Ripple Topples Ethereum to Become 2nd Largest Cryptocurrency

Ripple Topples Ethereum to Become 2nd Largest Cryptocurrency

Ripple Topples Ethereum to Become 2nd Largest Cryptocurrency

We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class. Still, XRP easily competes with Ethereum and even Bitcoin in terms of daily transactions. Especially, with the increasing demand by Ripple's enthusiasts. Ripple has so far avoided being labeled a security Several ongoing lawsuits allege that Ripple is a security.

The latest uptrend was accompanied by a sharp rebound in trading volumes, with virtual currency exchanges processing almost $2 billion in XRP transactions over the last 24 hours. Though Ether has been recovering gradually in the last few days at solid 2.6% a day, Ripple skyrocketed by 15.3%.

With this being the case, everyone with a vested interest in Ripple will have been buoyed by the recent announcement that the payment system will go live within the "next month or so". Sagar Sarbhai who is the head of regulatory relations for the Asia Pacific and Middle East for Ripple talked to CNBC and mentioned that the xRapid product is going to be available for commercial applications. This provides their customers with more flexibility when sending money to countries where payments are challenging. "I think we're really excited about xRapid, I personally am really excited about how our customers in the pilot phase of xRapid like the experience", Birla said. This results in money moving across borders easily. How exactly does it work?

While the bank will start by using xCurrent, Birla hopes to ultimately help them begin working with Ripple's xRapid platform as well, he said.

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Since late June, Ripple (XRP) experienced an intensified movement on the downside in comparison to other major cryptocurrencies like Bitcoin.

Ripple have partnered with Bittrex (preferred digital asset exchange for xRapid transactions that move though the U.S.), Mexican exchange Bitso and coins.ph of The Philippines. The founder of Stellar, Jed McCaleb, is also the ex-founder of Ripple. However, Ripple then answered that the sample was quite small to see a difference. The site, which has been restructured, has pinpointed RippleNet as the only payments solution for worldwide financial institutions as well as other transmittal service providers. The price of XRP has cooled off by 26% already as it's now sitting at $0.57, according to Coinmarketcap.

The previous week saw Ripple take a drastic increase due to the news of its partnership with American Bank, PNC and also its xRapid project that will be launched soon. In fact, XRP's growth has put the crypto in a very potent position to challenge Bitcoin in market domination, and the effects have been clear. This makes RippleNet effectively a global real-time payments platform, which gives it unique utility to one of America's largest banks.

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