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Ripple's overthrow of Ethereum (ETH) on XRP is not unprecedented as evidenced by the events of 29 December 2017 when Ripple overtook Ethereum to become the world's second largest cryptocurrency by market capitalization. It did not last but it happened.
However, this time, Ethereum may not be able to oust Ripple (XRP) from the Number 2 position.
Basics
Both Ripple (XRP) and Ethereum (ETH) are cryptocurrencies using blockchain technology. Both have their own unique virtual currency which can be traded on various popular cryptocurrency exchanges.
For both the Ethereum blockchain and the Ripple protocol, it is not necessary for third parties to check the movement of funds, as this is done on a completely peer-to-peer basis.
Despite these similarities there are clear differences that distinguish them
Ethereum (ETH), launched in 2015, was founded by Vitalik Butterin, a Russian-Canadian developer. Ethereum expanded on the capabilities of Bitcoin and became the first blockchain project to enable people to create and enter into intelligent contract agreements.
With Ethereum, Bitcoin features, which are only suitable for financial transactions, have been extensively analyzed by dApps launched on the blockchain. The ether or ETH for short is the cryptocurrency of the Ethereum blockchain.
The Ripple blockchain was created three years before Ethereum in 2012. The cryptographic project was designed, built and launched by a private organization called Ripple Labs located in San Francisco. The intent of the founders was to design a blockchain protocol that could challenge existing cross-border payment systems used by banks to transfer funds.
Although Ripple Labs is focusing exclusively on the banking industry, the Ripple blockchain can be used by anyone to receive or send funds. The Ripple coin, XRP, can also be traded on the open market.
Not to confuse, the technology that supports the network is called "Ripple" while the name of the cryptocurrency that runs on the Ripple blockchain is known as XRP.
Motivi Ethereum (ETH) Will Oust Ripple (XPR)
The overall goal of Ripple Labs is to let their technology serve the cross-border payment industry with over $ trillion. They already have their xCurrent protocol installed by over 100 different banks even though they have only been in operations for 6 years.
So far Ripple has closed deals with some of the largest banks in the world including Santander, Credit Agricole and even Bank of America, among others. While these banks are testing the Ripple protocol, the belief is that they will eventually use it for their interbank transfer needs so as not to be left behind.
So while Ethereum (ETH) is focusing on improving its technology, Ripple (XRP) focuses on the continued growth in the amount of banking partnerships they make.
Ethereum (ETH) lost the ICO
Smart contracts are more commonly associated with Ethereum (ETH). It allows developers to create hundreds and thousands of advanced applications on the blockchain network as they operate as scheduled without censorship and interference with third parties.
Besides the development of dApp, Ethereum was also known as the most suitable premise for the launch of ICO.
Surely the development of dApps and ICO projects has been an important factor in supporting the strength of the altcoin, while maintaining the second position on the table with a huge market capitalization.
But the story seems to have changed for Ethereum (ETH), started losing these ICO projects while people continue to put their Eth fund away from the network.
In addition to the fact that the developers later discovered that Ethereum (ETH) is vulnerable to the implementation of dApp, the same blockchain technology also begged developers to stop dApp deploying on its network.
Subsequently, the likes of Tron (TRX) and EOS (EOS) who migrated from the network took advantage of the condition and began to evangelize for the implementation of dApp on their network.
On the transaction speed
While both Ethereum and XRP are based on blockchain technology with different audiences, when it comes to grouping them according to their TPS, Ripple stands out.
Ripple's performance is better than that of Ethereum because it is more scalable and more efficient than Ethereum, not only faster on a scale, but also cheaper.
Ripple's XRP is getting more adoption than ever before
While Ethereum appears to be dying when it comes to adoption, Ripple's XRP, from the official launch of xRapid to the Ripple SWELL 2018, has been placed on a higher adoption pedestal.
The adoption of the cross-border repatriation tool that uses XRP to transfer funds, xRapid, from large financial institutions has given XRP an advantage in the world of adoption.
Gap enlargement between Ripple's XRP and Ethereum (ETH)
The margin between Ripple and Ethereum has expanded by a large margin even if Ripple has not occupied the second position for a long time.
At the time of printing, Ripple (XRP) is a leading Ethereum (ETH) with over $ 3 billion market cap.
Conclusion
From the capillary market battle between Ethereum (ETH) and Ripple (XRP) it is possible to conclude definitively that Ripple's XRP is without reserve the rave of the moment with its impressive steps in climbing the scale of the crypto table.
As it has done well to ease the pains of cross-border payments, various factors are driving its adoption. Ripple's technology, media coverage and expected regulation by financial institutions and the government will certainly play positive roles in the constant impact on XRP value.
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