Ripple Steals Bitcoin's Thunder, Surges 1184% in a Month

In the aftermath of the announcement, Ripple took a tumble, with its price falling to a low of $3.6, and its market cap dropping from over $148 billion to $126 billion.

The roller coaster that is the cryptocurrency market is alive and well.

However, Ripple's official twitter account posted a tweet earlier today, suggesting that the company had already signed three of the five largest money transfer firms worldwide.

CoinMarketCap charts show ripple had climbed above ethereum into the second-place spot in May.

Ripple's recent price surges have been met with mixed reactions - while some investors and traders have voiced their enthusiasm, others have expressed suspicion and unease at the lack of clarity regarding the driving factors behind the surge.

Ripple's currency - which uses the code XRP - is meant to act as a universal currency for transfers between all global currencies (including other cryptocurrencies, like bitcoin) - just as Dollars does in the above example.

Ethereum rose about 2 percent to $753.57 Friday afternoon, with a market cap of about $72.8 billion, according to CoinMarketCap. This means that, conservatively, he is worth $13.3 billion, which would make him the world's 99th-wealthiest person and almost as rich as Bitcoin creator Satoshi Nakamoto, whose estimated 980,000 bitcoins (which most people believe will never be spent) are worth approximately $14.7 billion. However, the cryptocurrency with the largest percentage increase in price was ripple (XRP).

The company said more than 100 financial institutions use its network.

The start-up owns 61 percent of the 100 billion XRP in existence. The rally had suddenly gathered steam on January 2 this year when the digital currency hit a high of $914 before closing for the day at $884.

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