While the crypto market is currently experiencing a free fall, XRP (XRP) is not really feeling the negative impact of the market. Though the value of the digital currency was vague on the 23 of November, the dominance of the digital currency over the past months has increased significantly. The crypto market is suffering massive declines over and over again, however, XRP is one of the least affected digital currencies.
Even Bitcoin (BTC) – the most dominant digital currency in the world – has lost a considerable fraction of its value to the recent trend. Bitcoin (BTC) is now trading very close to the $4k mark. The last time Bitcoin (BTC) traded close to this level was before October last year.
Ethereum (ETH) is also trading at a new yearly low. The digital currency is now trading below the $130 level after losing its position as the second largest digital currency in the world to XRP (XRP). The free fall is contagious, and almost all coins in the crypto market are greatly affected.
Bitcoin Cash (BCH) is one of the most affected digital currency. This is because a lot of investors and analysts have associated the current market crash to the split on the BCH network. Over the past seven days, BCH has lost more than 50 percent of its value to the bears. The digital currency declined from the $600 level down to the $200 level.
XRP (XRP) Market Dominance Doubles, As It Takes Over Ethereum (ETH)
At the time of writing, XRP (XRP) is still holding the previous position of Ethereum (ETH) as the second most dominant digital currency in the world. When it comes to dominance level, XRP (XRP) has overtaken the rest of the top cryptos, including Bitcoin Cash (BCH).
Amidst the current market crash, XRP (XRP) has briefly overtaken Bitcoin (BTC) as the best performing digital currency for a while now.
Ripple’s Dominance Level in Fintech Industry Continues to Increase
The continued collaboration of Ripple with Fintech firms is ever-increasing, and this is having a positive effect on the value of XRP. The blockchain projects of Ripple Inc. are increasingly being adopted by a lot of banks and financial institutions. One of Ripple’s products – RippleNet is doing great in the cross-border transactions space, with World Bank reporting that international transactions are expected to surge by 3.4% this year.
In addition to that, the value of XRP always responds positively whenever the products of Ripple sees an increase in adoption. The blockchain projects of Ripple Inc. are Xpring, RippleNet, xCurrent, and xRapid – which uses XRP to facilitate cross-border payments.
There are also speculations that J.P Morgan – a Wall Street banking giant – wants to leverage the unique benefits of Ripple Inc. This has also attracted a lot of investors to XRP and Ripple Inc. There are also reports that Ripple is likely to replace the SWIFT payment system in the near future. Ripple and XRP have a lot going for them, and the value of the digital currency has been pretty outstanding over the past months.
XRP (XRP) Price Today – XRP / USD
XRP is currently trading at 40 cents after an increase of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $16.49 billion and its trading volume over the past twenty-four hours is $624.31 million.