XRP Price Action: Is XRP’s Market Cap Lower or Higher Than Ethereum?
The top two cryptocurrencies – Bitcoin and XRP – have been consolidating for the majority of the week.
Bitcoin is showing some bullish movements, but both cryptocurrencies have formed several Doji candles this week.
A Doji candle is a candle where the open and the close are around the same point and is characteristic of a consolidating market.
It typically reflects uncertainty from traders as to where price action is heading.
XRP has been trading mostly just above a key level at $0.312.
The current candle is forming a Doji at this point after retracing from a price rise earlier in the day.
The shorter-term 4-hour chart shows several tests taking place at the $0.312 level.
Any price drop below the level has quickly resulted in price rising back up showing traders rejecting prices below the level.
However, the price has been trading for longer periods close to the level and has also tested in numerous times showing that traders are more willing to accept valuations close to the support level.
A dispute regarding market capitalization was started during the week over a report issued by crypto data start-up Messari.
Regarding total market cap, XRP is currently listed third on their platform after a report issued by Messari estimated that approximately $19.2 billion of the circulating supply could be illiquid due to conditions imposed by Ripple.
This results in Messari estimating the XRP market cap to be approximately $6.8 billion while data providers such as CoinMarketCap estimate XRP’s market cap to be around $13 billion.
- XRP has consolidated for much of the week similarly to bitcoin with several Doji candles formed.
- Price has been trading just above the $0.312 level and has tested the level several times.
- Messari calls the XRP market cap into question with estimates that 19.2 billion of the circulating supply is illiquid.
XRP Price Action: Is XRP’s Market Cap Lower or Higher Than Ethereum? was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.