Ethereum Surges, Regains No. 2 Spot From Ripple, $3 Billion Gap

For the first time since December 2017, XRP, the native cryptocurrency of Ripple, overtook Ethereum on Sept. 21.

The so-called "Flippening" for XRP did not last long, as Ethereum recorded a 17 percent increase in price and added $3 billion to its market cap.

Ripple just flippened Ethereum for the first time since December 2017.

The sudden increase in the price of ETH allowed Ethereum to overtake Ripple and secure the No. 2 spot in the global cryptocurrency rankings.

In December 2017, Ripple overtook Ethereum both when the price of XRP initially increased to $1.50 as well as when it peaked at $3. Even when XRP was at its peak, Ripple's flippening moment did not last, as Ethereum eventually regained momentum and added billions of dollars to its market valuation.

Eventually, within weeks, Ethereum found its way to the No. 2 spot in global rankings, maintaining its position in the cryptocurrency market as the second most dominant and valuable asset.

In the past several hours-despite the strong momentum Ripple demonstrated after recording a 110 percent increase in value this week-Ethereum rebounded and added $3 billion to its market cap.

Wholly attributing the price trend of XRP to the scheduled announcement of Ripple is weak and supporting the movement of XRP with technical indicators and evidence is far stronger.

In a sense, Ethereum recovering and adding billions to its market cap exactly when Ripple flippened was expected, and most traders expressed their skepticism about the event.

As impressive the XRP rally was, it was not enough to replace Ethereum as the second most valuable cryptocurrency in a seven-day period.