Ripple [XRP] is feeling the burn from Bitcoin Cash [BCH], with a $3 billion difference in the overall market cap of the two. The fight is for the #3 position, which holds a lot of assumed power as being in the top 3 most traded coins.
Ripple is currently still at the number 3 position with a market cap of $31.44 billion. Bitcoin Cash is close behind with $28.57 billion. Bitcoin Cash needs a 15.15% hike in price to take over Ripple’s position as the number 3 biggest currency by market cap. This would mean that a price increase to close to $1900 would break Ripple’s position in the top 3, assuming XRP doesn’t change in price.
After a week of decline, Ripple is staying stable today after rallying from a low point of $0.77 yesterday. It continues to hover around the $0.80 mark, occasionally falling below and going above over the day. Its seven-day decline rounds up to 6.86%. It had a series of sharp declines from $0.91 to $0.87 on May 6th, further down to $0.80 on May 7th.
Bitcoin Cash, on the other hand, saw an uptick this week, probably due to the upcoming hard fork on May 15th. Ripple also has significant events lined up this week, such as the Community night on May 15th featuring Snoop Dogg.
Although its status as a security has been subject to a large amount of FUD, investors have compared it to the likes of Netflix and Amazon before it. Poster gamedev268 said on the Ripple subreddit that:
“Just like Netflix and Amazon before that Ripple/XRP gets a ton of FUD because it is a threat to established businesses.”
He went on to say that Ripple and the XRP token suffers a worse problem as it is attacked on two front; by the threat Ripple poses to big central banks and the SWIFT protocol, and also as an attack to Bitcoin and its surrounding philosophies.
He finished by saying:
“No one would care to write up blatant lies and FUD if they didn’t see XRP as a threat. Hold tight, XRP’s enemies can see the writing on the wall.”