Following the mid-week crypto market sell-off, XRP has officially passed Ethereum (ETH) to become the second largest cryptocurrency behind Bitcoin (BTC). Ripple’s cryptocurrency now holds a $19 billion market cap, while Ethereum has fallen to below $18.5 billion.
Despite the latest downward market pressure, which saw Bitcoin fall to its lowest point in 13 months, XRP has held up fairly well, only dropping about 10% before bottoming.
XRP’s relative outperformance may be the result of recent positivity around the project. Earlier this week, Ripple CEO Brad Garlinghouse revealed that the company has no plans to partner with the SWIFT banking network but instead plans to replace it. Additionally, on Wednesday, Malaysian lending giant CIMB joined Ripple’s cross-border payment network.
XRP is currently up 4.5% on the day to $0.4715, while ETH is up 1.7% to $179.50.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.