News From The Crypto Currencies Scene

Ripple dethrones Bitcoin Cash to become 3 crypto

Ripple dethrones Bitcoin Cash to become #3 crypto

Ripple is on a roll! Out of nowhere, when all other crypto currencies have been down sliding, Ripple (XRP) has emerged as a winner. The digital currency has displaced the forked coin Bitcoin Cash from the no. 3 spot.

Among the top 10 crypto currencies, only Ripple has had a positive change in the previous 24 hours. Bitcoin fell by nearly 15 percent, whereas Ripple has picked by more than 6 percent in the last 24 hours.

The crypto market took a break this week with no digital currency moving towards a positive direction. Bitcoin, recovered from a low of $10,400 it recorded on December 22, although it is still down at $14,700. The second largest crypto currency, Ethereum too had a fall of nearly 10 percent in the last 24 hours and is currently trading at $714.75.

Besides becoming the third most valuable digital currency, Ripple has garnered a lot of attention in the past few weeks. Even Nasdaq reported the performance of Ripple on December 27.

According to Coinmarketcap website, XRP has risen slow but was steady to go from $0.89 to an all-time high of $1.47 in a week. In this week alone, Ripple has gained 65 percent while most crypto currencies went the other way.

Read: Bitcoin: What's ahead for 2018?

 

Currently, Ripple’s market cap stands at $51 billion, while Bitcoin Cash is at $44 billion, losing a result of recent selloffs. The news of the SBI Holdings and subsidiary SBI Ripple Asia establishing a consortium with a number of Japanese credit card companies using Ripple’s blockchain is likely to bolster Ripple’s market position.

Ripple is seen as one of the more stable crypto currencies. It is the reason the major financial institutions are looking at it, that too at a time when the market has a downtrend.

The most recent SegWit2x BTC hard fork did not affect the market, unlike the last time when enthusiasts pounced on for free equivalent coins.

Verge is another crypto currency that has been making the headlines of late. The currency has hit both crest and trough in the past week.

All rights reserved.