After being in a range of $0.15 to $0.25 for the past few months, the altcoin Ripple grew over 141% in the past three trading sessions. Surging to $0.58 from the previous $0.24, Ripple has been following the growth of Litecoin which also soared over 100% during the same period.
The sudden spike in the prices of ripple grew the market cap of this altcoin too. As of today, Ripple has a market cap of $21.44 billion. With that, it overtook Litecoin in terms of market capitalisation and is now the fourth biggest cryptocurrency after Bitcoin, Ethereum and Bitcoin Cash.
It seems like the battle for the fourth place is steaming with the surge of Litecoin and Ripple – but also the newcomer IOTA. However, while Ripple has a market cap of $22bn., Bitcoin, Ethereum and Bitcoin Cash have a market cap of $279 billion, $72 billion and $30 billion, respectively. This means that Ripple is only close to Bitcoin Cash but not Ethereum in the long run. For that to happen, the altcoin must rise to a price of (at least) a dollar.
Founded by Jed McCaleb in 2012, Ripple is a cryptocurrency that bases on the verification of debentures. The account balances as well as creditor-debtor relations are accessible for every user in the network.
Still, the generation of ripple coins is not possible through mining as the bitcoin example. Instead, the currency is only issued by Ripple Labs itself. In order to avoid inflation, the amount of ripple units is limited to 100 billion with 99 billion of them already generated and aroudn 55 billion distributed to the users.
According to Deutsche bank Wealth Management “Ripple Labs is only a digital bank nowadays, and the power and control lies with the company and not the users”.
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