I read an article the other day that put forward the reality that a lot of cryptocurrency traders are opting to buy Ripple (XRP) rather than Bitcoin (BTC).
This is after Bitcoin fumbled from a historic high of around $20,000 – right before the Bitcoin futures were offered – to a low of $6,200 in less than two months. This was a 69% drop of the mighty Bitcoin, and with it, all of the cryptocurrency market also dropped like a rock.
It is by this premise that I want to put forward the theory that Bitcoin has had its time at the top and Ripple (XRP) is soon going to take over as I shall explain.
Currently, Bitcoin is having a hard time going past $9,000. If this persists, its market cap will not go beyond $151.74 billion. This will in turn give other coins the chance of dethroning it at the top. Ripple on the other hand looks like it can beat this market cap if only it were to reach $3.89 in value. This value of the coin will bring its market cap up to par with the $151.74 billion I just mentioned and eventually dethroning Bitcoin.
So how will Ripple (XRP) dethrone Bitcoin?
As stated in the first paragraph, traders and HODLers of cryptocurrencies are slowly spreading their portfolios away from Bitcoin due to the humongous recent crash. Many are even deciding on spreading their risk on coins such as Ripple (XRP), Ethereum (ETH), NEO and even Tron (TRX).
Secondly, Ripple keeps grabbing the news with new partnerships or companies adopting it as a form of payment, which further extend its defense for proof of concept. Ripple is showing evidence of being the cheapest, most secure and fastest blockchain money settlement system in the market.
AsiaMTM Group recently started accepting XRP payments. This is a company that has its base in Shenzhen, Guangdong, China and works with over 150 factories that make anything from clothing, electronics, plastics, metals and anything you can think about having manufactured or assembled in China.
Ripple (XRP) being used as a form of payment by AsiaMTM Group will cause the demand of the coin to go up. As adoption of the coin grows, the price is definitely bound to move up also. The adoption will come quick as many international merchants will start walking away from traditional bank oriented trade financing and settle their payments using Ripple.
I am hoping also, that the numerous Cryptocurrency exchanges will start offering trading pairs with XRP as its popularity increases. Ripple is a relatively stable coin for it has no need for mining, unlike Bitcoin.
Therefore, it cannot be a victim of any one country increasing the electricity bills on mining activity or even arresting those who are mining illegally on nuclear sites like the bunch of scientists recently arrested in Russia for doing so.
In summary, Bitcoin is on the decline as the preferred coin for traders and HODLers. More and more people are diversifying their cryptocurrency portfolio with many choosing Ripple (XRP) due to the coin’s potential in the markets.
Such potential can be seen with the daily announcements of partnerships and accepted usage as a means of payment. It is only a matter of time before its value goes up. If it were to reach $3.89, and if Bitcoin were to stagnate at $9,000, it would dethrone Bitcoin at the top in terms of market cap.