Litecoin currently surpasses Ripple (XRP) with a market cap of $ 10 billion to become the third most valuable public blockchain. Tether is excluded, of course.
Litecoin surpasses XRP
Tether (USDT), a fixed cryptocurrency, is the largest privately issued digital currency worth $ 20.1 billion as of writing.
With USDT in the equation, LTC is the fourth most valuable blockchain project.
Last week, there were signs that XRP would be tumbled. The extraordinary expansion of LTC and Bitcoin Cash (BCH) prices, in particular, can be attributed to PayPal’s announcement in late October.
Next, the payment giant said it will support several crypto projects, including ETH, BTC, LTC and BCH. In the first phase, PayPal will even allow US customers to use these cryptocurrencies to deal with their merchants.
Litecoin’s Value Proposition
Following this, BCH and LTC prices soared, reflecting BTC as purely transactional currencies, due to a broad user base as the driver of price.
Positioning itself as a digital silver and not competing with Bitcoin, Litecoin has since maintained an upward trajectory, surpassing $ 100, rising above $ 120 and analysts predicting even more gains.
Last month, Litecoin’s co-founder Charlie Lee cited several “value propositions” as the triggers of the recent LTC / USD surge.
Except for PayPal, he said the network is extremely reliable with high uptime.
Also, continuous improvement, including the integration of MimbleWimble, a privacy solution in particular, will trigger more demand for LTC.
Against SEC XRP
In the midst of Litecoin’s rise, XRP prices continue to fall.
The United States Securities and Exchange Commission (SEC) says XRP is a security.
In this context, Ripple is suing Brad Garlinghouse and Chris Larsen for selling unregistered securities. Brad swore he would resist.
Meanwhile, the SEC shock caused XRP prices to fall freely, dropping from $ 0.75 to $ 0.18, pulling the market cap below $ 9.5 billion.