{"id":85165,"date":"2018-09-21T21:00:38","date_gmt":"2018-09-22T04:00:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=85165"},"modified":"2026-04-20T10:19:46","modified_gmt":"2026-04-20T09:19:46","slug":"ethereum-surges-regains-no-2-spot-from-ripple-3-billion-gap","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-surges-regains-no-2-spot-from-ripple-3-billion-gap\/","title":{"rendered":"Ethereum Surges, Regains No. 2 Spot From Ripple, $3 Billion Gap"},"content":{"rendered":"<p>For the first time since December 2017, <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a>, the native cryptocurrency of <a href=\"https:\/\/cryptoslate.com\/companies\/ripple\/\">Ripple<\/a>, overtook Ethereum on Sept. 21.<\/p>\n<p>However, the so-called \u201cflippening\u201d for XRP did not last long, as <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum (ETH)<\/a> recorded a 17 percent increase in price and added $3 billion to its market cap.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ripple just flippened Ethereum for the first time since December 2017.<\/p>\n<p>Absolutely insane market <a href=\"https:\/\/t.co\/YZZWgfDtoP\">pic.twitter.com\/YZZWgfDtoP<\/a><\/p>\n<p>&mdash; Joseph Young (@iamjosephyoung) <a href=\"https:\/\/twitter.com\/iamjosephyoung\/status\/1043136890197536768?ref_src=twsrc%5Etfw\">September 21, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The sudden increase in the price of ETH allowed Ethereum to overtake Ripple and secure the No. 2 spot in the global cryptocurrency rankings.<\/p>\n<h2>The Trend of Ethereum vs. Ripple and Bitcoin Cash<\/h2>\n<p>In December 2017, Ripple overtook Ethereum both when the price of XRP initially increased to $1.50 as well as when it peaked at $3.<\/p>\n<p>Even when XRP was at its peak, Ripple's\u00a0flippening moment did not last, as Ethereum eventually regained momentum and added billions of dollars to its market valuation.<\/p>\n<p>A similar trend occurred when <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin-cash\/\">Bitcoin Cash (BCH)<\/a> overtook ETH after reaching $5,500. At the time, in November 2017, Ethereum co-creator Vitalik Buterin said:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Congrats on this. Seriously. <a href=\"https:\/\/twitter.com\/rogerkver?ref_src=twsrc%5Etfw\">@rogerkver<\/a> <a href=\"https:\/\/twitter.com\/JihanWu?ref_src=twsrc%5Etfw\">@JihanWu<\/a> <a href=\"https:\/\/twitter.com\/deadalnix?ref_src=twsrc%5Etfw\">@deadalnix<\/a> <a href=\"https:\/\/t.co\/UXYdEcRn4y\">pic.twitter.com\/UXYdEcRn4y<\/a><\/p>\n<p>&mdash; vitalik.eth (@VitalikButerin) <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/929558722170429440?ref_src=twsrc%5Etfw\">November 12, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Eventually, within weeks, Ethereum found its way to the No. 2 spot in global rankings, maintaining its position in the cryptocurrency market as the second most dominant and valuable asset.<\/p>\n<p>In the past several hours\u2013despite the strong momentum Ripple demonstrated after recording a 110 percent increase in value this week\u2013Ethereum rebounded and added $3 billion to its market cap.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ripple flippened Ethereum. Investors in ETH couldn&#39;t stand it. So they took the matter into their own hands.<\/p>\n<p>Ethereum up 17% <\/p>\n<p>What is this sorcery? <a href=\"https:\/\/t.co\/AM3J9ZJcqv\">pic.twitter.com\/AM3J9ZJcqv<\/a><\/p>\n<p>&mdash; Joseph Young (@iamjosephyoung) <a href=\"https:\/\/twitter.com\/iamjosephyoung\/status\/1043218869161099264?ref_src=twsrc%5Etfw\">September 21, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The primary factor in Ripple's price increase was quite clear; due to massively oversold conditions, a spike in volume led investors to engage in FOMO (fear of missing out), creating a domino effect across major exchanges.<\/p>\n<figure id=\"attachment_84862\" aria-describedby=\"caption-attachment-84862\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-84862\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/09\/ripple-sees-huge-gain-bear-market-over-social-300x158.jpg\" alt=\"\" width=\"300\" height=\"158\" \/><figcaption id=\"caption-attachment-84862\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/ripple-sees-huge-40-percent-gain-as-crypto-market-adds-12-billion-is-the-bear-market-over\/\">Ripple Sees Huge 40 Percent Gain As Crypto Market Adds $12 Billion, Is the Bear Market Over?<\/a><\/figcaption><\/figure>\n<p>As CryptoSlate reported yesterday, it is possible to argue that the abrupt increase in XRP's value was caused by <a href=\"https:\/\/cryptoslate.com\/ripple-sees-huge-40-percent-gain-as-crypto-market-adds-12-billion-is-the-bear-market-over\/\">Ripple's announcement<\/a> to release a cryptocurrency product in October, but due to the lack of information on the scheduled product launch, it remains unclear what sort of impact the product launch will have on the market.