Ripple’s XRP a rare riser as crypto falls back towards $6,000

XRP

Bitcoin’s assault on $6,550 has been well and truly rebuffed but that doesn’t mean there won’t be another attempt.

The low volumes seen on Mon/Tues are though to be down to Tether, according to a report on Ethereum World News. A sharp drop in transactions of Tether was noticed, although it seems to be atechnical glitch that’s to blame and nothing nefarious.

Whatever the cause of the dip in volume, it was a portend of falls to come. Currently bitcoin is down 2.8% at $6,280 with overall crypto market cap at $195 billion..

In stark contrast Ripple’s XRP token is 10% higher as the market responds to chief executive Brad Garlinghouse’s comment yesterday to expect xRapid take up from banks. The commercial product to ease access for institutions will go live in a “month or so”. Ripple now has 120 banks using its xCurrent blockchain technology. However it is the xRapid that uses XRP for liquidity.

Ethereum is on $200, 8% lower, as it gives up some of gains of the past few days.

Bitcoin 24-hour volume is just above $4 billion, which is an improvement on the $3 billion seen earlier in the week. The market is falling uniformly with Steem one of the other rare exceptions, up 8% at $0.81. But the BTC collapse is getting less worse, if that helps. This from bitcoinballer1 on Trading View on 6 September:

BTC – Bear trend subsiding. by BitcoinBaller1 on TradingView.com

Diar has produced some research showing that 1% of bitcoin wallets (balances upwards of 200 BTC) control 55% of all bitcoin.

Diar research

Diar has conducted research that shows that only 1% of BTC wallets control 55% of supply

The mystery whale wallet is being blamed in some quarters for bitcoin’s $200 drop but there is no new evidence to show large-scale selling. If it is the Mt.Gox bankruptcy trustee who controls the wallet then they have been busy parcelling up the coins into smaller amounts and dispersing across exchanges, notably Binance and Bitfinex. No sign of a dump yet though in preparation to payoff creditors.

In other news, MyEtherWallet has just released an iOS login app. Coinbase is expanding in New York as it seeks to lure Wall Street’s finest to the world of crypto with the hire 100 new staff members. Security firm Segasec claims that the popular ETH wallet has been subject to more hacking attacks than Fortune 500 banks – 30 or 40 a week.

 

About the Author

Jennifer Collins
Jennifer has been writing about crypto since 2016 when she first got interested as a student at Queen Mary University in London. You can email me here: jennifercollins@coinintelnews.com

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