Ripple turned upwards again last night, rising from 44 cent to 55 cent at the time of writing, after it roughly halved from its recent rise of 80 cent which it gained in days from 25 cent.
Its volumes are up too at $2 billion, with South Korea and Japan leading for the past 24 hours in trading volumes, followed by the dollar.
This recent price rise of some 25% has again sent ripple above ethereum in market cap, just about taking second position at the time of writing.
There appears to be no additional catalyst for this price movement, with sentiment seemingly having turned bullish in the past week.
That’s after ripple fell by some 95% from its all-time high, with many calling bottoms in bitcoin and other cryptos.
That in part may have contributed to the bullish sentiment, as may anticipation for the Swell Ripple conference which Bill Clinton is to open next week.
What Bill Clinton will say we do not know, but he was President of America at a time when the world wide web was quickly expanding.
He may therefore give some policy perspective on how the current administration should address blockchain tech, which often has been compared to the internet due to its global network and permissionless decentralized nature.
That may get the coin some headlines, but what they’re really craving is Coinbase listing which does not appear to be any closer even though Coinbase has just announced they are to list “most cryptos.”
That includes Stellar, which is a Ripple clone, but their new framework still requires a decentralized network, which may disqualify ripple.
This isn’t the first time ripple overtakes ethereum. It did so in January too, with eth then following to rise in a bull run of its own which decisively secured its second position.
Once, even bitcoin cash overtook eth, with ripple briefly overtaking it for much of this week, so if the most recent one will have any staying power remains to be seen.
Ripple, however, doesn’t usually keep its gains as its supply is highly concentrated with Ripple Labs and founders having some 60% of it.
Ripple speculators, therefore, might eventually run to eth in anticipation of it fighting for the second position, but just how this autumn’s crypto show will progress, remains to bee seen.