Ripple Reclaims Number Two Spot Over Ethereum after 25% Surge in 24 Hours

Ripple Reclaims Number Two Spot Over Ethereum after 25% Surge in 24 Hours

After a 24 hour surge in which its price has climbed 24.12%, Ripple has just nudged ahead in the last few minutes ahead of Ethereum to reclaim the mantle of second largest cryptocurrency by market cap. 

XRP has now inched ahead of ETH with a total market capitalisation, at the time of writing, equalling $22.39bn over Ethereum’s $22.14bn. 

Bulls Unleashed after Ripple CNBC Comments

Last week, in a passing statement captured by CNBC that qualifies as something more like a strong hint as opposed to an official announcement, Sagar Sarbhai, Ripple’s head of Government and Regulatory Relations in its APAC and Middle East Division, made mention of the impending release of a new transnational XRP-based payments solution known as xRapid.

Sarbhai’s comments appeared to go viral, resulting at one stage in a 60% surge over 24 hours of XRP’s price between Tuesday and Wednesday of last week, allowing Ripple to claim second spot in the cryptocurrency rankings – albeit temporarily – for the first time in its history. 

Over the last twenty four hours for immediate reasons that are as yet still unclear, the market has once again entered another bull run on Ripple which appears, in its turn, to have sparked a wider buying frenzy across all cryptocurrency markets, with CoinMarketCap currently showing a $10 billion 24-hour increase in the combined asset value of all cryptocurrencies. 

Currently trading at around $0.56, Ripple has regained its value from last week’s close but is still trading ¢13 lower than last week’s peak.