With the fall, XRP’s golden age seems increasingly distant from returning
The sale in the cryptocurrency markets has continued to gain momentum since news broke about the 50 Bitcoin movement extracted in 2009. Some argued that the drop had more to do with an overbought BTC than Satoshi Nakamoto’s fear of dumping his stock of 1 million BTC. Either way, panic had a ripple effect across the spectrum of cryptocurrencies. Even more so for XRP, which lost to Tether (USDT) the third position in CoinMarketCap.
Tether (USDT) now in 3rd place at CoinMarketCap – XRP in 4th
Looking further at the loss of third position to the Tether (USDT), we can see the downfall of the XRP as a result of two factors.
First, the aforementioned sale in the cryptocurrency market resulted in the loss of the crucial support zone by $ 0.20 by XRP, providing more reasons for many traders to fall short of XRP / USD.
Second, Tether’s market capitalization has continued to grow as more USDT is minted on Tron’s blockchain. In recent weeks, total assets owned by Tether’s parent company have increased from $ 5 to 6 billion to the current level of $ 9,082,767,996.
Going through the Tether balance sheet, we see that the amount of USDT issued on Tron’s blockchain continued to increase. In an earlier analysis, the USDT issued in TRON was about $ 1.6 billion. The figure is now $ 2.1 billion. At the time of this writing, the breakdown of the blockchain that supports Tether and the corresponding USDT amount is as follows.
Ethereum – $ 5,737,970,410.92
Tron – $ 2,183,395,020.12
Omni – $ 1,335,000,000.00
Liquid – $ 16,561,000.00
EOS – $ 5,251,000.50
Algorand – $ 1,000,010.00