XRP has been on fire for the last 48 hours. In fact, yesterday, the coin briefly took Ethereum’s place as the second largest cryptocurrency per market capitalization after it surged by 20%. While the cryptocurrency is currently correcting lower. This move is another evidence that it is indeed a worthy competitor and the effort by Ripple and the entire XRP community is reflecting on the coin.
Why Did XRP Surge?
There are two speculations regarding why the price of XRP surged. For starters, the leading cryptocurrency per market capitalization, Bitcoin was green against the USD. Everyone know this has a ripple effect on other coins. Secondly, XRP has had strong fundamentals for the past few months. Ripple Labs has been working tirelessly to promote mass adoption of its technology and the XRP token.
XRP (XRP) Price Today – XRP / USD
Ethereum, the long-time second largest cryptocurrency per market capitalization had fallen from $1,400 to $215 within this year alone. This means that the cryptocurrency is down by 84%. This is no surprise since the market has been bearish for a while now. XRP, on the other hand, has also fallen from its all time high of $3.71 to as low as $0.26. This is also due to the bearish pressure in the market. For the first time since September, XRP went above the $0.50 level yesterday.
There have been some rumors that Ripple Labs is working on expanding by making an update this month. This update will allow thousands of banks to use the xRapid protocol produced by Ripple Labs. Main while, a cross-border remittance service provider known as SendFriend, implemented Ripple’s xRapid protocol. This is one of many payment service provides that have shown interest in Ripple’s tech. Ripple’s xRapid is a protocol that was specifically designed to serve as a bridge between different currencies on a global scale. It will give financial institutions and payment providers the opportunity to perform faster cross-border transactions.
Just last week, Ripple announced that it was making plans to set up an office in Dubai before the year comes to an end. The head of infrastructure innovation for Ripple, during the Global Islamic Economic Summit that took place in Dubai, said that Ripple Labs is focused on cross-border payments in Dubai. Main while, Tip Bot released a feature that allows people to send and receive XRP on Reddit.
For months now, XRP and ETH have been battling for the second position on CoinMarketCap’s list of largest cryptocurrency per market capitalization. While these two are struggling to take the second place, they are nowhere near Bitcoin, the leading cryptocurrency per market capitalization, Bitcoin.
XRP (XRP) Price Analysis
At the time of writing, XRP was back as the third leading cryptocurrency per market capitalization. While it was still trading in green against the USD, it was red against Bitcoin. It is trading at $0.535163. This shows that it is up by 0.97% against the USD and down by 0.89% against Bitcoin. Over a 24 hour period, the trading volume is $814,807,123 and the market capitalization is $21,516,509,681. The next few days of trading will determine if the price action will change.