Ripple and Ethereum are contending for the second spot on the podium

ripple price

Ethereum and Ripple are both major cryptocurrencies in the blockchain space. For the longest time, Ethereum had sat in the second position of highest cryptocurrencies in terms of market cap. Over the weekend, however, this shifted and Ripple overtook Ethereum and took the ranking.

On Friday Ripple had a market cap of around $26 billion USD while Ethereum had a market cap of approximately $23 billion USD. Although Ethereum has reclaimed the position at the present time of writing, it is a major deal for those invested in XRP that the cryptocurrency could shake the market rankings.

Whether or not Ripple will dismantle the position again remains to be seen. If the cryptocurrency’s trajectory can maintain the explosive incline it has had over the last few days, it could very well push Ethereum to the third spot and settle in comfortably.

Understanding Ripple

It is receiving a wave of attention. What is it about?

Although categorized as a cryptocurrency, Ripple acts very differently to other digital currencies at a fundamental level.

Boasting itself as the “fastest and most scalable digital asset”, Ripple is a payment protocol which was released in 2012 as a new, updated version of Ripplepay. Based on the software created in 2004 by Ryan Fugger, a Canadian web developer, Ripple was founded by Chris Larsen and Stellar founder Jed McCaleb, and together with Arthur Britto and David Schwartz the system was reiterated and designed in order to create a technology almost like Bitcoin but without using blockchain technology and not looking for a means of payment, but rather a channel for quick payment.

Although, like other cryptocurrencies, Ripple can be used for peer-to-peer trading – or it can be moved from person to person – that is not truly the main purpose. Instead, the primary emphasis of the Ripple platform is to provide the ability to move large quantities of money across the globe as quickly as possible. Because of this, it is built for enterprises and banks, rather than individual users.

Related Articles

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

Expansion: Coinbase will be launching in the Netherlands

As part of its global expansion, Coinbase has announced that it has been granted regulatory approval from the Netherlands' national bank.

Is Bitcoin better than retail estate as an investment?

According to MicroStrategy CEO Michael Saylor, Bitcoin presents a much better long-term asset than property.

See All