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The correlation between the market leader and its supplicants goes both ways — but Ripple CEO Brad Garlinghouse thinks that’s about to change.
Bitcoin and other predominant cryptocurrencies went up-roaring along with BTC’s bull-run and have shown huge bearish effects in the recent bearish trend and a few other crypto-peers have shown stability although the BTC bears are taking the downswings little further. All Bitcoin in circulation is now worth $182 billion, according to Coinmarketcap.com. Four others have market values that exceed $10 billion: Ethereum, Ripple, Bitcoin Cash (an offshoot of the original Bitcoin) and Litecoin.
XRP has been one of the worst performers in the cryptocurrency market this year, losing roughly 70 percent of its value in the first quarter. At the same time, Bitcoin lost more than 50 percent of its value, while the total market capitalization for cryptocurrencies shaved off roughly the same amount.
Nevertheless, Garlinghouse anticipates a decreased correlation in price between cryptocurrencies with real utility with Bitcoin. He told CNBC:
It’s still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases.. There’s gonna be a bit of a correction along the way here where a lot of the players in the space that don’t actually solve a real problem are going to get washed out.
Ripple itself is a real-time gross settlement system, currency exchange, and remittance network created by Garlinghouse’s company. Its native cryptocurrency coin, XRP, is a scalable digital asset, intended to enable real-time global payments anywhere in the world.
The company’s first quarter has been positively brimming with partnerships and announcements. Garlinghouse noted that Ripple has penned 20 production contracts with new firms, while MoneyGram and others are currently testing cross-border payments with XRP.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at -179 levels (which is bearish), while hourly USD spot index was at shy above 39 (bullish) while articulating (at 12:03 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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