Ripple Is Now The Second Most-Valued Cryptocurrency Leaving Ethereum Behind
Ripple scripts a new chapter in the history of the cryptocurrency market to become the second most-valued digital currency after Bitcoin, in terms of market cap valuations. Ripple (XRP) turned out to be the show-stopper in today’s market as the price of the digital currency hit a high of $0.72, according to the data on WorldCoinIndex.
According to the charts, Ripple gained almost over 90% in one single day adding over $10 billion to its market valuation. At one point, XRP’s market valuation also crossed that of Ethereum (ETH) to hit a high of $26 billion.
At the press time, the XRP price seems to be very volatile and its market cap is just marginally ahead to that of Ethereum. This strong pul-back of XRP from ashes has certainly given a new hope to its investors.
Over the last few months, Ripple Labs has been facing several lawsuits filed by individual claiming XRP tokens as securities. However, the company has stood strong in the face of adversity while defending its stand and fighting against all the legal complications.
This week, XRP has shown a great recovery especially after the CNBC broke the news that the Ripple’s xRapid cryptocurrency-focused product for commercial applications will go live by the next month. The xRapid is a XRP-based cross-border payments products allowing banks to instantly settle transactions.
The company defines it as "xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity."
Ripple CEO, Brad Garlinghouse is optimistic about getting more customer to adopt the xRapid payments product. "I’ve publicly stated that by the end of this year I have every confidence that major banks will use xRapid as a liquidity tool. You know, by the end of next year, I would certainly hope that we would see you know in the order of… dozens,” he said.
Over the last one year Ripple has partnered with over 120 banking and financial payments institutions, some of whom have already started using the xCurrent payment solution. xCurrent is a blockchain-based cross-border payments solution developed by Ripple, but use the XRP tokens in the process.
Ripple has onboard very important banking clients like Banco Santander, The National Commercial Bank (NCB) of Saudi Arabia, American Express, PNC banks and others.