Ripple has overtaken Ethereum by becoming the second largest cryptocurrency in terms of capitalization for the second time under two weeks.
The cryptocurrency, which was described by Nigel Green, founder and CEO of investment advisor deVere Group to be cleverly positioning itself as a leading international facilitator of global remittances and inflows achieved a market capitalisation of $22.2 billion on Thursday September 26 2018. This is a figure slightly higher than ethereum’s $22.1 billion at the same time, according to data from CoinmarketCap.
This recent surge in price is highly suspected to be connected to the announcement by Coinbase of its plan to list more cryptocurrencies unto its platform. Considering the conditions enumerated by Coinbase in line with the new listing, a lot of people seem to agree that Ripple will make the cut this time.
The announcement on Coinbase’ blogpost reads:
“Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner. In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time.”
There has been a protracted debate on the true identity of Ripple as a true cryptocurrency. This debate arises from the fact that most cryptocurrency enthusiasts insist that the XRP token is not fully decentralised. As a matter of fact, the quasi-centralized nature which sees Ripple working directly with the established financial services sector is assumed to be the key attribute that attracts it to mainstream institutions.
Although Ripple traded a little above USD$0.5 as at the time of writing, a price which represents a significant fall from an all-time high of above USD$3.6 in January 2018, Green predicts that its price will rise above USD$1 per token by the end of 2018. He based his prediction on the logic that the use of XRP is set to increase, and naturally, this will have a positive impact on its price.
The awareness around blockchain technology is growing, and so are the solutions that it brings, especially to the global remittance sector. In terms of efficiency and cost, the technology promises to be useful and beneficial to practitioners in the industry.
If the XRP token continues to position itself for increased usage as observed by Green, it is only natural for it to keep experiencing visible growth even within the bigger circle of overall cryptocurrency expansion.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.