The XRP price has trended upward over the past few months, which vaulted Ripple up the market cap charts (XRP is the Ripple platform’s native currency). Thus far, the XRP price has avoided entering a cooling-off period. It may be time to certify Ripple as cryptocurrency’s #2, at least by market cap.
In late September, Ripple passed Litecoin for 2nd-place on the cryptocurrency market cap charts. Since then, Ripple has widened the gap between the two cryptocurrencies to more than $25 million. Ripple continued its climb over the past seven days.
The XRP price began the week at 1,221 satoshis. From October 17-19, the XRP price hovered between 1,250 and 1,295 satoshis. The price began to incline over the next two days, reaching 1,345 satoshis on October 21. The XRP price held steady at ~1,345 satoshis the next day but experienced a small spike on October 23. The XRP price was 1,423 satoshis on Friday–a 17% weekly increase.
The XRP price rise has increased Ripple’s market cap to ~$150.5 million, which ranks the coin 2nd on the market cap charts. Ripple now has a very comfortable lead over 3rd-place Litecoin and its ~$125 million market cap.
Ripple has now held the 2nd-highest market cap for nearly a month, which is quite a remarkable feat. Litecoin resisted all challengers for a sustained period, but cryptocurrency’s “silver standard” has been unable to reclaim the #2 spot from Ripple since losing it in September. Ripple appears poised to hold the #2 spot for the near future. Of course, it is important to note that the vast majority of XRP remain in the hands of the creators.
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Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from _Mo & Shutterstock
Last modified (UTC): October 24, 2014 01:21