Ripple’s XRP kick-started November with a single day rally that briefly raised it’s market cap above that of Ethereum, which for so long has held on to second place in the cryptocurrency rankings. Following the upswing, on 5 November, the circulating value of XRP briefly overtook the circulating value of ethereum. According to CoinMarketCap, Ripple could stand on the silver podium shortly after 9:42 UTC and for a short while was able to claim as much as 10.35 percent of the total cryptocurrency market cap.
It isn’t the first time that XRP has pushed past ethereum; it happened in September when Ripple/XRP jumped by 64% in a day. However, as CCN notes, it wasn’t able to sustain the momentum and solidify its place as silver to bitcoin’s gold. We have seen a similar story over the last few days, but this does not detract from the fact that XRP has some energy behind it and analysts at Cointelegraph (at the time of writing) suggest that there is a short-term bullish trend as long as the bulls can defend the moving averages.
Utility is the driving force
Our view of Ripples recent strengthening in the market is that the driving force behind it is XRP’s utility in the payments world.
Ripple Labs’ goal with XRP has always been to find significant utility in the payments industry. In October, Ripple’s xRapid payment platform grabbed the headlines with a pilot test involving Western Union and Moneygram, which is using XRP to carry out international transactions in minutes.
Building utility for ELT owners
Lendo continues to build the utility case for ELT. We are always looking for ways to expand ELT’s ecosystem and we are already signing up partners in the financial services world who will accept ELT for a variety of products and services. We announced last month our forthcoming joint venture with UK wealth managers Lloyd Cavendish and hope to have many more positive partnerships agreed by the time ELT is listed on exchange.