Once again, Ripple (XRP) has gathered enough momentum to boost itself across this cryptocurrency race and position itself as the second largest cryptocurrency by market cap, leaving Ethereum (ETH) with a dusty flavor in its mouth.
According to the charts, both cryptocurrencies have been performing on the green side today, September 30, with the ETH above the XRP by just $1 billion difference in their respective market capitalization. But as we reached 10:59 UTC, the latter gained enough momentum to overcome that difference and kick ETH out of the rank 2 for the third time in this month.
At press time, the XRP is barely sustaining its silver crown with a market cap of $24.31 billion that represents an 8.08% gain over the course of the last 24 hours, while Ethereum’s is of $24.21 billion, accounting for a 2.64% surge in the same time span. Last time, Ripple held the 2nd spot for about 4 hour.
XRP/USD Price Chart/Market Capitalization, Sunday September 30th:
ETH/USD Price Chart/Market Capitalization, Sunday September 30th:
Ripple proving to have use value
This frenetic rally towards the skies seems to be backed up by a series of Ripple-related announcements made in the second half of Septemeber, with the catalyst being the possible launch of their new cross-border payment solution, xRapid, at some point in October. The hype around this new product by Ripple seems to originate from the promise of revolutionizing the way transactions made overseas are carried out, with near-instant, seamless transfers of funds from one financial institution to another, representing a big upgrade from their current product, xCurrent.
And it seems that the financial sector is buying this news, for several important banking entities and other financial institutions around the world have boarded the Ripple train. Furthermore, yesterday it was announced that Ripple is leading a coalition of several fintechs and crypto-related businesses to promote a more favorable legal environment for the development of the crypto ecosystem.