While the crypto market seems to be experiencing a downward trend, with every single coin facing double-digit losses, Ripple (XRP) stands out with minimal losses. Recently, more precisely from 1st October, Ripple has been seen gaining momentum so much so that it has surpassed Ethereum—the second largest crypto coin and is currently ranked second in terms of market capitalization, according to CoinMarketCap data.
Another recent positive development for Ripple has been the listing of its native token XRP on the Hong Kong-based cryptocurrency exchange, ExLand, owned by China Sinx Group. The exchange announced that along with supporting XRP, it is also going to trade it using an XRP/USD pair.
Quite a few crypto exchanges from around the globe have been adopting XRP in variant pairings like XRP/BTC (still being the main one), XRP/USD pair (such as ex.land). While, there are some which are adopting XRP as a base coin, putting it in direct competition with Bitcoin. On November 18, Binance was also seen considering XRP as a base currency on its platform.
Also, Coinbase exchange announced that it was adding XRP to its crypto-custody platform which implied that customers would be able to securely store XRP on Coinbase, though they won’t be able to purchase it on the platform.
Of late, XRP trading has been witnessing a significant positive trend as compared to the other cryptocurrencies. Currently, XRP trades at around $0.454. It is still on the red but compared to an initial $0.49, XRP is progressing positively.
A comparison of the current figures with those of November 17 last year, XRP’s price has grown by +113%. On the other hand, Bitcoin and Ethereum saw a drop of -29% and -46% respectively. Last month also witnessed XRP gain by over 10% while Bitcoin dipped by 14% and Ethereum by 16%. The gain means XRP is up by five billion in market cap from Ethereum.
This has made many crypto enthusiasts wonder if XRP is all set to overtake the top cryptocurrency—Bitcoin. Though advancing at a good pace, XRP has a long way to go in overcoming the $75 billion market gap that stands between them.
Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc. It has been very actively involved in projects, alliances and innovative services and solutions as a means to upgrade the company’s software and its token XRP.
Recently, Ripple entered into a partnership with CIMB Group – Southeast Asia’s 3rd largest financial institution. This partnership hopes to boost instant cross-border payments using the blockchain solutions for CIMB’s markets.