According to coinmarketcap.com, Ripple’s XRP currency is now the second largest cryptocoin by market cap ($143,238,505), topping now third-place Litecoin at $129,049,953. This is likely at least in part the result of the announcement that two US banks, CBW Bank and Cross River Bank, will implement the Ripple transaction infrastructure, joining the German bank Fidor which has been using Ripple for several months.
XRP and the Ripple protocol were first introduced in beta version by Ripple Labs, Inc. in 2013. Together they create an open-source distributed payment protocol for making instant payments while incur lower fees than would be present through traditional payment services (a small amount of XRP is destroyed in each transaction to dissuade denial-of-service attacks). The Ripple protocol can also act as a distributed exchange between anything of value that can be traded electronically (XRP, USD. EUR, BTC, or loyalty points).
Near the end of September, US banks CBW Bank and Cross River Bank announced that they would be adopting Ripple’s protocol for money transfer. This is in addition to Fidor, a German bank that adopted the technology several months ago.
The BTC and USD-denominated price of XRP has been on the rise since the announcement. Coupled with the declining price of Litecoin, XRP was able to overtake it and gain the second-largest market cap with only Bitcoin topping it.