Ripple Takes Second Largest Cryptocurrency Spot Surpassing Ethereum for 24 hours

Rather unexpectedly, Ripple officially took over Ethereum by $200 mln in market cap to become the world’s second largest cryptocurrency with a total market cap of $8.5 bln. Over a 24-hour period, Ripple price recorded a 71.6 percent increase, while Ethereum price decreased by 6.85 percent.

Several cryptocurrencies including Ripple, NEM and Stellar Lumens experienced inorganic short-term price growth in the last 24 hours, each gaining 71.6 percent, 53.4 percent and 94.81 percent daily gains respectively.

Although Ripple has made significant progress in establishing strategic partnerships such as the recent addition of 10 new financial institutions including MUFG, BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com, it is difficult to justify its 71 percent gain in such a short period of time.

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