On Friday we saw the Ethereum vs Ripple battle in an unexpected rise of cryptocurrencies. Numbers were staggering, as almost every digital currency gained from 5 to 100 percent. In that period, ripple (XRP) doubled its price, thus becoming the second most valuable altcoin. Is this a sign of things to come?
It was a perfect storm for XRP, but it didn’t last long. As of Monday, Ripple’s value is $0.51, which is a fall of over 12 percent. As for Ethereum, its value also dropped to $234, around 5 percent, but enough to reclaim the second spot.
Short-Term Ripple Effect
It is a familiar fact that Ripple is prone to big value fluctuations. Despite that, many traders jumped on the XRP bandwagon, believing that this time, the rise will be astronomic. Just a quick reminder, Ripple peaked above $3.80 in January before the steep fall. So, as many times before, this was only wishful thinking. Although the rise wasn’t long-term, it was enough for some to point out the power of this cryptocurrency.
In spite of the fall, cryptocurrency experts still believe in the power of Ripple. Many banks and other financial institutions are infatuated with XRP, and for the right reasons. Ripple offers high transaction speeds and low transaction fees on international cross-currency payments. In line with that, xRipple is the premium XRP product which promises higher liquidity. So with xRapid soon to be launched, Ripple value skyrocketed. With the recent fall back to third place on the cryptocurrency list, Ripple didn’t have enough strength to continue its bullish trend. Nevertheless, the Ethereum vs Ripple battle is a clear sign of things to come in near future.
Ethereum and the $200 Question
Ethereum (ETH) has been just behind Bitcoin on the cryptocurrency list practically always. The main reason is the backing of influential global companies. When you take a look at the Enterprise Ethereum Alliance, everything is much clearer. The cornerstones of this alliance are Intel, J.P. Morgan, and Microsoft. In spite of that support, the main thing that attracts crypto enthusiasts to Ethereum is the fact that it can be mined, and it is decentralized.
As all altcoins, Ethereum shares the fate of Bitcoin – it is raising and falling in tune with Bitcoin. For now, the main challenge for ETH is how to keep its value above $200, not to mention the expectations of greater value. Just last Friday we witnessed a short second place switch, as Ripple took over its position. Although it’s still hard to beat Ethereum in terms of easy access and volume of transactions, Ripple is ready to attack the altcoin king.
Ethereum vs Ripple – Who Will Prevail?
At the moment, both Ethereum and Ripple have the capacity to become altcoin leaders. Each blockchain/cryptocurrency system has its strengths and weakness, and it’s up to investors and major companies to give their vote of confidence. With ETH hitting a 102-million circulating supply, it obvious that mining is not very attractive at the moment. Now, more than ever, the number of opportunities that ETH and XRP can give to their investors will determine the value. Who will prevail in the Ethereum vs Ripple rivalry? Stay tuned, and invest wisely.