XRP Surges, Edges Past Ethereum as 2nd Biggest Crypto by Market Cap

XRP Surges, Edges Past Ethereum as 2nd Biggest Crypto by Market Cap

Ripple’s XRP registered a +70 percent surge in its value on the day, edging past Ethereum as the second biggest crypto by market cap for now. Meanwhile, the broader crypto market is also enjoying a sea of green.

Also see: Government Pushback Evidence of Crypto’s Creeping Relevance

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Building Up Steam

On the week, the price of Ripple’s XRP has twice recorded double-digit percentage upswings, though the digital asset’s +70 percent price surge today, September 21st, has taken most everyone in the space by surprise. 

At press time, XRP was trading at around $0.62 USD across multiple exchanges. For now, XRP’s total market cap is hovering around $25 billion, marking a passing of Ethereum’s current capitalization of $23.41 billion. Ripple’s daily trading volume accordingly saw a spike of almost 100 percent to more than $2 billion.

Before this week, the last time XRP fluctuated so wildly was when the crypto swung between $0.45 to $0.50 back in July of this year.

XRP pushes past ETH for now. Will it last, or will the surge be short-lived?

Simultaneously, the wider cryptocurrency market has also seen a flush of green, with the cryptoeconomy adding more than $21 billion to its overall capitalization over the last 24 hours. Stellar and Cardano have been among the other biggest acute gainers, both assets surging by 24 and 19 percent respectively in the same span.

“Green days” are always welcomed by traders, of course, but even with its present bullish breakout, it’s worth keeping in mind that XRP is still down around 74 percent since its on-the-year high.

Recent News Fueling Positive Price Rise?

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.

At that time, Sagar Sarbhai, Ripple’s Head of Regulatory Relations for Asia-Pacific and the Middle East, remarked:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

On the flip side, BitBull Capital chief executive officer Joe DiPasquale recently criticized XRP’s ongoing rise as simply a news-based price play that wasn’t built on underlying “commitments.”

DiPasquale said:

“Despite all the partnership news surrounding Ripple, there are no concrete commitments regarding the extent to which xRapid will be employed, and given all this, I am inclined to term this a ‘buy the rumor, sell the news’ event.”

However, just as the market was settling down from this week’s xRapid announcement, Ripple revealed its latest client in the form of American banking giant PNC, which again triggered XRP’s upward price momentum. Ripple inked a deal with a division of PNC Financial Services Group Inc., which reportedly will use Ripple’s xCurrent product to process international payments.

Is the XRP price rise due to positive news? If so, will the momentum be able to hold ground beyond $0.50? Share your views in the comments section.

Images via Pixabay

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