Ripple (XRP) has sort of a created an upheaval in the cryptocurrency market by overtaking Ethereum to become the largest altcoin by market cap. This new development had the community at the end of their wits undecided regarding their investment decisions. The overall progress of Ripple in 2017 has been quite extraordinary achieving record-breaking 34, 700% escalation by the last weekend of 2017.
Ripple investors started celebrating their returns after the token of the payment network company reached around $2.65 on several exchanges last week. The returns of Ripple have reached 1,000% in little more than a fortnight which is certainly a reason to celebrate for its investors. Surprisingly, the XRP from Ripple traded at just $0.24 at the beginning of December 2017.
It is not only Ripple that has seen such astronomical gains by the end of the bygone year. The surge in Bitcoin has been copied by other assets in the community including Ethereum, Monero, and Ethereum Classic that reached all-time highs. However, XRP managed to steal the show from Ethereum at the end of the year by reaching the market cap of $91bln with Ethereum trading behind at $68 bln.
Not all is going on well with the cryptocurrency market as the overall market share of Bitcoin hit an all-time low going below 38%. Trade analysts believe that the reason for the rise of Ripple revolves around developing new partnerships with the traditional finance companies and institutions eager to leverage technology for saving time and cutting costs.
XRP’s Growth Instigate Cause Of Concern
According to George Kikvadze, CEO of Bit Furry, there is a clear mispricing between the past and the future. Preston Byrne, Blockchain technologist and Chris Burniske from Placeholder VC has also expressed doubt about the growth in the rate of Ripple’s XRP. At present, after the explosion in its value, Ripple has a market cap of $84 bln.
While the whole world was busy tracking the figures of Bitcoin, Ripple (XRP) smoothly moved from $1 to reach a new high price of $2.23. Even then, Bitcoin is way ahead with $247 billion.