XRP Flips Cardano To Become the 7th Largest Crypto by Market Cap

2022.07.04 19:30

XRP Flips Cardano To Become the 7th Largest Crypto by Market Cap

• XRP has outranked ADA as the seventh biggest crypto by market cap.
• The Colombian government recently launched a land registry on the XRP ledger.
• ADA has lost over 85% of its value since its last ATH 10 months ago.

In an interesting turn of events, data on CoinMarketCap shows that Ripple (XRP) has flipped Cardano (ADA) to become the seventh most prominent cryptocurrency in the world by market capitalization. The current market cap of XRP and ADA is respectively $15,410,470,239 and $15,174,615,603, with XRP leading by nearly $300 million.

As a result of the general market crash, XRP trades at $0.3178 across cryptocurrency exchanges, with a barely 1.69% increase in 24 hours. In contrast, other major cryptocurrencies like Bitcoin and Ethereum barely had a 0.1% increase in 24 hours.

While ADA has a 24-hour volume of $433 million, XRP traded nearly twice the volume of ADA at $800 million. The two cryptocurrencies, however, have suffered significantly in the last seven days, where both lost more than 12% of their value.

The Ripple blockchain is a crypto-based payment system that has collaborated with many large brand firms to facilitate cryptocurrency payment via XRP. On July 1, the Colombian government launched a national land registry on the XRP Ledger (XRPL) for over 50 million people. The government will verify the authenticity of digital files and records on XRPL using QR codes.

The crypto market, in general, has been in a bleeding trend, with BTC losing over 65% since last December 2021. Notably, XRP reached its all-time high (ATH) five years ago at $3.84 and has lost 99.67% of its value since then. ADA hit its ATH only ten months ago at $3.10, and it has fallen by 85% since its ATH.