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In a bearish downturn in the market, XRP has surpassed ETH to take second place in the cryptography industry. XRP drags the only bitcoin in terms of overall market capitalization among cryptocurrencies.
In recent years, ETH has had a comfortable place as the world's second largest cryptovalute by market capitalization. In recent months, however, XRP has increasingly challenged ETH for that second position, overcoming it several times.
In the last month, ETH regained its second position and outperformed XRP as a second cryptocurrency by market capitalization, although the advantage has never been greater.
Today things have changed once again and XRP is very close to ETH as the second cryptocurrency in the world.
As we go to press, XRP is sitting at a price of $ 0.328 while ETH is at $ 127.73. XRP has a market capitalization of $ 13.457 billion while ETH stands at a market capitalization of $ 13.322 billion. It's close, but the XRP is definitely ahead.
BTC, meanwhile, maintains its important advantage over the competition with a market capitalization of $ 64 billion.
ETH does not show signs of falling to fourth place by market capitalization. The fourth largest cryptocurrency by market capitalization, Bitcoin Cash (BCH), has a market capitalization of $ 2.3535 billion with a price of $ 134.
In other words, this continues to be a two-horse race for second place in the crypto community.
The reason for the sudden increase in XRP is simple: cryptocurrency prices suddenly plummeted this morning, but XRP has not plummeted as much as other cryptocurrencies.
Bitcoin, for example, has fallen by 8.81% in the last 24 hours. ETH, BCH and EOS have all lost more than 15%.
XRP, meanwhile, lost "only" 10.52%. Because XRP lost less than its value compared to surrounding cryptocurrencies, XRP managed to slip into second place.
What's new in XRP and ETH?
XRP continues to be one of the bright spots for the cryptic space in the midst of this ongoing bear market. The largest XRP token holder, Ripple, continues to create new banking partnerships. Some of these partner banks use ripple of local blockchain technology that exists separately from XRP. Other partner banks are already using XRP as an international form of payment transfer.
Last week, Ripple announced that it has exceeded 200 partners. This could be one of the reasons why the price of XRP has not slipped as much as other cryptocurrencies.
Going forward, ETH owners have a lot to expect. The highly anticipated update of Constantinople should be activated via hard fork next week. Some believe that a difficult fork is a clear positive for Ethereum and the crypto community. Contrarians, however, are arguing that the update could not have come at a worse time, as reported by NewsBTC:
"Since the activation date of Ethereum Constantinople has been confirmed, a mass of leading researchers, analysts and crypt commentators have said that the relevant blockchain update is a net positive for this sector. deepened and supported by the search for an industry insider has gone against the popular belief, arguing that Constantinople "could not come at a worse time".
Ultimately, XRP surpassed ETH as the second cryptocurrency in the world by market capitalization. Will XRP maintain this position for more than a week or two this time? Is this change in the dynamics of the encryption of power here to stay? Or will ETH resume its position as the second cryptocurrency in the world in the coming days?
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