According to recent data trends, Ripple (XRP) has flipped Cardano (ADA) and bagged the position of the seventh-largest cryptocurrency by market capitalization
If we look at the market capitalization data, XRP has a market capitalization of $15.7 Billion while ADA has a market capitalization of 15.6 Billion.
If we look at the recent data XRP had been trading at a value of $0.3178. This was just a 1.69% increase in its past day prices. However, when we compare this with the increase in major cryptocurrencies it’s still exceptional because Ethereum and Bitcoin were trading with a price increase of nearly 0.1%.
The total trading volume of ADA over 24 hours was $433 million. However, the total trading volume of XRP was $800 million. This indicates a nearly double increase in trading volume of XRP as compared to ADA. But if we compare the overall data both the cryptocurrencies have lost a significant 12% of their value over the past few days.
Factors that led to the ascent of XRP
XRP is a payment system via cryptocurrencies. Its blockchain has been instrumental in partnering with various massive brands to facilitate their cryptocurrency payments through XRP.
Recently the Colombian government collaborated with XRP and launched a national land registry records system on the XRP blockchain. The land registry was launched on the XRP blockchain ledger ie. (XRPL). This national land registry will directly affect nearly 50 million people wherein the government will be instrumental in verifying as well as clearing land records of people with the help of various QR codes.
Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.
Author - Govind R.