At 9:42 UTC on Monday, November 5th, ripple (XRP) overtook the world’s second most valuable cryptocurrency by market capitalization, ether (ETH), according to CoinMarketCap (CMC). It was a short-lived victory, ending a double digit percentage price gain for the day.
Ripple Boots Ethereum for Crypto’s Number 2 Spot
Banking and legacy financial favorite cryptocurrency, XRP, briefly overtook the world’s second most popular coin by market cap, ETH, on Monday, 5 November 2018 at 9:42 UTC. It had previously held the number three position, holding it for some time, a veritable eternity in the ecosystem.
The day was a big one for ripple, rising over a dozen percentage points while other big cap coins lingered by comparison. Just behind bitcoin core (BTC), the never dethroned crypto, XRP managed for a short time to snag a little over 10 percent of the overall market cap.
For enthusiasts, XRP has been something of a controversial compromise, publicly branding itself as a “real-time gross settlement system, currency exchange and remittance network” hatched by Ripple Labs, Inc. The parent company has, at times, distanced itself from the crypto whereby it claimed XRP can exist without Ripple Labs and its intervention.
Choice of Bankers
It is its own chain, another source of controversy in the centralization debate, though open source. Ripple appears to encompass fiat currencies, commodities, cryptos, insisting it offers “secure, instantly and nearly free global financial transactions of any size with no chargebacks.”
Endorsements have come from the politically connected such as former President Bill Clinton to Microsoft founder Bill Gates, and even celebrities such as Ashton Kutcher have appeared on the daytime television show, Ellen, to promote XRP. It is also used by legacy financial firms and banks such as Santander, UniCredit, UBS, receiving praise from industry magazines like American Banker.
It’s not the first time, of course, ripple has surged passed ether. It flirted with the spot several times, including just a tad over a month ago this year. And as it has also tended to, as XRP did finally, and quickly, settle back to its third spot (as of publication).
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