After gaining $0.35 (125%) since the past week, XRP has now overtaken ETH on market cap. Ripple is now the second largest cryptocurrency after Bitcoin, in terms of market capitalization.
21 September, AtoZ Markets – After a price surge earlier this week, the banking-oriented cryptocurrency, Ripple has overtaken Ethereum. Ripple has secured the second place, in terms of market cap behind Bitcoin. In the last 24-hours the price has moved by $ 0.2618 (70.91%) with a total volume over $ 314.97 Million.
XRP Overtakes ETH on Market Cap
XRP now has a market cap of $62 Billion, leaving Ethereum behind at $23 Billion. This is the second time it happened when Ripple surpassed Ethereum, in terms of market cap since 29th December 2017. The sudden rise might be due to the development of xRapid – a new product related to Ripple. According to online sources, XRapid will be launched next month.
For Ripple to be able to transition these clients to xRapid, it would mean an increase in demand for Ripple. So it is clear that traders are trying to get a piece of the action early on. xRapid was designed to work as a bridge between different currencies around the world, which will allow the banks and financial institutions to process faster overseas transactions. Also, Ripple Lab’s chief executive Brad Garlinghouse boasted there will be “dozens” of banks using xRapid by the end of 2019.
The main benefit of the product is that it will enable the converting of fiat currency to XRP. The latter is then sent to the receiving party and converted to the receiving party’s fiat currency. This system can complete these processes automatically, thus allowing fiat currency to be converted and moved to anywhere in the world in a matter of minutes.
However, comparing the transaction limit per second with Ethereum and Bitcoin, XRP can process 1500 TPS. In other words, 100 times faster than Ethereum and 250 times faster than Bitcoin. Yet, the decentralised nature of Bitcoin and the limited supply of Bitcoin, make BTC more valuable than Ripple. In terms of Ethereum, this cryptocurrency works on smart contract and is used for crowdfunding in the ICO market. Hence, experts could argue that Ethereum still has more value than Ripple.
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