Ripple XRP is still recording price gains in a day that has seen most coins record drops and just a few making marginal gains. Ethereum, for example, is down by 2%. If this trend continues, with XRP gaining and Ethereum dropping, we could see XRP become the second largest cryptocurrency in the world again. Previously, even though XRP has overtaken Ethereum as the largest altcoin, the move has been temporary and Ethereum has taken back the title in a matter of hours.
At the time of press, Ethereum has a market cap of $21,446,856,218, XRP is just behind Ethereum with a market cap of $20,918,502,107. In terms of prices, XRP is trading for $0.520289 while Ethereum is trading for $207. During the day, price movement has seen XRP reach $21 billion in market capitalization while Ethereum was just at $21.5 billion.
On the same day, Brad Garlinghouse has spoken out on Ripple’s success. Speaking to Bloomberg, the company CEO noted that XRP is 1,000 times faster and cheaper than bitcoin. Although in his statement the CEO bashed bitcoin, he outlined XRP’s strength.
Garlinghouse also talked about how Ripple is poised to take over as the default international payments processor, taking out most banks and one of its greatest competitor- SWIFT.
However, Ripple is not without faults and impending concerns. Currently, the company is fighting a lawsuit that might see XRP classified as a security. If the court was to rule that XRP was a security, this could spell doom for the coin as it would fall under the scrutiny of the SEC.
In the last couple of days, there has been a late twist to the case. There have been court documents confirming that Ripple has filed to have the case moved from state to federal level. According to reports, this is a tactical move that will allow the company to prove that XRP is a token and not a token.
A lot of experts and Ripple themselves are confident that the lawsuit will be dropped and XRP will remain the token it is.
We expect to see bulls continue pushing prices with more pressure being applied whenever XRP comes close to overtake Ethereum. A repeat of what has happened twice this year is on the horizon and maybe the third time might be the last. This time, XRP might just cement its place in the market.