Ripple fans had something to celebrate amidst yesterday’s aggressive price-action to the downside. XRP is now the second largest cryptocurrency in terms of market-cap, over taking Ethereum which made a 13% move into the red.
This doesn’t mean that Ripple necessarily performed well during yesterday’s sell-off, it dropped more than 9% before bouncing off support at $0.44. At the time of writing, its market-cap lies at $18,135,400,318, while Ethereum lags behind at $18,099,850,619.
This is still a far cry from the heights of January when Ripple was worth over $140 billion, but it is a credit to the project that it has gained a place over Ethereum, especially in light of the latter’s plans to scale up through the constantinople hard-fork.
CIMB’s innovative Speedsend solution, now coupled with @Ripple’s #blockchain technology, is providing customers with improved access to cross-border remittances across the globe. https://t.co/c5n2VSSs5L
— Ripple (@Ripple) November 15, 2018
One reason why Ripple might have outperformed Ethereum is that Malaysian banking group CIMB has joined Ripple’s blockchain-based payments network, seeking faster cross-border payments.
Ripple’s CEO Brad Garlinghouse said: “We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience.”
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