What's Up With Ripple? Now Almost Half of Ethereum Market Cap!

cryptosurfer (33)in #cryptocurrency • 7 years ago

What's Up With Ripple?

Can you believe just last week Ripple beat out Ethereum to be the number 2 market cap cryptocurrency behind bitcoin?

And now it's completely the opposite!

In fact, Ethereum is almost TWICE the market cap of ripple! Just check out the coin market cap.

Ethereum Market Cap: $130 Billion

Ripple Market Cap: $71.6 Billion

Market Cap Switcharoo

In just a week, things really reversed fast - contributed by a fall of some 45% by Ripple at the same time that Ethereum reached towards new highs around $1300-$1400.

From the looks of it - it looks like there's a lot of space in between the ranks of each of these coins.

We have:

Bitcoin: $230B
Ethereum: $130B
Ripple: $76B
Bitcoin Cash: $43B
Cardano: $21B

I don't see the top 5 rankings to change much in the coming weeks.

Ethereum is a much stronger platform with many businesses built on top of it. Ripple really had a bunch of hype - many top crypto experts including @SatoshiLite - the founder of LiteCoin - don't consider Ripple as a true cryptocurrency.

Ripple's got lots of centralized features - the founders hold the majority of the coins outstanding - and plus, they service banks - the evil guys.

So it makes total sense for Ethereum to be in the #2 spot, not Ripple.

What do you think? Does Ripple deserve to be bigger than Ethereum? Which one should be #2?

Chart Analysis

Honestly, did not expect Ripple to fall this much from the highs.

From an Elliott Wave perspective, I do see what appears to be completed downside - so I do see $1.60 holding in the near term.

But then again, it hasn't bounced as it should - so I would say any rally towards the highs should likely be sold as I don't see Ripple making new highs in the next few weeks.

Best guess is we hold $1.6 - make an attempt towards $2.4 - and pull back down.