Newsflash: Ripple (XRP) ‘Flippens’ Ethereum, Becomes 2nd-Largest Cryptocurrency
A “Flippening” has once again arrived in the cryptocurrency markets, but — much to the chagrin of ethereum investors — it’s not the one that ETH holders have long anticipated.
Bolstered by a seemingly-parabolic rally not seen since January, ripple (XRP) has managed to unseat ethereum as the second-largest cryptocurrency by market cap.
According to CoinMarketCap, XRP currently has a total valuation of $23.9 billion, placing it more than $400 million ahead of ethereum. The ripple price has risen an astounding 64 percent in the past day, capping off a week-long rally of more than 113 percent.
There’s no clear trigger for the XRP price rally, other than San Francisco-based blockchain startup Ripple’s recent announcement that XRP-based commercial blockchain applications will go live “in the next month or so.”
Commenting on XRP’s recent rally, Matthew Newton, analyst at eToro, told CCN that “the stars seem to have aligned” for the coin.
Ed Cooper, head of mobile at crypto-friendly fintech company Revolut, said in an emailed statement that it “remains to be seen” whether the rally will hold.
As CCN reported, XRP briefly surpassed ethereum’s market cap in December and early January, when investor mania and the “Kimchi Premium” drove its price as high as $3.84 and made ripple the first cryptocurrency after bitcoin to achieve a $100 billion market cap. However, ethereum ultimately regained the silver podium, a position it has held throughout 2018 — until now.
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