After Bitcoin buzz, now Ripple is making the mind-boggling progression in the crypto world. At 11:04 UTC on December 30, Ripple overtook Ethereum to become the second largest crypto currency, only behind Bitcoin.
At the time of writing, Ripple’s market cap crossed $100 billion mark for the first time. On December 15, Ripple (XRP) had catapulted in the top 20 for the first time.
In 2017, the digital currency has seen gains of over 20,000 percent. The crypto currency has rallied in last two weeks – increasing its value by 540 percent. In the previous 24 hours alone, the digital currency has seen 73.98 gains.
Experts are not too sure of what is behind the recent rally of Ripple, but Ripple’s payment network being tested by consortiums in Japan and South Korea may have a role in the soaring value.
Except for Cardano and Stellar, none of the other cryptos registered a positive gain in last 24 hours of trading. Cardano racked up gains of 22.8 percent in the past two weeks. Ethereum and Bitcoin Cash subsumed under the Ripple landslide. Ether went down by more than 5 percent while the forked coin saw a decline in value by .20 percent.
The significant rise of Ripple has given hope to the crypto enthusiasts, after the recent slump in the prices of most digital currencies including Bitcoin.
In mid-December, Bitcoin was on the brink of $20,000. This month has been the most eventful for the crypto market. The price gains have garnered a lot of attention besides the mainstream traction.
Ripple is a product of a San Francisco-based start-up. As per the official website, more than 100 financial institutions use Ripple’s payment networks.
Unlike Bitcoin, Ripple has no mining. Its transactions are verified by multiple parties. Ripple Labs own 60 billion of the 100 billion XRP in existence.