A new crypto has overtaken ethereum!
Ripple provides worldwide financial platform wherein they enable the world to exchange value as quick and as easy as exchanging information.
It aims to lower the total cost of settlement by enabling banks to transact directly, instantly and with certainty of settlement. Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join the growing, global network of financial institutions and market makers laying the foundation for the Internet of Value.
Last week, Blockchain transfer token Ripple claimed second spot on CoinMarketCap, however, the reign was brief. In fact, smart contract pioneer Ethereum came back strongly to reclaim its place.
It was another display of Ethereum’s resilience and its ability to withstand all challenges. Previously, it did not look like there would be a battle for the number two rank between the two cryptos.
However, when everyone thought Ripple had already flexed its muscles and could not displace Ethereum from the second spot the latter had occupied for years, it has recaptured the position one more time.
At the early hours of Sunday, Ethereum dipped 1.81 percent whilst Ripple surged by a worthy 5.26 percent. This has impelled the transfer token to be the second most valuable cryptocurrency.
Last week, when Ripple claimed the position on CoinMarketCap, analysts were of the view that its sudden growth was the result of a deal with a Japanese bank.
Whether the current gains for Ripple stems from the announcement of the Dash to Ripple gateway is yet to be proven. More significantly, banks are discovering how prudent and efficient it is to use the Ripple Blockchain.
Epic battle looming
From all indications, there is an ongoing war between Ethereum and Ripple over who is consolidating the position of the world’s second largest cryptocurrency. It is going to be epic since none of them has any weakness at this material moment.
It looks slippery for Ripple since after stretching Ethereum by $200 mln in market cap last week, it allowed Ethereum to close the gap and took over the number two spot once more.
If it is to maintain the position, then it must maintain the current tempo and up it. Currently, the gap between them is less than $100 mln in terms of market cap.
Considering the fact that many organizations and institutions are signing up onto the platform of Ethereum for smart contract services, it will continue to grow at a very fast pace.
In the same vein, many financial institutions are also subscribing to the Ripple Blockchain in order to access its fast and cheaper transfer components.
The above attributes for these two cryptos open the stage for a grand contest between them. In the final analysis, it is all for the good of the cryptocurrency ecosystem.
For now, Ripple is on top but as to whether it can be there forever remains to be seen. Keep reading Cointelegraph to continue receiving updates on the situation.