Yesterday, XRP briefly pushed ETH into third place in the race for cryptocurrency market dominance.
The cryptocurrency surged 14% while the rest of the market remained relatively stable to claim 10.35% of the entire cryptocurrency market capitalization.
This is not the first time this year that XRP has pushed ETH to the side for a short period of time. ETH is currently back in second spot with ~$22.2B and XRP trails for third at ~$21.4B, a difference of $800MM.
Speculation as to what fueled the short lived run remains, but it may have been caused by Ripple’s Global Head of Infrastructure, Dilip Rao’s comments at the Global Islamic Summit 2018 last week where it was announced plans to expand into the Middle East with an office in Dubai. He also revealed that around 10 banks in the Middle East in Saudi Arabia, Kuwait, Bahrain and Oman are working on cross boarder payment projects.
It remains to be seen if XRP will be able to hold the rally. If the news from the Middle East continues we may see XRP take over second spot before year end.