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Since December 2017, when the price of Ripple's native currency reached $ 3, XRP has failed to come close to the irreverent eroticism in market capitalization.
Ten months ago, at the height of the crypto market when cryptocurrency valuation hovered around $ 900 billion, Ripple briefly overtook Ethereum with a 41% price increase.
The dETHroning is successful #XRP $ xrp #XRPtheStandard #XRPTheFutureIsHere [19659007] pic.twitter.com/bQoxy0IVDw
– Byther Dipps (@WillyKracket) 29 December 2017
After recording a 50% increase in price, XRP is close to overcoming Ethereum and becoming the second most valuable cryptocurrency in the global market after Bitcoin.
Ripple Overtake Over Ethereum?
Currently, as of September 21, the market valuation of Ethereum remains just over $ 23 billion, with the Ripple capitalization of $ 21 billion. If XRP registers a 10% price increase while ETH supports momentum in its current price range, it is possible for Ripple to overcome the short term etereum.
Ripple marketcap is now ~ 10% under Ethereum with a difference of $ 2 bil. $ XRP $ ETH #Ripple #Ethereum #RippleTheStandard #Flappening #NotReally pic.twitter.com/n1avXe5zbX [19659002] – Squeeze (@cryptoSqueeze) 21 September 2018
The factors behind the XRP price increase remain unclear. Analysts have attributed Ripple's new impetus to the planned announcement of a new cryptocurrency product based on the Ripple blockchain and the increase in social media activity around the resource.
But since Ripple did not provide any further information on the announcement, it is likely that FOMO (fear of losing) triggered by investors in the cryptocurrency foreign exchange market has intensified the upward movement of XRP.
It is also possible that financial institutions are acquiring XRP before public disclosure of the new product blockchain project, as XRP is needed to use its liquidity products and networks with lower costs and fees.
On CNBC, Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East, said that Ripple Labs is preparing to launch a product by October that will optimize the process of banks using the Ripple network to process the cross-border transactions.
"I am very confident that in the next month or so you will see some good news coming in when we launch the product live in production," said Sarbhai.
The optimistic prospect of Ripple offered by Sarbhai along with the announcement of Ripple Labs CEO Brad Garlinghouse in June that more than a dozen banks will use Ripple by the end of 2019 is said to have fueled the recent rally of XRP.
At the Money 20/20 conference, Garlinghouse explained:
"I have publicly stated that by the end of this year I have full confidence that the major banks will use XRapid as a liquidity tool. end of next year, I certainly hope we will see you in the order of … dozens. "
10% in the next 24 hours
The ripple is increased by 40% on September 20 and extended its earnings on September 21st. It is possible that XRP increases by another 10% in the short term and briefly exceeds Ethereum in the market capitalization. But, if Ripple can maintain the number two position in the market it will depend on the result of the announcement and the progress of the banks in the adoption of XRP.
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