For the first time since December last year, the native digital currency of Ripple – XRP (XRP) – overtook Ethereum (ETH) on the 21st of September. Nevertheless, the so-called flippening for XRP didn’t last long, as Ethereum (ETH) recorded a 17% increase in its value that caused its market cap to increase by $3 billion. Smartereum.com reported that there was a rapid increase in the value of Ethereum (ETH) that enabled it to overtake XRP and reclaim its second position on the list of top digital currencies.
The Trend of Ethereum (ETH) vs. XRP (XRP) and Bitcoin Cash (BCH)
In December last year, XRP overtook Ethereum (ETH) both when the value of XRP initially surged to $1.5 and also when it peaked at $3. Even when XRP was at its all-time high, the flipping moment of XRP didn’t last, as Ethereum later gained traction and its market cap increased by billions of dollars.
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Ethereum (ETH) Price Today – ETH / USD
A trend like this also occurred when Bitcoin Cash (BCH) overtook Ethereum (ETH) after hitting the $5,500 mark. After a couple of weeks, Ethereum (ETH) found its way back to number two position in global crypto rankings, maintaining its spot in the digital currency market as the second most valuable, largest, and dominant digital currency.
XRP (XRP) Price Today – XRP / USD
In the last couple of hours – despite the strong traction XRP showcased after seeing an increase of about 110% in its value this week – Ethereum (ETH) rebounded and saw an increase of $3 billion in its market cap.
The Reason Behind The Increase In XRP
The Fundamental reason XRP saw such an increase was quite clear; as a result of enormously oversold conditions, an increase in its trading volume led a lot of investors to engage in FOMO, creating a domino effect across major trading platforms.
XRP needed breathing space to avoid a massive short-term fall due to the oversold conditions. Nevertheless, in the near-term, it is unlikely for XRP to flippen Ethereum (ETH) again.