Ripple’s native token XRP briefly violated the market capitalization of major banking giant Citigroup late Sunday. Development shows that the digital asset sector is growing and challenging traditional order. Billions of dollars worth of funds are in the cryptocurrency sector and aims to be at the same stage as the stock market.
Here’s what happened with XRP and Citigroup market capitalization
XRP’s market capitalization reached a new high of $18.362 billion in the second half of Sunday, compared to Citigroup’s $183.06 billion. Therefore, XRP’s market capitalization advanced Citigroup $560,000,000 ($560 million) later on Sunday. This progress shows that fintech companies can move beyond the established financial giants by market capitalization.
It’s Monday’s U-turn
Things made a U-turn on Monday morning after XRP violated Citigroup’s market capitalization. Ripple’s native token fell 4%, below the $3 level, reaching $2.97. The slump has pushed Altcoin’s major market capitalization into the $176.8 billion range.
XRP is now $62.6 billion behind Citigroup, falling within 24 hours. Dip highlights the changing dynamics of financial markets. Mainstream bank valuations face fintech startups and highlight a changing nature of the financial sector.
Can Altcoin rise again?
Yes, XRP could violate Citigroup’s market capitalization again, but it could slip off like it was on Monday. The chances of dips are high as major Altcoin struggles to surpass the $3.20 mark. Citigroup, meanwhile, has a range of financial services that can support its rating, providing a wider cushion. Ripple also needs the support of multinational giants to grow. If not, you may lose its luster. It’s a give-and-take policy for Ripple, as market leaders can take decades, to stabilize themselves.
