Ripple’s Coin Moves Into #2 Spot, But Can XRP Overtake Bitcoin (BTC) for Number One Position
XRP is one of the largest virtual currencies in the market and the second in terms of market capitalization. During the last months, XRP has shown a very good performance compared to other virtual currencies currently available. There are also several individuals and enthusiasts that are asking whether it is possible or not for XRP to overtake Bitcoin as the most valuable crypto in the world.
During this year, most of the virtual currencies lost an important part of their value. After a very positive 2017, 2018 was a very negative year for the crypto world.
There are several reasons to think in a very positive future for XRP, even being able to surpass Bitcoin. At the moment, Bitcoin is a very slow virtual currency compared to XRP and it is not being implemented in many shops and merchants all over the world. Instead, XRP is being embraced by the largest financial institutions around the world and it can be a real competitor to the SWIFT system.
During the last week, Bitcoin lost over 14% due to the current hash war between Bitcoin Cash SV and Bitcoin Cash ABC, which are the two recent networks that split from Bitcoin Cash (BCH) on November 15. This situation has damaged Bitcoin’s reputation on whether it is a real decentralized system and cryptocurrency or not.
Because of this situation, several investors decided to move to other alternatives and purchase different virtual currencies. One of the most benefited virtual currencies during the last week was XRP. According to CoinMarketCap, XRP is the only top 10 virtual currency that has registered gains during the last 7 days. Bitcoin, at the same time, lost 12.28% of its price.
XRP was also able to take the second place in the market after surpassing Ethereum (ETH). Ethereum did not have a good second half in 2018. The bear market has also harmed those ICOs that gathered funds at the beginning of the year and at the end of 2017 when virtual currencies and ICOs were growing exponentially. These projects took the decision to sell their funds, creating an ETH sell-off that affected not only ETH but also the whole crypto market.
Ripple is working in order to expand its products all over the world. Financial institutions could be clearly benefited by implementing XRP solutions and Ripple’s products. xRapid, one of the latest products launched by Ripple, will potentiate XRP usage among financial institutions.
Clearly, XRP has a great future ahead. There are several developments that are taking place in the XRP community using Ripple’s products. This would allow this virtual currency to keep growing. Knowing whether it will be able to surpass Bitcoin is another thing. Until not, there is nothing that could give us a clear answer about it.
At the time of writing, XRP can be bought for $0.51 dollars and it has a market capitalization of $20 billion dollars. Instead, Bitcoin has a market capitalization of $97.38 Billion and each BTC coin can be purchased for $5,600 dollars. If XRP would like to surpass Bitcoin in terms of market capitalization it would have to be worth around $2,5 dollars per coin. That would represent an increase of 390%.