After xrp rallied over the past few days, it has now passed ethereum in market cap.
It has been a crazy price movement for xrp, the cryptocurrency that is behinds the company Ripples blockchain network, during the last couple of days. Only the last 24 hours, the price has soared by over 72 percent.
Now, it has also passed ethereum in market cap. Xrp is at time of writing the world’s second largest cryptocurrency after bitcoin.
Image source: Coinmarketcap
The cause for the increase in price is said to be a few different things. Partly, the price of xrp has fallen sharply in July and August, which may indicate that xrp has been oversold. Another thing is that there have been several positive news about the cryptocurrency lately.
Earlier this week it became known that Ripple plans to launch its first commercial application for its cryptocurrency within the next few months. The application is called Xrapid.
And the other day there was news that the bank PNC, ranked as one of the top ten banks in the United States, will let its customers start using Ripples network to process international payments.