Ripple Overtakes Bitcoin Cash to Become the Third Largest Cryptocurrency

Ripple has overtaken Bitcoin Cash to become the third largest cryptocurrency in the market with a $31 billion market cap, after recording a 47 percent increase in value within the past 24 hours.
Over the past two days, the daily trading volume of Ripple surpassed that of all cryptocurrencies in the market apart from bitcoin. On December 15, the daily trading volume of Ripple doubled that of Ethereum.

Previously CCN reported that the South Korean cryptocurrency exchange market pushed the price of Ripple up 71 percent within a single day, triggered by the collaboration between Japanese and South Korean banks to test Ripple blockchain technology-based payment solutions.

Takashi Okita, the CEO at SBI Ripple Asia, emphasized in an official statement that in the upcoming months, Ripple Labs will continue to deploy and test its solutions and blockchain infrastructure in Japan and South Korea.

“South Korea is one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets. With trade flows into and out of the country totaling $960 billion every year, we also see a high end growing demand for Ripple’s frictionless payments solution in the country,” said Okita.

Following the announcement of Okita and the finalization of strategic partnership between South Korean and Japanese banks, the price of Ripple surged by more than 100 percent within a three-day span. Over the past 24 hours, the price of Ripple increased from $0.56 to $0.81, by more than 45 percent.