Global market cap dropped by 2.5% down $6bln Wednesday, as cryptocurrencies across the board tested support. With Stellar and Ripple leading the pack down.
An anti-climax to the SWELL conference and other recent news that was considered overly bullish for Ripple's xRapid project and also Stellar Lumens, now a day after the conference see's prices shedding their recent gains made earlier in the week. But there are still plenty of speculators bullish on ripples future.
Ripple down 8% since the announcement of $80 billion Santander using XRP to send cross border payment. (I'd argue it is the biggest announcement Ripple made YTD)— Joseph Young (@iamjosephyoung) 3 October 2018
Traditional markets: Assets surge upon positive development
Crypto: Assets surge prior to announcement, plunge after
Despite the recent sell-offs, there is still ongoing growth in interesting smaller cap projects such as Decred, Binance coin, Odyssey and decentralized exchange coin Loopring - which lead the market today, whilst Funfair, Aion, Verge and XRP take the biggest losses.
Possibly long-term goals set out by projects such as Decred and Binance may be standing the test of time to continually add growth due to the nature of their business, whereas the benefits from doing commerce with Verge, XRP and gaming with Funfair rather than using a conventional credit card or BTC - are yet to see large adoption.
The future for XRP seems loaded with promises, although markets are yet to be buoyed by the reports. With a reception reminiscent to earlier in the year at the NY consensus event, which despite great anticipation for a revival in the BTC bull, turned into a sell-off days before the event.
With twitter full of mixed emotions currently, traders are realistic on the current Swell trade.
$XRP swell is bringing volatility, although not the volatility ripple holders wanted.— Luke Martin (@VentureCoinist) 1 October 2018
I'm content with the trade and tp at 9k and will be sitting out the rest unless it can break above that 9400 sat area.
Playing news events is tough - playing them in crypto might be harder. pic.twitter.com/BVXKrtCkFI