XRP in bullish mode; Ethereum [ETH]Have failed ICO projects become the cause of relegation?

The cryptocurrency market has received the blessing of the lord of the bulls and seems ready to take giant steps and get up again. During the tumbling round of coins across the board, many changes occurred as the market continued to change loyalty between the bull and the bear. An important change took place even when XRP replaced Ethereum [ETH] become the second largest cryptocurrency in the world.

In November, Ethereum experienced a sharp decline in its performance as several ICO projects involving ERC20 tokens that had raised capital in ETH suffered a sell-off. This resulted in a severe decline in Ether cards and gave XRP the necessary advantage to overwhelm Ethereum.

At the time of writing, XRP was one of the first three gainers on the cryptocurrency index and had risen by 15.7%. The token was traded at a bullish price of $ 0.38 with a market capitalization of $ 15.82 billion. Here, the total volume of trade in the last 24 hours has been recorded at over $ 1 billion.

1 Day XRP Price Chart | Source: Live Coin Watch

On the other hand, Ethereum [ETH] he also rode the bull with a 9.92% rise in excess of $ 100 to trade at $ 108.8 with a market capitalization of $ 11.3 billion. The 24-hour trading volume for ETH was calculated at $ 2.35 billion.

ETH 1 Day Price Chart | Source: Live Coin Watch

The difference between the market capitalization of XRP and Ethereum [ETH] it is currently calculated at about $ 4.5 billion, giving Ethereum a huge competition to claim its throne alongside Bitcoin.

Furthermore, the widespread adoption of RippleNet may work against Ethereum as xRapid uses XRP as the base currency to perform the remittance process. According to recent reports, it was clear that Ripple and XRP built many bridges and were supported by key authorities, such as the International Monetary Fund [IMF].

From the point of view of commercial adoption, Ripple has assumed responsibility for continuing to grow its network of major players in the banking sector, such as Siam Commercial Bank and SBI Santander. Through its initiative called Xpring, many start-ups have also made the use of XRP relevant in their payment mechanisms.

Therefore, when the cases of use of Ethereum and XRP are compared, this latter seems to be a stronger competitor between the two.

Follow us on Telegram | chirping | Facebook

Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.