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Ethereum [ETH] overtakes XRP to become second-largest cryptocurrency on the charts

Akash Anand

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Ethereum [ETH] overtakes XRP to become second largest cryptocurrency on the charts
Source: Unsplash

The New Year 2019 has started off with frantic movement in the cryptocurrency industry. On January 2, the first major development of the year occurred with Ethereum [ETH] overtaking XRP on the cryptocurrency charts. XRP, which had held the number 2 position for several weeks, has ceded the position to Ethereum, which has been steadily growing over the past couple of days. The price spike also saw Ethereum trade for $143.9, while XRP was trading for $0.36.

At the time of writing, Ethereum was growing by 6.5%, with a market cap of $14.884 billion. The take over was close with XRP, growing at just 1.27%, held a market cap of $14.678 billion. What makes the takeover significant is the fact that prior to this event, XRP had a lead of more than $4 billion over Ethereum in terms of market cap.

Ethereum also held a 24-hour trade volume of $2.357 billion, a majority of which was shared by OEX and OKEx, two popular cryptocurrency exchanges. OEX had a hold on $164.911 million worth of ETH while OKEx oversaw 3.21% of all Ethereum trade taking place on the platform.



XRP’s trade volume was much lesser compared to that of Ethereum, standing at $430.973 million. XRP’s volume was held by its usual favorite, ZB.com. The cryptocurrency exchange had a grasp on 11% of the total XRP trade, with Bitbank coming in at second place.

Ethereum was also in the news recently when its co-founded Vitalik Buterin was asked by Tron’s Justin Sun to help him review the Tron white paper. This move also stirred the ecosystem with Misha Lederman, a Tron enthusiast stating:

“A developer as gifted as @VitalikButerin should most definitely consider to start working with a visionary, entrepreneur, CEO, student of history & politics, under Jack Ma & many others, such as @JustinSunTron in order to jointly grow blockchain adoption & technology together.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

XRP

XRP: XRP Tip Bot creator reveals plans to get European banking licence; nicknames it ‘legacy network’

Akash Anand

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XRP: XRP tipbot creator reveals plans to get European banking licence, nicknames it 'legacy network'
Source: Pixabay

A vast majority of cryptocurrency organizations have been trying to integrate digital assets with the existing financial system. Ripple has been a prime example of this process, with the Brad Garlinghouse-led company announcing multiple partnerships with mainstream banks and other fiat-enabled bodies. Ripple’s affiliation with XRP, the third largest cryptocurrency in the market, is also reflected in XRP’s focus on cross-border transactions and creating an easy global payments system.

Wietse Wind, Creator of the XRP Tip Bot, gave another major push to XRP’s cause after he revealed that he was trying to obtain a banking license for XRP Tip Bot, which will make it mainstream in the world of finance. During a recent XRP meetup, Wind said,

“There’s been a lot of FUD around XRP and Ripple and such and we want to show that we are working towards something really awesome and useful. We are planning to get real licenses for tipbot so that we go mainstream. Granted we are still in the early stage but we are doing our very best to make it happen. Our next step is to get a European banking license and maybe call it the ‘legacy network’. Let’s see where we can get in a few years.”

The news spread like wildfire in the XRP community and a majority of the ‘XRP army’ could not contain its excitement. Tiffany Hayden, a popular XRP proponent, tweeted,



“The BIG news from yesterday’s $XRP meetup is that @WietseWind is in the process of obtaining a banking license for @[email protected] is going to bridge the legacy network! Don’t fight the old, build the new!”

Ripple’s technologies have been slowly but surely getting nods from institutions, as shown by Bitstamp, an xRapid payments-facilitated exchange getting a BitLicense from the New York Department of Financial Services [DFS].

Linda A. Lacewell, Acting Financial Services Superintendent of New York State Department of Financial Services [DFS] had said,

“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”





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