Ripple (XRP) rose 0.10% in the last 24 hours, closing further the gap with Ethereum which is down by the same rate (0.10%) in the same period. XRP market capitalization of $ 23.3 billion is only $ 370 million less than the replacement of Ethereum as 2ND largest cryptocurrency. From 20 Septemberth24-hour commercial volumes have an average of more than $ 1.55 billion, around 550% above the average trading volume of $ 275 million for the first half of September. Similarly, its price almost doubled over the same period from USD 0.32 on 19 Septemberth current USD 0.58.
Yesterday XRP reached a maximum of 0.618 USD, temporarily making it 2ND the largest cryptocurrency with a market capitalization of $ 24.6 billion. This is the third time that Ripple (XRP) is surpassing Ethereum, reflecting the high level of competitiveness between the two major currencies. The constantly high daily trading volumes experienced by ETH have in the past ensured better performance than XRP over the long term. The current volumes, however, that XRP has maintained over the last 10 days are on par with the commercial volumes of ETH, giving XRP more chances to obtain and maintain the advantage if it were to remain consistent.
Ripple Inc. directs SAIV Lobby Group
Ripple leads "Securing America's Internet of Value Coalition (SAIV)", a new lobby group made up of other blockchain players such as RippleWorks Foundation, Coil, Hard Yaka and PolySign. The pressure group aims to help congressional policymakers and government agencies as they examine the new technology and adapt the regulatory framework to accommodate the technology. The group also hopes to have an influence on the regulation of the cryptocurrency industry.
The driving force of SAIV is to promote a fair and equitable network of values, through the development of coherent standards and rules that bind all the main protocols. SAIV will work to assist IRS in developing regulations for capital gains, assets and charitable contributions that are fair and just. Furthermore, SAIV will seek to clarify the detention rules with the initial focus on the US regulatory environment. SAIV will work with the lobbying firm (Klein / Johnson Group) to help push its agenda. The lobbying company will receive a commission of 25,000 USD per month and 10,000 additional XRPs for its services. The payment structure, according to Ripple's CEO, Chris Larsen, is aimed at giving the company an advantage and a risk, exposing it to the cryptocurrency sector as an incentive to push for SAIV's objectives.
The regulations in the cryptocurrency sector are intended to increase confidence and catalyze the rate of adoption of technology and digital currencies. They also aim to solve problems such as money laundering, tax evasion, among others, with the goal of making the ecosystem safe and secure for all parties involved. The Chinese government has tightened its ICO regulations, while US government spending on blockchain analysis companies has grown by over 300% to $ 5.7 million in 2018.