XRP Makes Waves, Soars 40% in the Past Week

Summary

  • Cryptocurrency Ripple (XRP) has gained a 3% market share, having risen 40% in the past seven days.
  • Ripple, first launched in 2012, was designed to improve upon the limitations of Bitcoin (BTC) by creating a more sustainable digital asset explicitly built for payments.
  • The rise of altcoins, such as Ripple, has altered the dynamics of the crypto world, with Bitcoin’s market dominance falling below 50%, a level not seen since 2018.

Cryptocurrency, XRP, has risen 40% in the past week, reaching a market cap of ~US$75 billion. This now gives the fourth largest cryptocurrency in the world a 3% market share of the crypto market.

XRP – otherwise known as Ripple – has risen a staggering 500% since the beginning of the year when it was being traded at US$0.22. It was in April when it began to gather steam, jumping from US$0.94 to US$1.62. Today, Ripple sits at US$1.47. The crypto’s rise follows the same trend as Bitcoin and Ethereum, which have also experienced a steep rise this year.

Ripple has had a strong week with 40% jump in price (Source: © 204474| Megapixl.com)

What is Ripple?

Ripple is a cryptocurrency launched in June 2012 after being developed by three engineers - David Schwartz, Jed McCaleb, and Arthur Britto.

The purpose of developing the altcoin was to improve on the limitations of Bitcoin (BTC) by creating a more sustainable digital asset built explicitly for payments.

After its launch in 2012, the three creators were joined by Chris Larsen, who became CEO of what was then called OpenCoin (now Ripple).

In 2017, Ripple became the second-largest cryptocurrency, behind Bitcoin, after its market cap raced to US$86 billion.

GOOD READ: A glance at five Important Cryptocurrencies other than Bitcoin and Ethereum

Bitcoin still leads the way among major cryptos (Source: © Mohammedsoliman4 | Megapixl.com)

Ripple Making Waves in the Crypto Market

The recent boom of altcoins like Ripple, Ethereum and Binance has resulted in a significant weakening of Bitcoin’s market dominance, with Bitcoin’s market share falling below 50% for the first time since 2018. Even Dogecoin has gained traction this year, with its market cap skyrocketing to US$47 billion in April from just over US$1 billion at the start of 2021.

Currently, Ripple boasts a market share of 3.2% behind Binance Coin (BNB), which has a 4.1% market share. Ethereum holds second place with around 15.7% and Bitcoin with the largest market share of approximately 47.7%.

Ripple’s recent surge most likely has to do with some recent large transactions. Over the weekend, it was reported that 7 million XRP coins were transferred to a crypto exchange called Huobi from a crypto wallet. It was also reported that around 15 million XRP was transferred from digital exchange crypto.com to an unidentified wallet.

The total market cap of all cryptocurrencies is now around US$2.27 trillion, with Bitcoin accounting for US$1.08 trillion. Ripple currently trails Binance Coin by around US$20 billion.


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