XRP, the coin that previously occupied the third position on Coin Market Cap has replaced Ethereum [ETH] to place its pride at the second position, just below Bitcoin [BTC] on the cryptocurrency index. At present, the token has taken a flight of over 21%, trading at $0.56 with a market cap of $22.5 billion, surpassing Ether’s market cap of $22.07 billion. It was evident that XRP defeated Ethereum’s market cap by over $400 million.
This is speculated to be due to the extensive adoption of xRapid by the Japanese financial institution SBI Group and the cross-border remittance service, SendFriend. xRapid is a product by the leading blockchain remittance firm and XRP’s parent company, Ripple, who built the product with the idea to lower the costs and provide speed to money settlements in the FinTech industry.
This month, XRP has experienced multiple pops and drops, with one hike session in the first week of October when xRapid was first launched for commercial purposes. Many big names adopted the product, causing a price rally in the XRP market.
The largest trading volume of XRP has been recorded to be flowing in from the Japanese exchange Bitbank where the figures are equivalent to $178.3 million [approx.] and the pair involved is XRP/JPY. The other exchanges contributing to the dense trading volume of the cryptocurrency are Upbit, Binance and Bithumb.
Subscribe to AMBCrypto’s Newsletter
Facebook Coin’s plan to overhaul the US Dollar falls short of conviction
WaykiChain [WICC], Blockchain Industry Delegate, with over 150 Top Global Firms Attends China Development Forum [CDF] 2019
Ripple’s class-action lawsuit takes a step further as court sets schedule for next year
BitMart Labs Hosts China Digital Economy Global Innovation Forum, Dedicated to Boosting China’s Blockchain Market
SimpleFX Presents New Features for Traders: Trading Ideas, Multicharts, and Live Widgets
Flash hike: Qtum skyrockets by over 36% in 1-hour after Apple Pay & Samsung Pay announcement
Craig Wright’s Twitter account suspended after threatening harassment and libel lawsuits
Qtum partnership with Zeus enables users to trade cryptocurrency on Apple Pay, Samsung Pay
Bitcoin Cash [BCH] developers introduce privacy-protecting lightweight protocol, Neutrino
Bitcoin Cash [BCH] Price Analysis: Bears return as market correction precipitates decline
Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency
- Press Release
Blockchain technology in the Utilities and Energy Market explored at the Blockchain Expo London
CFTC Commissioner: Regulated cryptocurrency market could attract institutional investors
Stellar and IBM’s World Wire gets another boost as MatchMove joins service