Ripple Topples Ethereum to Become 2nd Largest Cryptocurrency

Cornelia Mascio
Сентября 24, 2018

There are a good number of reasons why XRP is struggling with its value.

Bitcoin Cash gained 6.16% on Thursday, following a 0.6% fall on Wednesday, to end the day at $456.4.

Ripple Labs intends xRapid to compete with the Swift Network, which presently is the most common means by which banks transfer large sums of currency across borders. "How do we circumvent banks?'" This attitude has helped Ripple gain crucial partnerships with important financial players.

Cryptocurrency company Ripple and a division of PNC Financial Services Group Inc. have signed an agreement that would see the financial company makes use of Ripple's technology in processing worldwide payments. Sarbhai also added that the firm was making steady progress with xRapid, which is meant to help banks speed up transactions by using XRP.

After reaching an increase of 20% against the fiat in the course of 24 hours, XRP once again showed an fantastic progress in the market, possibly making one of the top gaining currencies in the market that is now bouncing back up with new gains.

Sagar Sarbhai, Ripple's head of regulatory relations in the Asia Pacific and Middle East, told CNBC that Ripple XRP is making progress in launching its product xRapid. Back in June, David Schwartz - the chief cryptographer of Ripple - said that banks were not likely to deploy the technology as a result of its privacy and low scalability issues.

"The addition of a top US bank like PNC on RippleNet fuels the network's positive momentum".

Ripple's xCurrent is used by banks to settle worldwide transactions and is used to confirm each stage of a cross-border payment in real-time, according to the company.

All of these factors are probably contributing heavily to XRP's bull run.

We would like to explore this mathematical experiment briefly. One XRP coin can now be bought for approximately $0.56 or 0.00008410 BTC on popular cryptocurrency exchanges including Coinsquare, Koineks, C2CX and Bitinka. In terms of market cap, a billion dollars was added in just over an hour.

He explained: "This is great news for crypto enthusiasts and the XRP fans, but it remains to be witnessed whether the bullish trend will prevail because the current market conditions have seen that almost all cryptocurrencies lost a great deal of their value since the beginning of the year". Anything further than that would be hard to maintain unless there is a lot of momentum behind the next XRP price rise.

Another mind-boggling game: If you hypothesize that bitcoin (pure speculation) will have reached $10,000 at exactly 18 million mined BTC, then Bitcoin would have a market capitalization of $180 billion. Considering how the $0.35 level seems to act as major resistance according to EasyMarkets, it will be interesting to see if XRP can successfully break that level or not. Ripple is also considering entering the Chinese market.

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