The majority of the top 20 cryptocurrencies are trading in the green today, causing the market to gain about $4 billion in the last 24 hours. The best performer, though, is Ripple (XRP), gaining over 15 percent overnight.
XRP in the Lead
While most of the leading cryptocurrencies are trading in the green today, XRP is undoubtedly the top performer. In fact, out of the top 100 coins listed on CoinMarketCap, XRP has managed to mark the largest gains over the last 24 hours.
The cryptocurrency is up more than 15 percent, currently trading at $0.53.
Interestingly enough, though, XRP has almost managed to unseat Ethereum as the second largest cryptocurrency in terms of market capitalization as the difference between the two has narrowed down to just about $300 million.
This wouldn’t be the first time this happens, though, as earlier in September, XRP managed to surpass Ethereum for a short period of time.
An Expected Increase?
While spikes of the kind are usually predicated by a serious milestone in the cryptocurrency’s cycle, Ripple’s overall activity in the last few months might be the reason for the coin’s fairly good performance.
Over the last three months, XRP managed to gain about 30 percent of its price, which is notable, especially given the stagnation the cryptocurrency market seems to have fallen in.
Earlier in October, Live Bitcoin News reported that Banco Santander will be using Ripple’s ledger in order to settle its payments and to improve customer experience with its OnePay FX platform.
A few weeks later, Ripple strengthened its staff, adding the Head of Google’s new wireless messaging system as its VP of products.
To top it all up, just a few days ago, Ripple announced that it eyes a major expansion into the Middle East and that it is opening an office in Dubai.
What do you think of XRP’s performance over the past 24 hours? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock and CoinMarketCap.