Good times for Ripple: Reclaims 2nd place in market cap rank, challenging 5-month high

Second generation Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, led by Ripple (XRP), continue to buck the forces dragging most of the crypto markets lower. This trend became evident during the August sell-off and is repeating itself these days.

Ripple has increased by over 50% in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term terms in one month, now trading at 1572 satoshi ($0.0051). This is its highest level since reaching 1590 satoshi in mid-May. During the same period, bitcoin lost a third of its USD value.

While part of Ripple's gain for the month can be traced directly to bitcoin's loss- BTC has shed 35% during the period- XRP has still appreciated in absolute terms. Its rise can be attributed, at least in part, to what appears to be growing traction in solving real-world problems. One week ago, two small US banks reportedly adopted the protocol to streamline interbank transfers.

The currency appears to be recovering from a huge hit it took during the May peak. Controversy broke out as company founders left the business and liquidated their holdings. The currency shed 50% of its value in 2 days.

With Litecoin unable to escape the most recent downturn and shedding at least 10% of its value, Ripple has quite easily overtaken 2nd spot in market cap rank, as recorded by coinmarketcap.com. It should be noted that this achievement is entirely symbolic: Ripple in fact held 2nd spot earlier this year even when Litecoin was worth over five times as much. Anomalies in how the total quantity of XRP is recorded pushed it below Litecoin then. In August, the quantity changed again and brought it to within striking distance of the rapidly declining Litecoin.

Its total valuation is now $137 million, versus Litecoin's $127 million.