Coinbase, one of the largest cryptocurrency exchanges, has released a report in which it shows that only 24% of those that buy Bitcoin remain with the virtual currency. The remaining users acquire other virtual currencies on this exchange, which became a leader in the market in recent years.
During the last few years, XRP has been traded in a downtrend compared to BTC’s price. This is why many investors are wondering whether it would be possible for XRP to start recovering. The report released by Coinbase suggests that during bull markets, users tend to acquire more altcoins.
If a new bull market starts in the coming weeks, we could see XRP recovering from the current lows it has registered against BTC. In terms of USD terms, it is certainly important for XRP to keep above $0.20 and use this price level as a support for the coming months.
At the same time, Ripple is working in order to expand the use cases related to XRP around the world. The firm has already partnered with over 300 firms in order for them to be able to send and receive cross border transfers in a fast and easy way. In the future, many companies could start using the XRP virtual currency so as to reduce transaction times and costs even further, among other things.