Ripple’s XRP Surges 14% As Other Major Cryptocurrencies Cool Off From Yesterday’s Rally

Ripple’s XRP Surges 14% As Other Major Cryptocurrencies Cool Off From Yesterday’s Rally

The market is cooling off from yesterday's rally, which saw the global cryptocurrency market capitalization cross the $2 trillion threshold for the first time in nearly three months.

Bitcoin is down a modest 1.29% over the past 24 hours, changing hands at $45,473, as of 6.30 a.m. ET, according to Messari. With the cryptocurrency breaking past its 100-day moving average of 43,877 on August 7, “we believe that the market should take a breather here. We expect the price to consolidate for some time in the $40,00 – $45,000 range before taking decisive action towards the end of August, early September,” wrote Pankaj Balani, founder and CEO of of crypto derivatives platform Delta Exchange, in a message to Forbes. “$50,000 is the crucial level here - a clean break above that will attract fresh flows and send a strong signal that market correction might have completed.”

Ether is also trading in the red, -2.18% on the day, though it still remains above $3,000 at the current price of $3,154. “With decreased sell pressure from miners following the implementation of EIP-1559 in the London mainnet upgrade — which has already caused some blocks on the Ethereum network to be deflationary — the widespread assumption is that the price of the leading altcoin should find it easier to go up than down,” writes Adam James, senior editor at cryptocurrency exchange OKEx.

Bucking the trend is Ripple’s XRP, which is posting 14.3% gains in the last 24 hours and is among top performers of the month with a 63.6% price increase. Despite being embattled by the lawsuit from the Securities and Exchange Commission (SEC), claiming that Ripple Labs Inc. violated investor-protection laws selling XRP as an unregistered security, the company has recently struck a few important deals. Namely, GME Remittance, one of the largest non-bank remittance service providers in South Korea, announced yesterday it has joined Ripple’s payment network RippleNet. Last month, Japan’s money-transfer provider SBI Remit teamed up with mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to carry remittance payments from Japan to the Philippines via Ripple’s on-demand liquidity (ODL) service.

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