Ripple rallies 7% to take ethereum's place as world's second biggest cryptocurrency

Ripple rose nearly seven percent on Monday, or $0.02, taking back its place as the world's most valuable cryptocurrency from ethereum, as short-covering operations take place after marking the worst weekly performance in a month. 

As of 06:49 GMT, Ripple rose 6.64% to $0.34320, with an intraday high at $0.34788, and a low at $0.32121, with Ripple's market value value amounting to $13.84 billion. 

Ripple is rebounding on some short-covering after marking a 15% loss last week after the Ethereum Classic's network suffered a $1 million security breach. 

Bloomberg recently reported that an ECB member warned that the crypto bubble is starting to already burst. 

Ardo Hansson, governor of Estonia's central bank warned that cryptocurrency are heading to an end, with the world currently witenssing "the collapse" according to him.

It's worth mentioning that Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing up to 90% of value on a violent selloff wave that stormed crypto assets this year. 

Ripple then reversed nearly 80% higher in only a few days in September on positive news for the cryptocurrency and its standing between major financial institutions.