Ethereum (ETH) is now driving closer to ripple’s XRP, a cryptocurrency that has seen a ballistic rise of over 16% increase in the last 24 hours.
When XRP first drove past Ethereum, there was widespread belief that it was for a while, until the digital currency used over a month on the position without any tangible sign Ethereum would outperform XRP any time soon.
As at the time of writing, XRP is now trading $0.438166, with a market cap of $17Billion, and a 24hrs volume of over $1Billion.
Note that Ethereum now trades at around $148, and has a $15Billion with a 24hr volume of $3Billion. The digital currency has seen over 14% price spike in the last 24hrs and now, it has the potential to move even closer to or go past XRP in terms of market capitalization.
Meanwhile, as Ethereum drives closer to XRP, the margin between the two digital currencies is around $2Billion. The more the cryptocurrency market maintains its bullish trend, the more Ethereum drives close to Ripple’s XRP.
Ripple In The Space
Ripple has been on the run to make XRP a global currency. While XRP has a clear use case from inception, the digital asset is seeing different adoption from financial institutions. However, Ripple CEO Brad Garlinghouse had said Regulatory clarity that is lacking in the cryptospace is the reason behind some problems faced by XRP.
Even though there are some clauses regarding XRP and some other cryptocurrencies from the regulatory authority, digital currencies like XRP cannot be looked down on. As XRP maintains its second position, regulators have no choice but to look into the digital currency and come out with tangible regulatory statements on the digital asset.
Remember, Western Union had said it intends joining the cryptocurrency space. Before, the financial firm had tested RIppleNet and used XRP to send funds, but it is not clear if the firm plans to use XRP through xRapid anytime soon.