Analysis

XRP Hits $60B-Market Cap – Chart Initiates a Sell-off Warning

California, USA – After the price boost of XRP to $1.34, the market capitalization of this crypto boosts to $60 billion as its first time after three months. On another note, the chart today triggers a sell-off warning after the price’s performance.

There was a retail demand for XRP in the past 48 hours, and the price boosted from $1.05 to $1.34. With the price’s performance, this crypto’s market capitalization increased to $60 billion since May 19.

As per the data of Coinmarketcap, XRP has been performing at its best among the rest of the top 10 digital assets in the past week. The gain was more than 60%, making it the 6th biggest digital asset. Aside from that, this cryptocurrency also surpassed Tether’s market capitalization (USDT) on August 15.

XRP Hits 60B Market Cap Chart Initiates a Sell off Warning
Ripple’s partnerships with SCB and GME helped in boosting the XRP price.

The boost was due to numerous partnerships of Ripple with different companies, where they will utilize RippleNet. Some companies include GME or Global Money Express (GME Remittance) and SCB or Siam Commercial Bank. After announcing the partnership with these two companies, the market capitalization went up by about 10%.

On another note, the run-up of XRP started overvaluation risks, and this action increases possibilities of a price pullback, focusing on the XRP/USD pair. When it increased by 11.78% since May 22, it began a bullish trend when the price was $0.145. Now, the price is trading at over $1.20, which was the predicted behaviour of this crypto.

Aside from XRP, some of the digital assets that also gained include Cardano (ADA), Dogecoin (DOGE), and Binance Coin (BNB). The market capitalization of the entire digital assets boosted over $2 trillion after the $800 billion addition in the past three weeks.

As per Santiment, XRP submits the highest activity rate in GitHub in its history, and it has been receiving attention after its performance.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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