XRP is the next immediate challenger to Bitcoin in terms of market cap, as the cryptocurrency surges over 75% to dethrone Ethereum for the second spot.
It looks like there’s no stopping Ripple today! With a massive rush of buyers, Ripple has surged its way to become the second most valuable digital currency by market cap, toppling Ethereum. At the press time, our CoinSpeaker data shows that Ripple (XRP) is trading at over 75% premium over its price in the last 24 hours.
XRP is currently trading at $0.66 with its market cap going over $26 billion at the press-time. It looks like XRP has outclassed Ethereum in today’s market gain. Although Ethereum has managed to gain over 8.3% it failed to keep up with the Ripple glory. Ethereum (ETH) is currently behind of Ripple with a sizeable margin of $3 billion and a market cap of $23 billion.
Today’s stupendous price surge of XRP marks a nearly 140% of weekly price gains beating all of its other competitors. Today’s XRP gain is the vote of confidence from its investors after being stuck in several legal complications, over the past few months.
After hitting its all-time high of $3.84 earlier this year in January, XRP was on a continuous downfall so far. XRP lost over 95% since Jan as the cryptocurrency faced several lawsuits claiming it should be treated as unregistered securities.
To protect the Ripple brand from falling victim to the onslaught of allegations, CEO Brad Garlinghous came out to explain how ‘Ripple is different from XRP‘. He said:
“XRP is not a security for three reasons: if Ripple, the company, shuts down tomorrow, the XRP ledger will continue to operate; it’s an open-source, decentralized technology …. if you buy XRP, [you are] not buying shares of Ripple – buying XRP doesn’t give you ownership of Ripple.”
Ripple is seen continuously defending its position over XRP since then. Moreover, the recent news of Ripple launching its xRapid product by next month in the commercial market has given a big boost to XRP. xRapid is a cross-border payments solution that uses XRP tokens to facilitate instant payments.
Ripple’s persistent efforts to collaborate with major global banking institutions turn out to be a game-changer for the company. Over the last year, despite facing several headwinds, Ripple has secured some key partnerships globally.
Ripple has now over 120 banking and other financial institutions using its xCurrent blockchain solution for cross-border payments. Some big names like The National Commercial Bank (NCB) of Saudi Arabia, Spain’s banking giant Banco Santander, American Express, PNC are now a part of the RippleNet ecosystem.
The commercial launch of the xRapid payment solution next month can put the crypto startup on a new growth trajectory. Brad Garlinghouse, Ripple’s CEO, talked about the objective of onboarding customers to xRapid, saying:
“I’ve publicly stated that by the end of this year I have every confidence that major banks will use xRapid as a liquidity tool. You know, by the end of next year, I would certainly hope that we would see you know in the order of… dozens..”
In a word with CCN on the recent rally, eToro analyst Matthew Newton said that “the stars seem to have aligned” for the coin. He further added:
“Despite being one the most polarizing cryptos of them all, eToro customers can’t get enough of XRP at the moment; it has more exposure than any other asset on our platform. As we’ve seen in the past, the price tends to move in short, sharp bursts, picking up a lot of momentum when the hype builds. It remains to be seen how much further it could go.”
Ed Cooper, head of mobile at crypto-friendly fintech company Revolut, said in an emailed statement that it “remains to be seen” whether the rally will hold.
“The high transaction values, coupled with market sentiment following the announcement on Monday could indeed be the reason why XRP reached new highs, having gained nearly 50% in the last 24 hours. While this is great news for many crypto enthusiasts and especially for XRP fans, it remains to be seen if the bullish trend will prevail, given the current market conditions that have seen nearly all cryptocurrencjy losing around a great deal of their value since the beginning of the year.”
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