CRYPTOCURRENCIES LITTLE MOVED IN LOW VOLUME TRADING
This week, the volume of cryptocurrency trading has declined sharply. On CoinMarketCap, the average daily transaction amount for Bitcoin was around $3.5 billion. This is the lowest it has been in months. As a result, the price of Bitcoin and other major currencies has largely been unchanged.
Low volume trading comes despite signs that the SEC could accept the ETF proposal from VanEck based on a number of key factors. Firstly, VanEck is a credible organization and one of the biggest providers of ETFs. Secondly, the ETF will be listed at CBOE, which is a major and well-regulated exchange. Thirdly, the ETF will not directly target retail customers. At a listing price of $200,000, VanEck will target well-moneyed institutional investors. Moreover, concerns of price manipulation are being mitigated by the exchanges and authorities.
A few weeks ago, the price of XRP, the native currency of the Ripple blockchain protocol jumped after the New York Department of Financial Services (NYDFS) granted Coinbase approval to create the Coinbase Custody Trust Company LLC. This was big for Ripple because before that, Coinbase did not offer Ripple trading.
Ripple is a different cryptocurrency from Bitcoin and Ethereum. This is because Ripple is built to solve the money transfer or remittance problem. Using it, money transfer companies like MoneyGram and Western Union can simplify how they send money across the world. This is mostly important for large companies that spend a lot of money in remittances.
The XRP price reached a high of 0.4828 two weeks ago. Since then, it has moved sideways as traders wait for an upward or downward catalyst. At this time, the XRP/USD pair will likely continue moving sideways with a breakout expected at either direction.