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XRP in bullish mode; Ethereum [ETH]’s failed ICO projects become cause for demotion?

Priyamvada Singh



XRP in bullish mode; Ethereum [ETH]'s failed ICO projects become cause for demotion?
Source: Pixabay

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.

XRP 1-day price chart | Source: Live Coin Watch

XRP 1-day price chart | Source: Live Coin Watch

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.

ETH 1-day price chart | Source: Live Coin Watch

ETH 1-day price chart | Source: Live Coin Watch

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.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


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