One currency has risen 150 times in the past year. When all of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), fell sharply, the suspense of the bubble burst. The Ripple (XRP) hit its peak – an event like the Bitcoin price hit 5 digits more than a month ago.
It seems that while the price of all cryptocurrency, including the most well-known virtual currency, Bitcoin, has fallen sharply, there was still a very bright ‘star’. Strong price increases on the market over time, despite rumors that the bubble is about to break.
That is the Ripple (XRP). Though, it is down now but its losses are still much lower than what others have faced.
This currency is expected to become a useful payment instrument in the traditional financial system. In other words, Ripple could be the “ambassador” of the new Blockchain technology in changing the old financial system.
Ripple customers are the world’s largest banks and payment service companies to create new global transaction networks: wider, lower cost, faster speed.
Also a payment support currency, however Ripple does not set itself a competitor to Bitcoin. It is a necessary addition to Bitcoin and other virtual currencies. The mission of the Ripple, with the ability to save costs and time to pay, is to help people get rid of the matrix of payment networks such as credit cards, Paypal, Visa.
Ripple next to Bitcoin, Ethereum
If it comes to Bitcoin, Ethereum it certainly cannot fail to mention the ripple as another ‘hero’ of the cryprocurrency world. This currency has grown more than 150 times since the beginning of the year and is in the top four in the largest capitalized virtual currency market.
In the days leading up to Christmas, when all the red is shown on coded coins, the ripple seems to be the only bright spot of the market as it limits the losses. In the last 24 hours, Ripple price is holding near $1.
A few days ago, without the expectations of investors over the past few years, the ripple finally reached the threshold of $1. Observers say that this is a very important milestone for this coin and for the whole Ripple supporter community around the world – It’s like Bitcoin reaching $10,000 and that means the other peaks are waiting.
Earlier this month, Ripple made a hat-trick of breaking through the Bitcoin Cash and regained the No. 3 spot on the charts. At that time, the total market capitalization of the ripple was $31 billion.
However, Bitcoin Cash is no less. A few days later, this coin won back to its original position, reaching more than $3,500 with a capital value of $62 billion. But Ripple has risen and has risen more than 50% in just two days. In just six days, the market for Ripples has risen from $31 billion to $40 billion.
Thus, the Ripple is firmly in third place and is like a wild horse.
The explanation for success: The backbone of the Korean and Japanese banks
Analysts say the reason behind this spectacular growth comes from the fact that major banks in South Korea and Japan announced a trial of Blockchain Ripple.
On December 13, Ripple prices jumped 71% in one night. At the same time, news of 61 Japanese banks and leading financial institutions in Korea agreed to co-operate on the deployment of Ripple technology to handle international payments was also launched.
Japanese banks in Japan and South Korea have started experimenting with block-based technologies based on ripples. If all goes well, they will immediately apply the technology to the infrastructure as soon as possible.
It is expected that in the spring of 2018, more than 70 Japanese and Korean banks will start cross-border transactions through the Blockchain Ripple. Since virtually every major bank in the region is handling billions of dollars, the involvement of more than 70 banks in the ripple ecosystem will be the main contributor to the increase in transaction volume.
This information has made Ripple rise and become the most talked about virtual currency at this time.
On Bithumb, South Korea’s largest cryptocurrency trading platform, the ripple is the second largest currency traded, with a daily trading volume of approximately $800 million. This figure is even higher than Bitcoin.
Ripples are also traded at a much higher price premium than the rest of the world. At the time of publication, the global average price of the ripple was $1.15. In Korea, ripples are trading at $1.33 on Bithumb, up 16.6%. This is a good opportunity for investors to implement the arbitrage trading.
The global ripple community is looking forward to the latest announcement from cryptologist David Schwartz about the new Ripple partner. Schwartz’s new partner name will surprise the Ripple community. This means the ripple will probably co-operate with a large financial institution.
Perhaps the biggest success of the ripple is the stability that Bitcoin, Ethereum does not have. Compared to the Bitcoin system, which is relatively loose and needs to be upgraded, with Ethereum being influenced by its founder Vitalik Buterin, the Ripple is much better when it comes to having a fully functional company. This gives a sense of authenticity to the currency as well as less likely speculation.
These moves have helped Ripple go a long way to build credibility and confidence among investors. However, many experts claim that the market is generally not for the weak hearted investor, but if you have faith, investing in a ripple token can be one of the right decisions.