Remittance oriented cryptocurrency backed by Ripple, XRP, continues to face challenges on the market table, despite an attempt to waylay the forces of the bear. This can be traced to no other factor than the lawsuit SEC filed against Ripple for selling a security to the public.
No doubt, the predicament quivered XRP in the market. Polkadot (DOT), an open-source sharding multichain blockchain protocol, leverage this opportunity to overtake XRP on the fourth position of the market table after displaying a gigantic upward rally in the last few days.
Some crypto exchanges added salt to Ripple’s injury by delisting XRP from the list of currencies available for trade on their platform.
Even though enthusiasts of the digital currency remain steadfast urging SEC to withdraw their claim that XRP is security, there is still no significant sign that XRP will overcome the problem anytime soon.
Amid the perturbing period, a full-time crypto trader by the name Michael van de Pope said more cryptocurrencies would catch up with XRP on the market table.
At present, XRP is ranked fifth on the market table, after Polkadot took the fourth position.
Trader Michael van de Pope said it is just a matter of time before we see some other three cryptocurrencies overtake XRP on the table.
The full-time trader suggested that after Polkadot, the likes of Cardano, Chainlink and Litecoin would also overtake XRP on the table. Then, XRP would be ranked the 8th largest cryptocurrency by market cap.
— Michaël van de Poppe (@CryptoMichNL) January 16, 2021
Considering the trend of Cardano in the last few months, especially after the release of the Shelley mainnet, one would want to believe that Cardano has the potential of overtaking XRP on the market table.
In the last 30, Cardano has the second-highest gain among the top 10 cryptocurrencies after Polkadot, with over 130% price rise in a month.
What to Expect from Bitcoin in Coming Days – Michael Van De Pope
In another statement, trader Michael van de Pope aired what he thinks would be of Bitcoin in the next few days as the leading digital asset continues to maintain a balance above $32,000 since the last few days.
The trader said before we see a new trend from Bitcoin, the cryptocurrency would continue to consolidate for the next few periods.
He explained that it is still early to predict the next direction Bitcoin would face after this consolidation. Michael furthered that the cryptocurrency is still maintaining a support level and quite tricky to make any future prediction.
However, the trader said a trend towards $39,000 to $40,000 could be seen again considering the falling wedge construction.
Before we can hope for another big uptrend trend, Bitcoin would need to surpass the $36,000 to $36,500 level, he said, adding that at present, the primary point of the cryptocurrency chart signals further consolidation.