCoin will hit the same niche, but it does feel like it has a chance.

A cryptocurrency killer

There are hundreds of cryptocurrencies currently on the market, and not many would argue against the fact that many are not needed and a bit of a waste of space. There are niches which have a lot of competition, like the smart contract blockchains of Ethereum, Cardano, NEO, etc.

Ripple’s XRP solution to cross-border banking payments is a well known cryptocurrency, but is still just a startup and a minnow in the eyes of JPMorgan and Facebook.

Keiser is a big believer in Bitcoin, but not as fond of the massive altcoin market behind it.

Should XRP be worried?

Keiser has a point about the power of a coin backed a company of the magnitude of Facebook, but he may be stretching things a little with GlobalCoin’s reach.

XRP’s niche is, and always has been, towards banks and making partnerships there. On the other hand, GlobalCoin will be a broad token, but one targeted at individuals rather than businesses.

Questions continue to be asked about the interoperability of blockchains, and perhaps that is where this arms race will be headed. XRP can be a banking solution, and GlobalCoin one for the people, but there should be a drive to be able to get them to work seamlessly together.

Cover image via www.freepik.com
Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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