Ripple Overtakes Ethereum To Become The Largest Altcoin By Market Capitalization

Nov 6, 2018 at 19:30 Update Date :Nov 15, 2018 at 12:33 UTC

Ripple has shown high ups in the last 24 hours, again overcome Ethereum as the world’s largest altcoin and gain over 20% at the time of publication.

This surge in Ripple comes from the continued rise in the XRP price, which gained flow from the number of banks adopting the technology of Ripple Labs – inventor of XRP.

Market Capitalization of Ripple

As per data of CoinMarketCap, Ripple (XRP) now has a market capitalization of $22.5 billion which is more than that of Ethereum $22 billion. The top spot is still acquired by Bitcoin by a large margin. The total market value of Bitcoin is around $112 billion.

Throughout the year 2018, Ethereum has shown down by 84%, which includes falling from $1400 to merely $215. Same is the case with Ripple, which at the beginning of the year was at the peak $3.71 and lowered by just $0.26 in September. However, the interesting part is, Ripple started the journey in 2017 at just $0.0006.

It is not clearly shown what led Ripple price to push over the mark $0.50 for the first time ever since September.

xRapid – Platform of Ripple Labs

Ripple Labs, ongoing with the expansion globally, it also denied that rumors spread around the Swift update that has the potential to bring all banks around the xRapid, which is a platform of Ripple Labs.

xRapid has been made to act as a bridge between multiple currencies across the world. It allows banks as well as the payment providers to operate cross-border transactions more rapidly.

Earlier this year, the chief executive of Ripple Labs, Brad Garlinghouse said with pride and satisfaction that by the end of 2019, there will be ‘dozens’ of banks using the platform xRapid.

During the Global Islamic Economic Summit in Dubai, Dilip Rao, who is the global infrastructure innovation head at Ripple, said that Ripple Labs will focus more on the cross-border payments.

Ripple is created by Ripple Labs in 2012. It is one of the oldest cryptocurrency which apart itself from rest of the cryptocurrencies by working directly with the sector of financial services.

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