Ripple Topples Ethereum to Become 2nd Largest Cryptocurrency

Galtero Lara
Setiembre 24, 2018

If and when that happens, the value of XRP should improve.

"Quite a few payment providers have joined RippleNet recently, so it's great to see one of the major US banks come on board as well". It's total value is now pegged by the site at $46bn, compared to Ethereum's $23bn and Bitcoin's $113. Ripple Labs aims to enable people and organizations to "move money like information does today". All of the lawsuits that were filed against Ripple Lab claim that XRP is a security.

Of greater significance will have been Ripple's XRP breakout from the 23.6% FIB Retracement Level of $0.4164 to $0.50 levels before the partial pullback late in the day.

In the past seven days, social media activity of the keywords XRP and Ripple increased significantly.

What Made Ripple Go Up?

Ripple's Asia Pacific and Middle East Regulatory Relations Director Sagar Sarbhai said earlier this week that the official launch of xRapid will be "in the next few months". While these relationships would suggest at least some of the banks have tried xRapid, it's not clear.

Legal red tape could strangle Ripple
Legal red tape could strangle Ripple

Ripple has developed xRapid as a protocol for cross border fiat transfers. This product, unlike xRapid, does not use digital currency to help cross-border transactions but does it using Ripple's blockchain network. How exactly does it work? That alone would exponentially boost the network's efficiency and transaction processing speeds of RippleNet - and that's a good thing. The process will require a pre-funded local currency account for this to take place.

Some in the are associating XRP's gains with stating that Ripple's xRapid product - which uses the digital asset - could go live in the next month or so.

In February, crypto derivatives platform BitMEX also warned investors that Ripple's payment network architecture will likely "remain unstable and [its] trust networks are unlikely to be regarded as reliable".

However, Ripple's blog notes that the traditional financial system is not equipped to facilitate faster and cheaper transactions due to its centralized and outdated legacy infrastructure. However, Ripple then answered that the sample was quite small to see a difference.

"We've seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies".

This week's first jump in the XRP price came as news broke that San Francisco-based blockchain startup Ripple will soon launch its long-awaited cross-border settlement product xRapid. And I think some in the crypto community have been very much, 'How do we destroy the government. 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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