Over the past day, Ripple has leaped higher, once again displacing Ethereum off its Position as the 2nd largest cryptocurrency in the world.
This most recent surge experienced by ripple is coming after the positive few months the XRP price experienced, which has been boosted by some major banks adopting the Ripple Labs technology (the XRP cryptocurrency’s creator).
XRP (XRP) Price Today – XRP / USD
According to data from CoinMarketCap, Ripple (XRP) currently has a market cap of $22.5 billion, which is higher than Ethereum’s $22 billion. Bitcoin, still maintains top spot and by a wide margin, having a total market value of $112 billion.
Initially, it was unclear what led to the surge in the ripple price, raising it for the 1st time since September above the psychological $0.50 mark.
Ripple Labs continuing international expansion, as well as unsubstantiated rumors around a Swift update in November that could bring thousands of banks around the world on to the Ripple Labs’ platform, xRapid.
Elsewhere, SendFriend (a cross-border remittance service) implemented xRapid, the first in what could be a number of payment companies like MoneyGram and Western Union to utilize the technology.
xRapid has been developed to function as a link between different currencies around the globe, making it possible for Banks and Payment providers to process cross-border transactions faster. Brad GarlingHouse, Ripple Labs chief executive, earlier this year said that by the end of 2019, there would be “dozens” of banks making use of xRapid.
Ripple Labs, last week said that before the close of the year, it will be establishing an office in Dubai. Dilip Rao, head of Ripple’s Global Infrastructure Innovation revealed that Ripple Labs will concentrate on cross-border payments in the region.
Despite the fact that a good number of other major cryptocurrencies are gaining, the price of bitcoin has fallen, which tells us that the sector increasingly seems to be decoupling from Bitcoin.
In recent years, the wider market has felt the moves in the price of Bitcoin. This however, happens less today, as the likes of Ethereum and Ripple are carving out their own identities independent from Bitcoin.