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XRP Has Been 2nd Largest Cryptocurrency For 4 Hours - Ripple (XRP) News

23 september 2018, 15:35 by Jesús S. Affigne

Timeline of Ripple “flippening” Ethereum for a brief moment

The sudden 80 % surge in XRP’s market cap caught many people off guard

On September 21, 2018, the crypto market saw an inflow of around 12 billion in total market cap. Almost all cryptocurrencies were performing on the green side of the charts and gaining momentum, in what it looked like a correction from an extensive bearish rally that started to pose oversold conditions.

However, one of these cryptocurrency – the third largest by market cap – went in a frenzy upward trend that wowed the whole market, not only for the enormous gains at the moment, but for a feature not achieved since 2017: Ripple surpassing Ethereum as the second largest coin.

This “flippening”, although short-lived, caught everyone by surprise, especially the Ethereum community that has been longing to overthrow Bitcoin as the dominant cryptocurrency. And the fact that Ripple managed to kick it out of its accustomed 2nd position for a second time, is critical for their supporters. Let’s recheck the timeline (Note: time zone for this recap will be UTC):

  • On Friday, September 21, at 00:04, Ripple’s market cap located at $18.2 billion, while Ethereum’s was over $22.7 billion.
     
  • It remained relatively stable for the two cryptocurrencies until 7:04, when Ripple began experiencing an astounding inflow of money, going from the aforementioned quantity to $23 billion. Ethereum also grew to a little more above this level.
     
  • The gap between the two cryptocurrencies began to short as time passed, and by 10:19,
     
  • Ripple has surpassed Ethereum in market cap, crowning itself as the second largest cryptocurrency of the world. In short, Ripple has successfully flipped Ethereum for the 2nd place (XRP = $23.37 bln / ETH = $23.31 bln).
     
  • Ripple continued to grow in size for the next hour until 11:04, when it capped out at $27.5 billion and began to lose value. At the same time, Ethereum has not moved that much from its level.
     
  • XRP lost all its momentum and fell back to $22 bln at 12:49. A slight increase over the course of the next two hours got it back to $24 bln. However, Ethereum began to rise in market cap at 14:49 and by 15:19, it was already back on its accustomed second place with $25.3 bln.
     
  • At the time of writing, Ripple has been unable to repeat this.

Total time Ripple lasted as 2nd largest cryptocurrency: approx. 4 hours.

XRP/USD Price Chart, Sunday September 23rd:

XRP Price September 23

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