Cryptocurrencies Under Pressure: Time To Bargain Hunt Ripple (XRP)?
Shain Vernier • 2 min read
If you are holding Bitcoins or Ethereum, it may be time to run for the hills. As my colleague Skerdian covered in depth, the past week has not been a pleasant one for the big three cryptocurrencies.
The performance stats are not good for the last seven days of trade:
Bitcoin is down $850 or 19.5%
Ethereum is down $63 or 20%
Litecoin is down $12 or 16.5%
It seems that the global community is becoming familiar with cryptocurrencies as a mode of exchange. If this is true, and the upside is huge for cryptos, then how can we maximize the utility of our capital in the marketplace?
Trading Ripple (XTC)
In the trade of equities, “pink sheet” stocks are known as highly risky offerings. They can be purchased for pennies, and sometimes sold for dollars. The cryptocurrency landscape is littered with similar offerings. While the upside is attractive, the risk is high.
Ripple May Be a Way To Turn Pennies Into Dollars!
Enter Ripple (XTC). Ripple is a cryptocurrency that combines penny stock pricing with blue-chip market capitalization. Currently, Ripple is priced at $0.16 per coin, but the underlying fundamentals show robust size and security:
Market Cap of $6.5 billion, third largest among cryptocurrencies
Over 38 billion XRP in circulation
Total supply of XRP is 99.9 billion
Overview: The tremendous supply of XTC is the mitigating factor in its pricing. Limited floats of other top cryptos is what has brought them tremendous appreciation.
For instance, Bitcoin has a circulating supply of only 16 million, ensuring constant demand. Bitcoin is also the leader of cryptocurrency market and a ripe target for extensive regulation. In the event that the big name cryptocurrencies come under fire from authorities, Ripple may be in a position to grab considerable market share.
If nothing else, Ripple is an affordable way to play the market. Before jumping in, be sure to select a competent Ripple brokerage service to facilitate all of your trading needs.