Ripple is now the second-most valuable cryptocurrency in the market. The crypto overtook Ethereum, after Ether saw huge losses in the current bear market. At time of press, Ripple’s XRP was $300 million higher than Ethereum, although it’s just a fifth of Bitcoin. XRP is also the only coin in the top 20 that has experienced a rise in the past 24 hours, despite the rise being very small. The market continued to experience losses after a slight sign of a comeback, with Bitcoin trading at $5,570 at time of press.
Will Ripple Hold On To Its Position?
Ripple is one of the most controversial major cryptocurrency and receives love and hate in equal measure. Those who love it praise its speed and low costs, with the opposing side calling out its seemingly centralized structure. However, loved or hated, Ripple has managed to carve out a niche for itself and is now the world’s second-largest cryptocurrency by market capitalization.
At press time, Ripple’s XRP was trading at $0.464 with its market cap standing at $18.7 billion. In the past 24 hours, it had traded $1.2 billion, the fifth highest in the market after Bitcoin, Tether, Ethereum and EOS respectively. XRP was the only crypto in the top 20 that had seen green, having risen by a small proportion of 0.23 percent. However, this has to be lauded as all other cryptos are losing their values, some by double digits.
The rise, albeit small, was enough to oust Ethereum from its seat as the second-largest crypto, and the most valuable altcoins, a seat it has held for long. Months ago, XRP had unseated Ethereum once again from its position, but was unable to maintain the momentum and ended up regressing to third. Currently, only $300 million separate the two, with Ethereum’s market cap standing at $18.4 billion.
While Ripple has seen a slight change of fortunes, most other cryptos have continued to sink. Bitcoin currently trades at $5,570, a 7.2 percent drop in the past 24 hours. The crypto king has continued to see a hike in trading volume which stood at $8.3 billion, almost twice that experienced a week ago. It’s dominance at the top still holds despite the bloodshed and currently stands at 52.8 percent.
Ethereum is trading at $178, a 5.5 percent drop in the past 24 hours. Bitcoin Cash, trading at $429 dropped 5.5 percent as well, with Monero being the biggest loser in the top 10 at 8 percent.
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