Summary:
- Ripple (RIPPLE on xStation5) has became the second largest cryptocurrency for a moment
- Dash announces SMS-based cryptocurrency transaction services in Venezuela
- Bitcoin (BITCOIN on xStation5) continues to trade flat within three-week consolidation
Investors launched Tuesday’s trading on the cryptocurrency market in rather upbeat moods. Ripple (RIPPLE on xStation5) is undoubtedly winner among most famous cryptocurrencies as it surged around 10% so far today. Capitalization of the whole market stands around the $215 billion handle with Bitcoin having 51.8% market share.
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Tuesday seems to be another calm day for BITCOIN as the cryptocurrency is still trading within consolidation ranging from around $6250 to around $6450. Note that the cryptocurrency price is moving a notch below the upper bound of the aforementioned trading range at press time. Source: xStation5
Firstly, Dash launched cryptocurrency transaction services with text messages in Venezuela. The Latin American country is in crisis therefore no one should be surprised that residents seeks various solutions to cope with soaring inflation. One of them is using cryptocurrencies in a daily life as they are immune to losing purchasing power parity in the aftermath of spiking prices. The new system, called Dash Text, is aimed to facilitate cryptocurrency transactions in this poor country, where limited access to Internet makes it impossible for some to start using cryptocurrencies. What’s interesting, thousands of merchants accept the Dash payments in Venezuela.
RIPPLE undoubtedly attracts a lot of crypto traders’ attention today as it has surged around 15.5% over the past 24 hours. The virtual currency began rally yesterday after three weeks of calmness, and today it continues to march higher (an orange area on the chart). Moreover, the digital currency jumped over ETHEREUM, and it has became the second largest cryptocurrency by the market capitalization for a moment. Note that RIPPLE is the only one major cryptocurrency with such a stellar performance today. Source: xStation5
Speaking of RIPPLE, it is hard to say what caused cryptocurrency to surge over the recent hours, but there are some informations that could be considered as potential reasons. One of them could be recent remarks made by Ripple’s global chief of infrastructure Dilip Rao at Global Islamic Economic Summit 2018. Ripple’s Rao revealed that its company plan to open an office in Dubai expanding its activity to the Middle East. Rao stated also that some Middle East's financial institutions have already used Ripple in cross-border payments and have tested Ripple’s blockchain-based network. However, as we mentioned, potential causes could be hard to disclose at the moment and we may have to wait a couple of days until real reason sees daylight.
ETHEREUM gained around 1% over the past 24 hours. Nevertheless, the cryptocurrency lost its second place amid virtual currencies for a moment. Source: xStation5
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