Ripple (XRP) just passed Ethereum (ETH) this morning to take the second-largest cryptocurrency spot. Except, a few hours later Ethereum enthusiasts shot back and Ethereum re-gained its #2 spot.
Ripple (XRP) Comeback
XRP is among the group of worst performing cryptocurrencies this year, but it seems to be making a comeback. In the summer, it was down more than 90 percent from its high in January.
XRP and Ripple are often confused, and people intertwine them. Ripple Labs is a fintech company that focuses specifically on global payments and hold the majority of XRP. XRP is a cryptocurrency, independent of the company, that is used on Ripple’s platforms.
Recently, Ripple has made some big announcements regarding its products, and that has caused XRP to spike. On Monday, Sagar Sarbhai, head of regulatory relations for Asia-Pacific at Ripple, told CNBC that his company’s xRapid product should go live in the next month or so.
xRapid uses XRP as a bridge between currencies, which allows payment providers to process faster cross-border transactions.
“People are definitely buying the news,” Joe DiPasquale, CEO of BitBull, told CNBC. “This is another case of Ripple showing its dominance in real world relationships with financial companies, and yet another spike in XRP’s price because of it.”
It seems the xRapid news has continued to push XRP upwards, and Ripple passes Ethereum (but only temporarily).
Ethereum (ETH) Stagnant
Ethereum has held the second-largest cryptocurrency position for nearly ten months. Lately, ETH’s price has dropped, and there haven’t been any major developments on its on-going scalability issue.
Since there is no news on Ethereum today, it must mean that Ethereum enthusiasts wanted to push ETH up to its previous position. Ripple passes Ethereum, you say—not for long, they say!
XRP & ETH Movement
At press time, ETH is trading at $246.84 a coin, up 17.29%. XRP is trading at $0.575 a coin, up 50.23% in 24 hours.
Most cryptocurrencies in the top 20 are now seeing double-digital percentage gains on the market—closing out the work week on a high note.
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