XRP Needs to Trade Above $0.20 to Maintain the Number 3 Spot
Further analyzing the top digital assets on Coinmarketcap, we conclude that approximately $216 Million in market capitalization stands between XRP and Tether (USDT).
This, in turn, means that XRP needs to trade at approximately $0.199 to equal USDT’s market cap of $8.782 Billion.
This value is very close to the psychological support of $0.20 for XRP.
In the last week, crypto investors have had their eyes on the top 3 digital assets according to Coinmarketcap.com. More so since Tether (USDT) edged out XRP from the number 3 spot after last week’s crypto market selloff that saw the remittance coin lose the much needed $0.20 support. At the time of writing this, XRP is trading at $0.194.
In brief:
- XRP is yet to recover from last week’s crypto market sell-off that saw it lose the number 3 spot on Coinmarketcap.com to Tether (USDT).
- XRP needs to rally above $0.20 and maintain this area as support for it to reclaim the number 3 spot.
- However, the amount of Tether (USDT) issued on the Tron blockchain continues to increase thus making the task more difficult for XRP.
MagicPoopCannon – XRP Might Have Bottomed
In mid-May, veteran Bitcoin and Crypto analyst, MagicPoopCannon, explained that XRP might have bottomed and was inside a falling wedge that began in September 2018. Such wedges usually resolve in a bullish manner and Magic had suggested that $0.77 was possible for XRP if it broke to the upside.
Magic’s analysis of XRP
More USDT Minted on the Tron Blockchain
However, XRP’s bid to reclaim the number 3 spot on Coinmarketcap might be hindered by the minting of more USDT on the Tron blockchain. In a previous analysis, we had observed that $2.1 Billion USDT was hosted on the Tron blockchain.
Further checking the Tether balance sheet, we find that this number has grown to $2.283 Billion USDT on the Tron network. The total assets now owned by the parent company of Tether now stands at $9.126 Billion.
