As the cryptocurrency market takes off from the bear market, XRP appears to be way ahead of the curve. Earlier this week, XRP overtook Ethereum [ETH] when it surpassed the latter’s market capitalization.
In the course of two weeks, XRP has slashed ETH twice to claim the second spot. Only this time, the damage for Ethereum seems permanent as the market caps between the two broadens every day.
At the time of writing, XRP has taken a steep upturn of 10%, trading at an appreciated price of $0.51 with a market cap of $20.6 billion. The total trading volume of the token in the past 24 hours is recorded at $729.4 million.
In the 1-hour candlesticks, XRP also broke the earlier resistance by a small figure. In the last 1-hour candle, the previous resistance set at $0.51 will also be broken if the candle closes above $0.52.
For this XRP rally, the maximum trading volume is hailing from Binance, the leading cryptocurrency exchange in the world. The trading volume is contributed by two pairs on Binance, XRP/BTC and XRP/USDT, which together add up to $119.4 million.
The Japan-based exchange, Bitbank is also catching up in contributing to the trading volume of XRP, wherein the pair XRP/JPY is alone being traded heavily on the exchange. The trading volume of this pair is recorded at $103.1 million.
This price hike could be associated with the success of Ripple, XRP’s parent company, in the FinTech industry. As the leaders of Ripple travel around the globe and hold talks with the institutions that matter, it is reflecting on the XRP ecosystem in the most profitable ways.
Recently, Brad Garlinghouse, the CEO of Ripple conducted a both-ways interview session with Ross Leckow, Deputy General Counsel, International Monetary Fund. At the Singapore FinTech Fest 2018, the two discussed the remittance space and its advancement through blockchain in detail and the regulatory framework required to facilitate the change.
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