Ripple has passed Ethereum and is now the second largest cryptocurrency by its market cap.
As per CoinMarketCap, the Ripple-U.S. dollar (XRP/USD) exchange rate skyrocketed to a high of $2.00 at press-time. The cryptocurrency is up 36.80% on the day and its market cap is now at $77.4 billion. Ripple’s price is up 640% for the month and a staggering 30,669.23% since its launch back on January 1st, 2017.
It has been an astronomical month for the digital currency, with no clear indication as to why it’s jumped as high as it has. It has been tested in many different Asian banks, and SBI Ripple Asian has now partnered with major credit card companies to reduce credit card fraud across the Asian countries.
XRP is a popular digital currency in Asia, with nearly 45% of all Ripple’s trades occurring in South Korea. The news that broke about it partnering with Japanese credit card companies may be a big reason Asian investors are buying into the digital currency.
Ripple has seen the most amount of movement today, as Bitcoin has only grown 3.75%. At press-time. Ethereum is trading at $756.76 and is up 4.84% on the day. This is the second time this year that XRP has passed Ethereum. The first time was back in May 2017 but the altcoin quickly cooled off before the end of the month.
With its high circulating supply and low selling cost, investors shouldn’t expect to make boatloads of cash off of this cryptocurrency. Day traders can sure make some money if continually monitoring the coin’s movement but while its widespread adoption among banking communities is promising, scarcity of any cryptocurrency is what ultimately drives its value higher to investors.
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