XRP remains as the second largest cryptocurrency in the market amidst a small recovery in the space. The virtual currency market seems to be recovering at an interesting speed and XRP shows to be very healthy. Earlier this month, XRP surpassed Ethereum (ETH) as the second largest crypto after Bitcoin (BTC) in terms of market capitalization.
XRP Operates Positively In Relation To Other Coins
Ripple XRP seems to be operating positively in relation to the rest of the market. Ethereum, for instance, still has been able to recover the position it lost at the beginning of the current month. Back on November 14, most of the virtual currencies plummeted. Some experts believe that it was related to the hash war on Bitcoin Cash (BCH).
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Since that moment, virtual currencies lost more than 30% of their value reaching new yearly lows. Ethereum was one of the most affected tokens in the market. Indeed, the virtual currency fell under $100 dollars in a few exchanges for a very short period of time. This is a price that Ethereum did not have since the beginning of the last year.
There were several Initial Coin Offerings (ICOs) that were trying to hedge against future losses and that took the decision to sell their ETH tokens. This increased the pressure in Ether’s price, falling down to $200 and later to $100.
XRP coin value did not hesitate and immediately took the second position in the market. While most of the cryptocurrencies were losing their value, XRP was operating stable, close to 0% gains or losses. This was very bullish, XRP was working as the hedge virtual currency in a market full of red. Although XRP ended up falling as the whole market, the losses registered by this virtual currency were less than those registered by Bitcoin or Ethereum.
Now that the crypto market is strongly recovering part of the value lost, XRP continues to be a leader in the market. Ethereum is still struggling in order to take the second place back again. At the time of writing, XRP has a market cap of $15.76 billion and each XRP coin can be bought for $0.39. Meanwhile, Ethereum has a market capitalization of $12.58 billion and each ETH coin can be purchased for $121.
Most of the virtual currencies in the last 24 hours are registering interesting gains between 8% and 15%.