While Bitcoin remains on top of the cryptocurrency race, Ethereum has lost its second place to Ripple as a result of the recent market bloodbath.
2018 is an action-packed year for all cryptocurrencies. Most currencies suffered tremendous losses, and very few of them are also able to maintain a value of more than $1 billion.
However, the most remarkable development is how the recent market decline has also shaken up the market cap rankings. While Ethereum and XRP are still both on the top three, the two currencies have switched places. According to CoinMarketCap data, XRP’s valuation is now higher than that of Ethereum’s with a $1.2 billion gap separating the two. As of late, XRP continues to widen the gap by registering slight increases, while Ether, on the other hand, continues to suffer a drop.
History dictates that whenever Bitcoin loses value, XRP appears to perform rather well. Ethereum is also somewhat connected to Bitcoin’s price movement, something that may widen its gap with XRP even further.
XRP’s admirable performance may be attributed to several factors. Ripple appears to have benefitted from the ongoing “debacle” between Ripple and Swift. Ripple CEO Brad Garlinghouse has even boldly stated that his firm’s technology can replace Swift’s infrastructure.
The commercialization of the xRapid can also be considered as a contributing factor to XRP’s bullish performance. As various service providers are implementing Ripple’s technology, xRapid primarily aims to facilitate cross-border transactions by lowering costs and improving overall settlement speed. Speculators strongly believe that this commercialization also provided a positive impact on the native asset’s price.
Currently, XRP has been starting to receive the acceptance from the payments space as physical storage and online rental service Omni recently throwing its support to XRP. Omni allows users to pay in XRP, whose market cap continues to increase as more use cases for it is discovered.
While XRP is still far from overtaking Bitcoin’s supremacy, it has indeed outperformed Ethereum lately.