XRP Surges 80% in 24 Hours, Surpassing ETH as World’s Second Largest Crypto, Only to Drop Back
It’s been a huge week for XRP holders as the beaten-down cryptocurrency has nearly tripled in price over the past seven days. In the last 24 hours alone, XRP has surged 80% to surpass ETH as the world’s second largest cryptocurrency by market cap. Now only a few hours later, Ethereum has retaken the the second place spot by just under $2.7 billion.
Earlier today, XRP was behind only BTC as the world’s largest cryptocurrency. It’s been a strong 24 hours for most major cryptocurrencies in the industry, although XRP is leading the way by a long shot.
Earlier this week, XRP was sitting below $0.28. Today, XRP is sitting at around $0.56. Depending on which comparison time-span you’re using, the price of XRP has nearly doubled week-over-week.
XRP’s price has retreated slightly in Friday afternoon trading, periodically falling behind ETH or jumping ahead of ETH for the number two spot in crypto rankings.
Other cryptocurrencies are also in the green over the last 24 hours, although none of the top 50 come close to XRP’s record-setting gains. Bitcoin is up 5% over the last 24 hours, for example. The only other cryptocurrencies that are in the same ballpark as XRP’s price rise include ETH (up 17% over the last 24 hours), EOS (up 15%), and Stellar (up 20%). Bitcoin Cash also experienced an impressive gain on the day, rising 18%.
The only coin in the top 100 that beat XRP was #71 MonaCoin (MONA) with a 58% gain in the last 24 hours. MonaCoin has been the center of attention the past couple of days as one of the largest coins stolen in Japan's Zaif Exchange $60 Million Hack.
ETH and XRP continue to do battle as we go to press. The two cryptocurrencies have a very comparable market cap. They have swapped positions numerous times throughout the day.
Neither XRP nor ETH appear likely to jump to the number one spot and overtake bitcoin. At the same time, the two are a long way ahead of BCH, EOS, and Stellar. XRP and ETH sit at a market cap of around $20 to $25 billion, for example, compared to bitcoin’s market cap of $120 billion. Bitcoin Cash sits in fourth place with a $8.7 billion market cap, followed by EOS ($5.5 billion) and Stellar ($4.8 billion).
Earlier today, when XRP had surged 80% over the past 24 hours, XRP held a market cap of around $25 billion and had surpassed Ethereum’s $23 billion market cap.
Just a few hours later, XRP has pared its gains to “only” 48% over the last 24 hours. As we go to press, XRP has a market cap of $22.4 billion, sitting just behind ETH’s $25.3 billion.
— XRP Official ⚡️ (@Ripple_XRP1) September 21, 2018
Yes, the “flippening” occurred with XRP and ETH, but that flippening has since been reversed, and XRP is back in the #3 position. Of course, this could all change within the coming hours. Nevertheless, this is one of the most positive periods of trading activity for the crypto industry all year.
— Weiss Ratings (@WeissRatings) September 21, 2018