Recently, Ripple launched an expensive new feature for banks and financial institutions ahead of the platform’s swell conference. These developments have seen the coin’s price and value increase and have placed it in a tight race with Ethereum. Previously, XRP had overtaken Ethereum after gaining 7% on the day.
Ripple (XRP) has made significant progress after gaining 3.3% on the day to trade at $0.58. The coin’s price had gained 7% on Sunday 20 September which saw it overtake Ethereum for a brief moment. During the brief flippening, Ethereum was slightly below Ripple’s market cap, which was at $24.15 billion, but it managed to regain its position as the second largest cryptocurrency.
Ripple has overtaken Ethereum on three occasions in 2018, all which have occurred in the second half of September. Subsequent to recording a three-fold increase in price, most investors expected the coin to experience a brief correction due to the current market conditions.
Yet, the coin has continued to increase in volume and posing a direct threat to Ethereum of taking the number two spot in the global crypto market.
News and Developments
Ripple launched a new tech called the “multi-hop”. This new technology allows firms to use the platform’s blockchain to settle payments on behalf of other companies. The first bank that adopted the technology is Siam Commercial Bank (SCB). According to Ripple foundation, the main objective of the technology is to help smaller financial institutions boost their liquidity and lower transaction fees.
Additionally, Ripple together with its investors and fans are gearing up for its big annual crypto conference in San Francisco, SWELL 2018 will kick off Monday at 11:00 a.m. PST. Among the most important figures to speak in the event will be Bill Clinton, followed by Brad Garlinghouse.
Do you think these developments will push above Ethereum once again?
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