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Five months ago, we told you about the explosive growth of Ripple and how it had an astonishing first half of 2017. The digital currency start-up based out of San Francisco saw its value soar by a mind-blowing 3,977% in the first six months of 2017. The astonishing surge hasn’t stopped and now we find Ripple as the second biggest cryptocurrency behind only Bitcoin.
After a sensational month and up over 45% in the last 24 hours, Ripple has vaulted ahead of Ethereum (Read more about Ethereum HERE) as the #2 highest market value, only topped by the mighty Bitcoin. At the time of publication, Ripple’s XRP flaunted a market capitaliazation of $78,669,174,604. Ripple edges out Ethereum, which has a market value of $72,733,403,882, but trails Bitcoin’s $247,920,672,288, according to CoinRanking.com. Ripple has had bonkers gains in 2017 and is up 32,057% for the year.
RippleNet cryptocurrency network and their XRP token were nearly double its listed price from last week. Most of today’s Ripple action came from South Korea, where they proposed banning new cryptocurrency trading accounts because it was vulnerable to trader fraud. This caused Bitcoin prices to plummet.
Ripple claims that their XRP currency is “the fastest and most scalable digital asset,” and their payments settle in four seconds compared to over two minutes on Ethereum and more than an hour on Bitcoin. Ripple CEO Brad Garlinhouse stated that his company has a processing speed of around 70,000 transactions per second compared to Bitcoin’s capacity of approximately seven transactions per second. Read more about Ripple HERE.