Ripple (XRP) now holds the second position among world’s largest cryptocurrency after bitcoin, followed by Ethereum (ETH) and surpassing the value of ETH today, 21 September.
According to the reports and charts provided by CoinMarketCap, at 15:00 GMT, Ripple’s market cap exceeded Ethereum market cap value. Ethereum now stands at $23.3 billion, and Ripple holds the position at little more with $23.4 billion value, at the press time. The market analysts were eyeing the changes, and it was clear some hours ago that XRP will finally be able to dethrone ETH in becoming 2nd-largest cryptocurrency in the world.
In the previous week, there was a considerable growth experienced by both the currencies, but the XRP surpassed its exceptionally strong prices at the end of the week which dimmed ETH in comparison. The main contribution in the soaring price of XRP was the widespread rumor that xRapid will soon be launching first-ever commercially viable product of XRP that can potentially release next month. It was just what the XRP market value needed to claim the second place, as it increased the market cap from $10.9 billion on Tuesday, to $12.5 billion in three days.
The Shock ‘Flippening’
This week’s price chart helped investors to follow up again on XRP. The token has long since managed to maintain its third-spot in the charts, but the creator of Ripple was skeptical about joining the particular competition. Ripple was not among the cryptocurrencies to have an easy going, as there were many legal complications as some American investors claimed its public offering to be an unregistered security fallout.
However, the ‘Flippening,’ is a term for a shift in cryptocurrency where the altcoins no longer tie with bitcoin. This term was for a time when Ethereum (ETH) would take over the current largest cryptocurrency of the world, Bitcoin (BTC). Interestingly, there were the loyal believers of XRP hoping that Ripple will be the one to overtake ETH from its second place and would term it as ‘Rippening’ in case it happens. But what was unexpected and shocking was the sudden shift and speed in the development of the cryptocurrency that resulted in this XRP-ETH flippening.Ethereum and Ripple shared their own set of obstacles to deal, and even then they maintained their position as second and third crypto, following Bitcoin on top. Ether, however, had many obstacles which made it particularly hard for the crypto to hold its position. ETH is a coin preference for investors who wish to participate in Initial Coin Offerings (ICOs). Therefore, a decline in ICO market automatically led to a lowering demand of ETH and resulted in decreasing price trend in the charts. Moreover, the post-ICO projects managed to sell a high volume of Ethereum for exchanges which served the purpose of further ruining the market price.
It is still too soon to say for sure about the new change in positions and how long will it last. XRP is a coin that the creators argue will allow efficient foreign transactions. If the banks soon decide to implement cryptocurrency among their services and exchanges, XRP will soon become a clear choice, if they don’t opt for adopting XRP’s nemesis Stellar Lumens (XLM). In this case, XRP will undergo a definite and consistent demand and may start preparing to reach the heights of Bitcoin in the future.
Even though it is fairly early to make fixed reports on which currency will fight to retain its position, but we are on the edge of our seats and rooting for maximum volatility in the market to see new gains and advantageous consequences.