<\/p>\n<p>As such, wholly attributing the price trend of XRP to the scheduled announcement of Ripple is weak and supporting the movement of XRP with technical indicators and evidence is far stronger.<\/p>\n<p>However, the same argument can be attributed to ETH for one main reason: Both XRP and ETH experienced a massive sell-off between June and August. Both cryptocurrencies suffered 40 to 50 percent losses against the U.S. dollar, while <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> only lost 9 percent.<\/p>\n<p>If XRP initiated a short-term corrective rally and then a proper movement on the upside afterward, it was only a matter of time for ETH to follow and initiate a similar movement, which it did.<\/p>\n<p>In a sense, Ethereum recovering and adding billions to its market cap exactly when Ripple flippened\u00a0was expected, and most traders expressed their skepticism about the event. As impressive the\u00a0XRP rally was, it was not enough to replace Ethereum as the second most valuable cryptocurrency in a seven-day period.<\/p>\n<p>XRP needed breathing room to avoid a significant short-term fall as a result of oversold conditions. In the short-term, it is unlikely to see XRP flippen Ethereum again.<\/p>\n<h2>Where The Market Goes Next<\/h2>\n<p>Brazil's largest independent brokerage, meanwhile stated today that it would launch a Bitcoin and Ethereum exchange to process trades on behalf of its customers.<\/p>\n<p>The announcement of Grupo XP, owner of XP Investimentos SA, will expose the crypto market to 3 million Brazilian investors. While CEO Guilherme Benchimol admitted that he is not\u00a0personally a fan of the crypto market, he <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-09-20\/brazil-s-biggest-brokerage-begrudgingly-joins-crypto-market\">said<\/a> that the demand is simply too strong to ignore:<\/p>\n<blockquote><p>&#8220;I must confess, this is a theme I\u2019d rather didn\u2019t exist, but it does. We felt obligated to start advancing in this market.&#8221;<\/p><\/blockquote>\n<p>Grupo XP's decision to integrate crypto at this particular juncture is significant, as the Brazilian government asked banks not to deal with crypto businesses. With positive regulation-related progress happening in developing crypto markets, it can be said that the short-term rally of the market will be well supported by the rapidly maturing infrastructure of international markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the first time since December 2017, XRP, the native cryptocurrency of Ripple, overtook Ethereum on Sept. 21. However, the so-called \u201cflippening\u201d for XRP did not last long, as Ethereum (ETH) recorded a 17 percent increase in price and added $3 billion to its market cap. Ripple just flippened Ethereum for the first time since [&hellip;]<\/p>\n","protected":false},"author":187,"featured_media":85186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Surges, Regains No. 2 Spot From Ripple, $3 Billion Gap<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethereum-surges-regains-no-2-spot-from-ripple-3-billion-gap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Surges, Regains No. 2 Spot From Ripple, $3 Billion Gap\" \/>\n<meta property=\"og:description\" content=\"For the first time since December 2017, XRP, the native cryptocurrency of Ripple, overtook Ethereum on Sept. 21. However, the so-called \u201cflippening\u201d for XRP did not last long, as Ethereum (ETH) recorded a 17 percent increase in price and added $3 billion to its market cap. Ripple just flippened Ethereum for the first time since [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ethereum-surges-regains-no-2-spot-from-ripple-3-billion-gap\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-22T04:00:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-20T09:19:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/09\/ethereum-surge-cover-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1648\" \/>\n\t<meta property=\"og:image:height\" content=\"588\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joseph Young\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ethereum Surges, Regains No. 2 Spot From Ripple, $3 Billion Gap\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joseph Young\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ethereum-surges-regains-no-2-spot-from-ripple-3-billion-gap\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ethereum-surges-regains-no-2-spot-from-ripple-3-billion-gap\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#person\",\"name\":\"Joseph Young\",\"url\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"caption\":\"Joseph Young\"},\"jobTitle\":\"Analyst\",\"description\":\"Joseph Young is a finance and tech journalist. 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