The cryptocurrency market has received the blessings from the bull-lord and looks ready to make strides and rally upwards. During the topsy-turvy ride of the coins across the board, many re-arrangements took place as the market kept switching allegiance between the bull and the bear. A major change also took place when XRP replaced Ethereum [ETH] to become the second largest cryptocurrency in the world.
In the month of November, Ethereum saw a steep decline in its performance as several ICO projects involving ERC20 tokens that had raised capital in ETH faced a sell-off. This brought a severe downturn on the Ether charts and gave XRP the edge it required to overpower Ethereum.
At the time of writing, XRP was one of the top three gainers on the cryptocurrency index and had soared by 15.7%. The token was trading at a bullish price of $0.38 with a market cap of $15.82 billion. Here, its total trade volume in the past 24-hours was recorded at over $1 billion.
On the other hand, Ethereum [ETH] has also been riding the bull at a price hike of 9.92% wherein it broke out above the $100 mark to trade at $108.8 with a market cap of $11.3 billion. The 24-hour trade volume for ETH was calculated to be $2.35 billion.
The difference between the market cap of XRP and Ethereum [ETH] is currently calculated to be around $4.5 billion, giving Ethereum huge competition to reclaim its throne beside Bitcoin.
Furthermore, the widespread adoption of the RippleNet may work against Ethereum as xRapid uses XRP as the base currency to carry out the remittance process. According to the recent reports, it has been clear that Ripple and XRP have built many bridges and are being supported by key authorities, such as the International Monetary Fund [IMF].
From a commercial adoption point of view, Ripple has taken charge as it continues to grow its network of big players in the banking sector, such as Siam Commercial Bank and SBI Santander. Through its initiative called Xpring, many startups have also made the use of XRP relevant in their payment mechanisms.
Therefore, when the use cases of Ethereum and XRP are compared, the latter appears to be a stronger contender among the two.
Subscribe to AMBCrypto’s Newsletter
XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
Subscribe to AMBCrypto’s Newsletter