Market Update and Ripple XRP Price Analysis: May 6, 2019
The total crypto market cap lost $5 billion of its value since May 3, 2019, and now stands at $180.7.
The top ten cryptocurrencies are all in red for the 24 hours with Litecoin (LTC) and Cardano (ADA) being the worst performers losing 5.9 percent and 4.1 percent respectively. At the time of writing, bitcoin (BTC) is trading at $5,625, ether (ETH) at $159 and Ripple’s XRP hovers around $0.293.
Bitcoin gained five percent on May 3, 2019, and entered the weekend at $5,660. It formed its fifth consecutive green candle on the Bistamp daily chart as bulls were already eyeing the $5,800 mark. It closed the week 10.8 percent higher at $5,708.
The Ethereum token, on the other hand, climbed up to $164 on May 3, but saw a small correction during the weekend of May 4 to May 5 and dropped down to $161. The ETH/USD ended the seven-day period with a 5.2 percent price increase.
The Ripple company token dropped below the $0.30 support line on May 2, 2019, and closed the session at $0.295. The breach of an essential psychological level suggested further decline as the XRP/USD pair was under immense pressure.
On May 3, buyers managed to push the price two percent up and formed a green candle to $0.301.
On May 4, the coin was trading as high as $0.312 during the day, only to close with a loss to $0.299. The highly volatile session saw the ripple token moving between the $0.312 to $0.294 levels. XRP ended the week even lower, at $0.296, which represented a 2.4 percent price increase for the period.
In the early hours of May 6, XRP is trading $0.293 and is dangerously close to the 2019 low of $0.2855 registered on January 30 and recently tested on April 26.
Ripple announced a new partnership with Ria Money Transfer on May 1. The company, which is a subsidiary of the U.S.-based Euronet Worlwide is one of the largest payment service providers in the world with operations in 155 countries. Now Ria has joined RippleNet to enable instant global payments on the blockchain while making them faster, more transparent and secure.
“Ria’s integration with Ripple serves to build rails for an innovative payment infrastructure that seeks to provide easier access to potential partners, while delivering faster and cleaner payments to its users,” Added Juan Bianchi, CEO of Euronet’s Money Transfer Segment.
Coil, the blockchain-based blogging platform, announced the launch of its open public beta services. The company, which was founded by former Chief Technical Officer of Ripple Labs Stefan Tomas, allows users to earn XRP for writing articles and adding content to the website. Coil creators are also working on enabling fiat and stablecoin-like forms of payments for participants to promote the use of their blogging services and tackle competitors like Steemit.