Second generation cryptocurrencies, led by Ripple (XRP), continue to buck the forces dragging most of the crypto markets lower. This trend became evident during the August sell-off and is repeating itself these days.
Ripple has increased by over 50% in bitcoin terms in one month, now trading at 1572 satoshi ($0.0051). This is its highest level since reaching 1590 satoshi in mid-May. During the same period, bitcoin lost a third of its USD value.
While part of Ripple’s gain for the month can be traced directly to bitcoin’s loss- BTC has shed 35% during the period- XRP has still appreciated in absolute terms. Its rise can be attributed, at least in part, to what appears to be growing traction in solving real-world problems. One week ago, two small US banks reportedly adopted the protocol to streamline interbank transfers.
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The currency appears to be recovering from a huge hit it took during the May peak. Controversy broke out as company founders left the business and liquidated their holdings. The currency shed 50% of its value in 2 days.
With Litecoin unable to escape the most recent downturn and shedding at least 10% of its value, Ripple has quite easily overtaken 2nd spot in market cap rank, as recorded by coinmarketcap.com. It should be noted that this achievement is entirely symbolic: Ripple in fact held 2nd spot earlier this year even when Litecoin was worth over five times as much. Anomalies in how the total quantity of XRP is recorded pushed it below Litecoin then. In August, the quantity changed again and brought it to within striking distance of the rapidly declining Litecoin.
Its total valuation is now $137 million, versus Litecoin’s $127 million.