Ripples XRP has beaten its fierce competitor Ethereum (ETH) and surged ahead in terms of the market capital. Markets were in the red after BitCoin dropped below the yearly lowest. All the major coins have fallen with double-digit drops. Last September, XRP had managed to take the number #2 position on the Coinmarketcap league table, overtaking Ethereum’s market capital by $3 billion. It has done it yet again.
How long can Ripple cling to #2
At this stage, it is unclear how long Ripple will to continue to stay ahead. Ripples products the xRapid was a huge announcement for the crypto space as Ripple takes a step closer towards bridging the banking world with digital currencies.
XRP is only 8.00% in the red for the last 24-hours. It is currently trading at 0.458 whereas Ethereum is at $177.6 witnessing a drop of 2.1. The competition is still neck to neck and it would be really interesting to see how long XRP can hold on to its freshly minted No 2 spot.
Ripple intends to take over SWIFT
The CEO of RIppleLabs Brad Garlinghouse, while talking to Bloomberg TV said that his company is able to acquire more and more customers at a fast rate because of the powerful features of its products. Financial companies and banks are looking beyond the antiquated payment methods of transfer that exist today. The banking segment has not progressed much even though other sectors have made rapid strides in terms of development.
“The technologies that banks use today that SWIFT developed decades ago really hasn’t evolved or kept up with the market…SWIFT said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
The SWIFT, an acronym for the Society for Worldwide Interbank Financial Telecommunication, and IBAN (International Bank Account Number) systems have long been used by banks, individuals and businesses to send and receive money.
Ripple has a growing Global network of 100+ customers and has deployed 75+ commercially. Its network runs on a sophisticated, secure and the most advanced blockchain technology. Customers can use the XRP, the world’s fastest and most reliable digital asset for payment to source liquidity.