Ripple’s XRP Coin Soars 22% Up Dethroning Ethereum (ETH) Again with Second Biggest Market Cap
XRP and ETH Battle it Out for Second Highest Rankings
Only Bitcoin Cash (BCH) has performed better than Ripple (XRP) in the top 10 cryptocurrencies as per Coinmarketcap statistics in the last 24 hours. The coin has seen a rapid 18.63 percent increase as BCH topped with 19.01%. The joy of the recent rise comes after a short 48 hour period that saw XRP lose most of the gains made on September 21st as it hit the $0.7 USD mark across major exchanges.
Recent events leading to XRP’s rapid growth
In the past few days, news of xRapid going live in the coming days may have caused the sudden soar in Ripples price as banks and financial institutions are keen to adopt the technology. The xRapid feature will help these corporations to make cross-border funds transfers reducing greatly the cost of transfers. U.S. bank PNC also announced last week that it would begin using RippleNet to process international payments for its clients.
One of Ripple Inc. co-founders Jed McCaleb has been reported to have boosted his shares in the digital asset leading to speculation on XRP from the investors. Reports from Wall Street Journal press media of the event however caused a small uprising as they deemed it unethical.
Jed responded to the harsh claims saying that he is abiding by the terms of token sales he had agreed with Ripple in 2016. With such reports from Ripple, the asset may well end up crossing the $1 USD mark really soon.
Ethereum (ETH) drops to third as XRP takes 2nd spot
XRP has now taken the second spot from ETH twice in September as the digital asset’s price hiked by 22 percent in slightly over 24 hours as the market re-bounced from the short bear run. Ethereum temporarily dropped to third as the price rose by 3 percent in the same period as per Coinmarketcap data.
Having completed the feat back late last week on September 21st, XRP dropped back to third as the market correction took effect on Ethereum. The first smart contract platform has since regained its position and currently trades at $220 USD with a market capitalization of $22.54 B while XRP trades at $0.524605 USD totaling its market capitalization at $20.91 B USD.