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Ripple (XRP) has just passed Ethereum (ETH) this morning to take the second largest cryptocurrency spot. Except that a few hours later the Ethereum enthusiasts fired and Ethereum took second place.
Ripple (XRP) Comeback
XRP is among the least performing cryptocurrency groups this year, but it seems it is making a comeback. In the summer, it had fallen more than 90% from its January high.
XRP and Ripple are often confused and people intertwine. Ripple Labs is a fintech company that focuses particularly on global payments and holds the majority of XRP. XRP is a cryptocurrency, independent of the company, which is used on Ripple platforms.
Recently, Ripple made some big announcements about its products, and this caused the XRP peak. On Monday, Sagar Sarbhai, head of Ripple's Asia-Pacific regulatory relations, told CNBC that his company's xRapid product should be published in the coming months.
xRapid uses XRP as a bridge between currencies, which allows payment providers to process faster cross-border transactions.
"People are definitely buying the news" Joe DiPasquale, CEO of BitBull, told CNBC. "This is another case of Ripple showing its dominance in real-world relations with financial corporations, and yet another peak in the price of XRP because of that."
>> Ripple Up 20% After xRapid News [19659005] It seems that the news xRapid continued to push XRP upward, and Ripple surpasses Ethereum (but only temporarily).
Ethereum (ETH) Stagnant
Ethereum held the second position of cryptocurrency for almost ten months. Lately, the price of ETH has declined and there have been no major developments on its current scalability problem.
Since there is no news on Ethereum today, it must mean that Ethereum's enthusiasts wanted to push ETH to its former position. Ripples passes Ethereum, you say – not for long, they say!
XRP & ETH Movement
At the time of printing, ETH exchanged a currency for $ 246.84, up 17.29%. The XRP is trading at $ 0.575 per currency, up 50.23% in 24 hours.
Most cryptocurrencies in the first 20 hours see double digit percentage gains on the market, closing the work week on a high note.
Featured Image: Depositphotos / © sylv1rob1
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