Ripple (XRP) has overtaken Ethereum (ETH) once again in the past 24 hours, after a 7% surge in price achieving a market valuation of $24.28 billion.
At $24.14 billion, Ethereum’s market cap remains slightly lower than that of Ripple’s at $24.15 billion. It is likely that Ethereum, based on the weak volume of Ripple, will regain its position as the second most valuable cryptocurrency in the short-term.
In 2018, Ripple has overtaken Ethereum on three occasions- all of which took place in the second half of September. Many investors expected Ripple to retrace, subsequent to recording a three-fold increase in price, and demonstrate a minor correction due to oversold conditions displayed by the market.
Ripple continues to increase rapidly in value, however, directly competing against Ethereum for the number second position in the global cryptocurrency market.
In the past 12 hours, Ripple has already recorded a strong 7% gain but based on the volume and term price trend, Ethereum is primed for a corrective rally. In the upcoming days, Ethereum is expected to record decent gains to challenge Ripple.
Despite the positive price movement of major cryptocurrencies including BTC, ETH and XRP, tokens have not shown strong momentum which suggests that alternative cryptocurrencies may engage in a large rally in the coming weeks. Tokens, however, will likely fall behind major digital assets in the short-run.
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