In a flash move following the SECs ETF postponement and just as a few experts had predicted, the cryptocurrency market has seen greens over the past 24 hours. A huge talking point is Ripple (XRP), as the altcoin has taken a leap and currently stands as the Second Largest Cryptocurrency as it overtakes Ethereum (ETH) on CoinMarketCap table.
At this time, Ripple’s market cap stands at $26 billion while Ethereum takes third place at $23 billion by market capitalization and Bitcoin (BTC) maintains top spot with a market cap of around $115 billion; just as the crypto market gained $26 billion to post a total market cap of around $228 billion. As visible on its charts, XRP boasts of a 64% increase in 24 hours and 140% gain on its weekly coin charts to trade at $0.65.
This leap by Ripple could be seen as a sum of events over the past months and weeks, especially Monday’s announcement stating its launch of an XRP based commercial blockchain application by October. Also,the altcoin had seen lots of buzz surrounding its technology, utility, adoption and mainstream partnership especially with banks.
A few experts have attributed Ripple’s rise to its oversold positions; others opine that this is a sign of an impending Bull Run across the coin market just as Novogratz had claimed the crypto markets had seen its bottom at this time and is likely to experience upward movements soon. Alternatively non-enthusiasts who had previously raised questions about the Ripple project; still seem indifferent as they look to see if the altcoin would hold its ground and maintain the bullish trend.
This flip move is a second after XRP had displaced ETH between December 2017 and early January 2018. Other altcoins notably Cardano (ADA) and Stellar Lumens (XLM) also recorded solid 13% gains over the last 24 hours in a green-filled day across the crypto market.
Do you hold any Ripple (XRP)? What are your thoughts on this project.