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article imageRipple's rapid recovery makes it second largest cryptocoin

By Ken Hanly     Sep 21, 2018 in Technology
In a surprising development in the cryptocurrency market after a rapid recovery from recent lows Ripple (XRP) became the second largest cryptocoin by market cap replacing Etherium (ETH) in that role. Bitcoin is by far the largest still.
Ripple's market cap larger than that of Etherium
CoinMarketCap puts the present valuation of XRP at $23.9 billion which is more than $400 million more than Ethereum. The price of Ripple has jumped an amazing 64 percent just the past day and this is on top of a week-long rally of more than 113 percent.
One trigger for the price rise was the announcement by Ripple that the XRP-based blockchain applications will go live within the next month or so. Some reports suggest it will be sooner or even now as suggested on the appended video. A Digital Journal article on September 9th suggested that as the price of XRP had dropped below 30 cents this might attract buyers. It appears to have done so.
Comments on the rally
Matthew Newton, an analyst at e-Toro said that the stars seem to have aligned for Ripple. He noted that even though Ripple is the most polarizing of coins his customers could not get enough of XRT. He said the price seemed to move in short, sharp bursts. As the hype built up it gained momentum. He said it remained to be seen how much further it could go.
Ed Cooper, head of mobile at the fintech company Revolut said that it was still to be seen if the rally prices would hold: “The high transaction values, coupled with market sentiment following the announcement on Monday could indeed be the reason why XRP reached new highs, having gained nearly 50% in the last 24 hours. While this is great news for many crypto enthusiasts and especially for XRP fans, it remains to be seen if the bullish trend will prevail, given the current market conditions that have seen nearly all cryptocurrency losing around a great deal of their value since the beginning of the year.”
This is the second time that Ripple has taken second place from Ethereum
As CCN reported, back in December last year and early January 2018 when investor mania drove the price of XRP to astonishing heights as high as $3.84 the market cap far exceeded that of Ethereum. Ripple was the first cryptocoin after bitcoin to reach a $100 billion market cap,
Present situation
At 10:04 this morning UTC, XRP was flying high at $0.6912 but by 17:09 this afternoon it had retreated back to $0.5501. The price is extremely volatile. However, for the day, even after the sharp decline it is still up over 25 percent from the opening. It is anybody's guess where the price will go from here. The present price of Ripple can be found here.
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