XRP zooms past Ethereum [ETH], posts 79% gains in 24 hours
Ripple’s XRP is on a winning streak. It is on a meteoric rise and has posted gains for three straight trading sessions. XRP has surpassed Ethereum [ETH] and has become the second largest coin by market capitalization. There is no distinct reason for its sharp rise, although some say it can be linked to Ripple’s impending xRapid product launch.
Whizzing past Ethereum!
XRP is on a rapid upsurge despite a bearish market and has posted weekly gains of 113%. The coin is currently trading at $0.70 and is rising against USD by 89%. XRP has zoomed past Ethereum and has beat it by a market cap of over $4 billion. This is the first time, since May, that XRP has overtaken Ethereum to be ranked as the second most valuable cryptocurrency.
Buyers seem to be in charge of the XRP market as the RSI indicator suggests that the coins are oversold. The market cap has increased from $14 billion to $30 billion since yesterday with the coin trudging on Ethereum. The MACD signifies a bullish momentum for the prices. The 100 EMA line trading at $0.37 is also exhibiting an uptrend. The current support level is found at $0.43 and the coin is breaching all major resistance levels.
This unexpected price surge, despite a biting bear market, puts XRP in an advantageous position in the market. It seems as though the other coins in the ‘top 10’ category of cryptocurrencies might take a long time to catch up to XRP. Bitcoin is exhibiting 4% gains, far lesser compared to the major coins. Ethereum is still struggling to gain its $300 mark.
Ripple’s rise is spreading like wildfire. Many have speculated that the price hike was driven by the upcoming xRapid launch. xRapid aims to help banks quicken their transaction, thereby increasing the number of transactions. Currently, some big players belonging to the financial industry, including MoneyGram and Western Union, are testing xRapid. SBI Holdings Group has also praised Ripple for its remittances network, stressing its key feature of cheaper and faster transactions.
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