XRP and TRX Again in Red

Today, again most of the cryptocurrencies are trading in the red. Major cryptocurrencies such as Bitcoin (BTC), Ripple (XRP), and Tron (TRX) were not able to escape from the wrath of the bear.

Currently, the XRP is trading at $0.406 with a 24-hour market volume of $339.695 million. Ripple (XRP) has slid 3.33%, total market capitalization of the cryptocurrency is $16.258 billion. Majority of the trade volume of XRP was generated because of Bitbank which holds on $48.26 million of all XRP trade. Bitbank is a Japanese crypto exchange which focuses on trading of Bitcoin and other cryptocurrencies against the local currency. Currently, the crypto exchange does not charge any trading and deposit fees. Bitbank was closely followed by the cryptocurrency exchange Binance, which had a $38.434 million of entire trade volume.

According to the analysis, the XRP’s fall is because of the Ripple-SWIFT partnership. With this partnership, SWIFT is going to utilize the Ripple’s XRapid platform for cross-border payments. Crypto enthusiasts believe that the fallout from this partnership could be one of the biggest things which can happen to the Ripple in near future. If we believe crypto experts, the company is partnering with those it is aiming to replace which is not considered good for the future of the Ripple. If the news of partnership is true, SWIFT will also have the access to 11, 000 clients which SWIFT boasts of. In the annual conference of SWIFT this year, it is expected that the companies will make some big announcement.

After a week of the bullish race, Tron is also trading in the red. After enjoying a good week on the back of Justin Sun’s announcement of a secret partnership which will be worth tens of billion dollars, the currency is again following the bearish trend. Over the past week, Tron (TRX) has dropped almost 12.4% and became one of the top losers in the top 20 crypto charts. According to the technical manager of Tron project, Marcus Zhao, “As far as I know, Tron is the only public chain without any post-launch problems. I don’t know why he said there are many vulnerabilities in Tron. In comparison, ETH, BTS, and EOS had block generation problems when they were first launched.”

Chetna Phour

Chetna is a passionate content writer who loves to write on a variety of topics. She loves to explore different horizons and its time for cryptocurrencies now.