In the past week, some great changes were seen in the market, with Bitcoin going below the $5,000 key resistance level. The Bitcoin Cash hash war has also surfaced, and this war has been linked to the market crash.
The market downtrend is finally having an effect on XRP, which happens to be the month’s best performing digital asset. Currently, XRP is the world’s biggest crypto, but it is no longer up in value on a monthly basis.
XRP (XRP) Price Today – XRP / USD
Price 24H (%) 2.41%
It seems XRP has maintained the $0.40 level decently in the last 30 days, with very little losses even when Bitcoin and other big cryptos felt the decline by up to 20%. CCN reported that: “As a liquidity network that provides major banks and financial institutions the ability to move cross-border payments with low fees, a large supply of XRP is crucial for the Ripple blockchain network to operate.”
EOS, in a similar way, to prevent investors from holding onto EOS for a long time period without making use of it, integrated on its protocol, several controversial regulations.
Brad Garlinghouse, Ripple Labs CEO, last year explained that XRP is placed in an escrow account and is spread out to the public by Ripple Distribution. Garlinghouse said: “The recently launched Escrow feature in XRP Ledger allows parties to secure XRP for an allotted amount of time or until specific conditions are met. For example, Escrow allows a sender of XRP to put conditions on exactly when a payment can be completed, so the payment remains cryptographically locked until the due date.”
During the week, more XRP has been brought into the market due to the movement of over $15 million worth of XRP from the Ripple distribution wallet to an unknown wallet. When the supply of digital assets is increased artificially, and a change seen in investor’s market demand, then the value of assets in the public markets will experience a negative impact.