XRP (XRP) once again found itself competing for the title of second most capitalized cryptocurrency on Tuesday, following a 27% spike surge over two days.
The XRP market cap ascended to the $21 million range, briefly displacing Ethereum in second place before a slight pullback.
With the Q3 spike still fresh in the memory, XRP’s surge rekindles the enthusiasm around parent company Ripple Labs remittance products. Ripple have continued to push into the Asian market, while another partner has opted to use Ripple’s xRapid technology.
OKEx Opens XRP/BTC Margin Trading
If XRP’s surge has a sole catalyst, then it remains unclear. However the sudden flurry of recent developments was added to this morning with the OKEx addition of XRP/BTC margin trading pairs.
As per the OKEx announcment on November 6th:
“To meet the public demand, we will open the margin trading pairs XRP/BTC, LTC/BTC from 15:00 Nov 6, 2018 (HKT).”
OKEx processed just over 8% of XRP trades for Tuesday, out of the daily total of $1.3 billion. The exchange currently hosts XRP/BTC, XRP/ETH and XRP/USDT spot trades, with USDT the most popular by far.
XRP has now gone through major spikes in both of the last two quarters, although the previous one was more than four times as big. XRP surged 115% during that crazy week in September, climbing to a valuation in the $0.77 range.
In the two days leading up to Tuesday, XRP climbed 27% – up to $0.560547, from a starting price of $0.439127. The surge carried XRP’s market cap to the high $21 billion range, and temporarily displaced Ethereum in second place.
XRP volumes picked up dramatically in the last few days, rising from the $200 million range to today’s $1.3 billion. The surge in XRP trades coincides with the fall in Bitcoin Cash (BCH) trades. Although very little action has been seen in XRP/BCH pairs, the Tether (USDT) proxy may have seen some of BCH’s recent gains be converted to XRP.
In the past week the global crypto trade volume jumped 50%, from $10 billion to $15 billion. During the same period the global market cap climbed 7.5% from $202 billion to $217 billion.
More than one commentator has dared to whisper of a possible ‘flippening’ – the moment when altcoins become uncoupled from BTC. The first signs of a possible altcoin divergence actually began with XRP back in September, and looks like it could be the coin to lead the pack with Ethereum if an alt season does hit.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.