Categories: Ethereum

Ripple (XRP) Overtakes Ethereum As Second Largest Cryptocurrency On CEO’s Bullish Bet

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Ripple (XRP) has powered back to retake its position as the world's second largest cryptocurrency by total market capitalisation — a spot it briefly took from ethereum at the end of last week.

Ripple (XRP) has risen more than 100% so far this month as investors bet it will become the defacto way the world's established banks and financial services firms move money across borders.

A visual representation of the digital cryptocurrency, ripple. (Photo by S3studio/Getty Images)

Today's latest surge was sparked by the announcement U.S. cryptocurrency exchange and wallet provider Coinbase is considering listing more cryptocurrencies.

"Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner," Coinbase said in a statement. "In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time."

Many have taken this to mean ripple could be listed on the platform, though it is far from guaranteed.

The price was given a further boost by Nigel Green, founder and CEO of deVere Group, predicting ripple (the informal name of the XRP digital token) will rise to $1 per token by the end of 2018.

Green said:

Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organizations, and individuals. The use of XRP is set to increase, and naturally, this will positively impact its price. I think it is likely that we’ll see it hit the $1.00 price level before year-end. It could even be double this in 12 months’ time as XRP adoption and usage soars.

The ripple price fell earlier in the week after more than doubling in price last week. CoinDesk

The ripple price surged to more than $3 last year, up from just $0.006 at the beginning of 2017.

Ripple, which was created back in 2012 by Ripple Labs (making it one of the oldest cryptocurrencies), sets itself apart from many other major digital tokens by working directly with the established financial services sector.

Ripple (XRP) has now become the second biggest cryptocurrency in the world, according to CoinMarketCap data. CoinMarketCap

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