In the last one hour, Ripple’s XRP price has overtaken Ethereum in terms of market capitalisation. In the last two days the token XRP has seen an 80% surge since the company announced that their product xRapid was about to launch. This recovery is tremendous as Ripple’s XRP price has been lagging behind for over a year now.
And this comeback that Ripple’s XRP price has seen is noteworthy for one more reason as the token’s market cap has dethroned the world’s second largest cryptocurrency Ethereum in under two days.
At the time of writing XRP’s market cap is $26 billion while Ethereum is at $23 billion.
Reasons That Ripple’s XRP price is On the Rise
There are two reasons that are being currently attributed to this huge surge in XRP’s market value.
1. The first of the two being that a high-ranking official from Ripple confirming that xRapid’s launch is around the corner.
XRapid is a product that Ripple is launching that will decrease the time taken for international remittances, make them seamless and facilitate faster rates of liquidation. The company has been testing XRapid for a while now. Ripple did a semi-launch test in the first quarter of 2018 and the results were reportedly good.
The initial test of the XRapid Solutions showed a 40 to 70% cut down on costs and is projected to be the best FinTech addition this year. The test was focussed on transactions between the USA and Mexico. In the event that these solutions are scalable to the financial industry’s requirements, the altcoin is set to see large gains in the upcoming future.
Read More – What is XRapid by Ripple?
2. The second reason that Ripple’s XRP price is on the rise is that of a recent announcement about a partnership with American PNC Bank. This partnership furthers the fact that the company is very close to releasing its xRapid Solutions.
With more than 8 million customers and retail branches in 19 states, PNC has a diverse set of customers, including consumers, small businesses and large corporates. Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time.
You can read more about it on Ripple’s Official Blog –
PNC Bank Embraces Blockchain and Joins RippleNet
Ethereum Falls Behind
The world’s previously second largest cryptocurrency in terms of market capitalisation is no longer in its position that it has been for over a while. The reason that Vitalik Buterin’s brainchild seems to be failing is that the company has been facing major scalability issues.
Ethereum has been on the decline for an over a while now. And the fact that Ripple’s XRP has overtaken it in terms of the market capitalisation of both, means that more funding is going to come Ripple’s way.
Must Read: Ripple (XRP) 101 – what you need to know before investing
Subscribe to get notified on latest posts.
