XRP price storms over 21% to become the second-largest coin; slashes Ethereum [ETH]

XRP, the coin that previously occupied the third position on Coin Market Cap has replaced Ethereum [ETH] to place its pride at the second position, just below Bitcoin [BTC] on the cryptocurrency index. At present, the token has taken a flight of over 21%, trading at $0.56 with a market cap of $22.5 billion, surpassing Ether’s market cap of $22.07 billion. It was evident that XRP defeated Ethereum’s market cap by over $400 million.

XRP surpasses ETH | Source: coinmarketcap

This is speculated to be due to the extensive adoption of xRapid by the Japanese financial institution SBI Group and the cross-border remittance service, SendFriend. xRapid is a product by the leading blockchain remittance firm and XRP’s parent company, Ripple, who built the product with the idea to lower the costs and provide speed to money settlements in the FinTech industry.

This month, XRP has experienced multiple pops and drops, with one hike session in the first week of October when xRapid was first launched for commercial purposes. Many big names adopted the product, causing a price rally in the XRP market.

The largest trading volume of XRP has been recorded to be flowing in from the Japanese exchange Bitbank where the figures are equivalent to $178.3 million [approx.] and the pair involved is XRP/JPY. The other exchanges contributing to the dense trading volume of the cryptocurrency are Upbit, Binance and Bithumb.

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