Ripple passes Ethereum to become the second most valuable cryptocurrency
Hot on the heels of rumours that Ripple will be listed on Coinbase, XRP has been surging lately.
At around 6 AM ET, the market cap of Ripple blew past Ethereum’s, making it the second most valuable cryptocurrency by market cap.
What is Ripple?
Ripple is a company of over 200 employees based in San Francisco that created the XRP cryptocurrency.
Ripple value proposition is to allow banks to make instantaneous transfers between each other, taking on the current system with ACH and multi business day wait times.
The supply of XRP is capped at 100 billion and Ripple has retained about 60 billion for themselves. As with most crypto companies these days, part of their business model is to profit from the increasing value of their coin. But they’re also providing a valuable service to banks that desperately need it in this time of disruption by distributed ledger technologies.
Find out more on their website.
What’s next?
Wondering what the next top 3 coin might be? Read my article about the four holy grails of cryptocurrencies which details the hurdles that must be overcome for crypto to become truly mainstream.
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