Flippening: Ripple Surpasses Ethereum to Occupy the Second Place on Coinmarketcap
XRP just surpassed Ethereum in terms of the market cap on Coinmarketcap.com. At the time of writing this article, XRP is priced at $0.58 with a market cap of $23.38 Billion surpassing Ethereum whose market cap is $23.37 Billion.
Image Source: Coinmarketcap
In the past day, Ripple has broken its bearish trend and has surged over 50% with great momentum. At the time of reporting XRP is trading at $0.58 from a mere 37 cents from yesterday which is an increase of over 50% in just a day.
From the starting of the month, XRP was moving sideways in the 25-33 cent range. It saw a slight increase on September 18th from $0.272 to $0.332 and was stagnant until September 20th after which there has been a spectacular increase from $0.325 to 0.58 an increase of over 70% in a matter of 2 days adding over $10 Billion to the market.
Image Source: Tradingview
XRP has reached a 3-month high overcoming at least 7-8 levels of resistance which places it on a bullish trend line on the path to March highs, it is testing the 60 cent mark currently.
Recent Positive news around Ripple
There have been a lot of positive news on Ripple recently which seems to be reflecting in the price action
Some of them are:
- Ripple signed a strategic partnership with the National commercial bank of Saudi Arabia
- PNC bank joins RippleNet for cross-border payments
- SAP & ATB Bank’s cross-border remittance POC using Ripple successful
Ripple’s head of administration in the middle east and the Asia Pacific Sagar Sarbhai also made a comment recently on CNBC on launching a new product.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
Ethereum Losing its throne?
The price of Ethereum has taken quite a hit recently reaching even below $190 which is far lower than its price last year, there are many reasons for this one of which is ICO’s selling their Eth holdings.
The harsh bear market has had a negative effect on many ICO’s as they raise money in ETH and when the price of ETH falls so does their raised money. Although this does not seem to affect the BUIDLers who are working on Ethereum’s scalability and are building meaningful applications on top of it.
Ripple also took quite a hit losing over 80% of its value since the last high, but it seems like it has run of sellers causing the spectacular surge in the past 2 days.
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