Title: XRP Flips Cardano To Become the 7th Largest Crypto by Market Cap
Jul 04, 2022 05:00AM ET
XRP overtook ADA as the seventh largest cryptocurrency by market capitalization.
The Colombian government recently launched a land registry based on XRP's ledger.
ADA has lost over 85% of its value since its last ATH 10 months ago.
In an interesting turn of events, CoinMarketCap's data shows that Ripple has toppled Cardano to become the world's seventh-largest cryptocurrency by market cap.
The current market capitalizations of XRP and ADA are $15,410,470,239 and $15,174,615,603, respectively, with XRP leading by nearly $300 million.
As a result of the overall market crash, XRP is trading at $0.3178 on cryptocurrency exchanges, with a mere 1.69% increase in 24 hours.
In contrast, other major cryptocurrencies such as Bitcoin and Etherium had a mere 0.1% increase in 24 hours.
While ADA has a 24-hour volume of $433 million, XRP is trading at almost twice the volume of ADA at $800 million.
However, both cryptocurrencies have suffered significantly over the past seven days, losing over 12% of their value.
Ripple's blockchain is a crypto-based payment system that collaborates with many major corporate brands to facilitate payments in cryptocurrency via XRP.
On July 1, the Colombian government launched a national land registry in XRP Ledger for over 50 million people.
The government will verify the authenticity of digital files and records in the XRPL using QR codes.
The overall crypto market is on a depreciating trend, with BTC losing over 65% since December 2021.
Remarkably, XRP reached its all-time high five years ago at $3.84 and has since lost 99.67% of its value.
ADA reached its ATH just ten months ago at $3.10 and has depreciated 85% since the ATH.