XRP Reenters The top 5 Digital Assets on Coinmarketcap 16

XRP Reenters The top 5 Digital Assets on Coinmarketcap

In brief:

  • XRP has reentered the top 5 digital assets on Coinmarketcap
  • The move comes after XRP rallied hard to a 3 year high of $1.119 – Binance rate
  • In a prediction last year, Timothy Peterson had forecasted that XRP might surprise investors in 2021, possibly outperforming Bitcoin

The remittance coin of XRP is once again a top 5 digital asset in terms of market capitalization. At the time of writing, XRP is ranked 5th after edging out Cardano (ADA) in the last 24 hours. XRP is once again neck and neck with Tether (USDT) with roughly $1.065 billion in market capitalization separating the two as can be seen in the screenshot below.

XRP Reenters The top 5 Digital Assets on Coinmarketcap 17
Source, Coinmarketcap.com

XRP Could Have A Suprise Performance in 2021, Outperforming Bitcoin

In a tweet early yesterday, Bitcoin and Crypto analyst Timothy Peterson of Cane Island Alternative Advisors reshared an earlier analysis in which he had forecasted that XRP might surprise investors this year. In his Twitter commentary dated November 7th, Mr. Peterson had added that XRP could go on to outperform Bitcoin in 2021. Below are both his tweets further demonstrating his view of XRP.

What Next for XRP in the Crypto Markets?

At the time of writing, XRP is trading at $0.940 after a three-year high of $1.119 – Binance rate – set only a few hours ago. As soon as the peak value was set, XRP underwent a correction that saw the remittance coin drop all the way to $0.88.

XRP was not the only digital asset affected by the dip as Bitcoin dropped to the $57k support area earlier today.

Therefore, the general crypto market mood is an uncertain one with many traders leaning bearish at least in the short term. Bitcoin regaining a footing above $58k will be essential in providing altcoins such as XRP, with the environment necessary to keep on thriving.

Funding Rates for Futures Contracts are Still High

The funding rates on the various futures contracts are one way of knowing whether the market is still overheated. A quick glance at Bybt.com reveals that the majority of the futures contracts still have high funding rates as seen in the screenshot below sampling a few of these contracts. As a result, Bitcoin and altcoins will most likely enter a brief consolidation zone before a clear direction is seen in the hours and days to follow.

XRP Reenters The top 5 Digital Assets on Coinmarketcap 18
Source, Bybt.com