Market Update and Ripple XRP Price Analysis: March 4, 2019
The total crypto market cap fell by $4 billion on March 3, 2019, and now stands at $126.5. At the time of writing, bitcoin (BTC) is trading at $3,817, ether (ETH) is holding $130, and Ripple’s XRP stands at $0.31.
Last week, the BTC/USD pair formed its first green candle on the monthly chart since July 2018 ending February with a 12 percent price increase.
The most popular cryptocurrency closed the March 3 trading session with a drop to $3,884. It was 1.4 percent up for the seven-day period, however. BTC erased its weekly gains in a sudden drop in the early hours of March 4 and is currently trading at $3,817 on the Bitfinex charts.
The Ethereum token, on the other hand, managed to close the second month of the year with a substantial gain of more than 30 percent. The ETH/USD pair saw its price declining by 1.5 percent for the week, to $133, and now is now trading at $130.
The Ripple company token XRP closed February 28 with a green candle to $0.3208 or right above the important price level at $0.32. One of the most popular altcoins ended the 30-day period one percent higher. It was the first green candle on the monthly chart since September 2018.
On March 1, the XRP/USD pair was trading mainly in the $0.318 to $0.33 range and finally closed at $0.323. Bulls were hoping to hold their ground and keep prices above $0.32 as long as possible to consolidate and initiate a new run towards the February high of $0.34. Trading volumes started to decrease after February 27 but remained stable above $800 million.
On March 2, commentators saw a slight correction to $0.321 as neither bulls or bears were able to take over control. XRP lost 1.2 percent of its value on March 3 and finished the week trading at $0.317 with a 4.6 percent of price increase for the seven-day period.
Ripple’s head of markets, Miguel Vias responded to critics saying that Coinbase adding XRP to its platform was an independent decision by the cryptocurrency exchange. Rumors circulated in the crypto community that Ripple either paid or offered something in return for the listing.
The reason for that was a recent conversation between UK investor Alistair Milne and Coinbase’s director of communications, Elliott Suthers, who refused to openly discuss the Ripple-Coinbase relations when asked about a suspected listing fee.
In the meantime, the lawsuit against the company remains in federal court. Securities lawyer Jake Chevrinsky announced this in a tweet from March 1.
The class action lawsuit was initially filed in May 2018 by investor Ryan Coffey who claimed Ripple was violating federal and state laws by offering unregistered securities (their native token XRP) to investors.