The flippening is upon us as Ripple overtakes Ethereum’s market-cap

Ripple (XRP) became the second largest cryptocurrency in terms of market-cap yesterday, overtaking Ethereum after a brutal sell-off

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.

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.”

For Coin Rivet’s comprehensive guides on cryptocurrency, blockchain technology and exchanges, click here.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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