Ripple (XRP) has moved up 0.10% within the last 24 hours further closing the gap with Ethereum which is down by the same rate (0.10%) over the same period. XRP’s market capitalization of USD 23.3 billion is only USD 370 million shy of displacing Ethereum as the 2nd largest cryptocurrency. Since September 20th, XRP’s 24 hour trade volumes have averages more than USD 1.55 billion, about 550% above its USD 275 million average trading volume for the first part of September. Similarly, its price has almost doubled over the same period up from USD 0.32 on September 19th to its current USD 0.58.
XRP reached a high of USD 0.618 yesterday, temporarily making it the 2nd largest cryptocurrency with a USD 24.6 billion market cap. This is the third time that Ripple (XRP) is edging past Ethereum, a testament to the high level of competitiveness between the two top currencies. The consistently high daily trade volumes experienced by ETH has in the past ensured it outperformed XRP in the long run. The current volumes however, which XRP has maintained over the last 10 days is at par with ETH trade volumes giving XRP a better chance at gaining and maintaining the lead if it were to remain consistent.
Ripple Inc. Heads SAIV Lobby Group
Ripple is heading up the “Securing America’s Internet of Value Coalition (SAIV)”, a new lobby group consisting of other blockchain players such as the RippleWorks Foundation, Coil, Hard Yaka and PolySign. The lobby group aims to aid policymakers in Congress and government agencies as they examine the new technology and adapt regulatory framework to accommodate the technology. The group also hopes to have an influence on the regulation of cryptocurrency industry.
The driving force for SAIV is to push for fair and equitable Internet of value, through the development of standards and consistent rules binding all major protocols. SAIV will work towards assisting the IRS in developing regulations for capital gains, assets, and charitable contributions that are fair and equitable. In addition, SAIV will seek the clarification of custodial rules with its initial focus being the US regulatory environment. SAIV will work with lobbying firm (Klein/Johnson Group) to help push its agenda. The lobbying firm will be paid a fee of USD 25,000 monthly and an additional 10,000 XRP’s for its services. The payment structure, according to Ripple CEO Chris Larsen, is aimed at giving the lobby firm an upside and a risk, while exposing it the cryptocurrency industry as an incentive to push for SAIV’s objectives.
Regulations in the cryptocurrency sector are aimed at increasing confidence and to catalyze the rate of adoption of the technology and digital currencies. They are also aimed at addressing concerns such as money laundering, tax evasion among others, with the goal of making the ecosystem safe and secure for all parties involved. The Chinese government has tightened regulation on ICOs while US government spending on blockchain analysis firms has grown by over 300% to USD 5.7 million in 2018.