On December 29 we saw Ripple (XRP) soar more than 55% to reach all time high price of $2.23 (as of this writing it is at $2.25) and reach a market cap of more than $86 billion which was well-over market cap of Ethereum that was at $73 billion (currently it is at $85 billion and XRP at over $87 billion).
At present, Ripple owns about sixty one percent of the total hundred billion of XRP that exists. After reaching its record high on Friday (29th December), Ripple has nearly $136billion worth of XRP.
Ripple Goes Past Ethereum
With this rise Ripple has now about 12.5% of total market cap while Ethereum is at third position with 12.1% of the overall market cap of the cryptocurrency market.
Reasons Behind the Price Surge
Reason #1: Faster Transaction Speed: It is a cross border payment system that has become popular due to the fact that it facilitates faster transactions with significantly less charges in comparison to other payment systems. Moreover, cross border payments take just a few seconds when you are using the Ripple network in comparison to Swift network used by banks.