Although Ripple is not necessarily the most popular cryptocurrency on the market, it has recently experienced some dramatic gains. The currency went up to a market cap of $46.2 billion recently with each of the 38.8 billion Ripple coins on the market trading at about $1.20 each. This is currently the fourth-largest cryptocurrency in the world based on its market cap.
The most noteworthy story about Ripple is that the currency has experienced a dramatic rise in value within the past month. The currency was trading at around $0.25 on December 9. The currency experienced a sudden rise in value a few days later and reached a high of $1.35 on December 22.
The currency went back down to $0.75 later on the same day when it reached that height but has gone back to close to that high in recent time. It has been trading steady for the most part ever since and continues to be a viable investment in terms of other cryptocurrencies in the active market.
The Main Point
Ripple is designed with a blockchain system that focuses mainly on financial functions. It allows international transactions to be executed immediately. This ensures that money can be sent overseas instantly without people having to wait a few business days to get it. The process works for extensive transactions and will be easy for all to follow.
Why the Rise?
The sudden rise in the value of Ripple comes from some of the largest financial entities using it for various international transactions. Banco Santander and American Express have both been using Ripple and its blockchain for handling these transactions. Non-card payments have been used by Santander accounts in the United Kingdom through Ripple.
These transactions are showing that the Ripple system is efficient and ensures the quick and safe transfer of funds without people having to wait too long to get their money moved out.
Also, Ripple works with referrals in mind. The currency can be used in the place of another intermediate currency while money is being transferred. This ensures that the money is being saved and secured while it is being traded out.
The Massachusetts Institute of Technology has been using the system as well. It has been researching the blockchain used in it to produce a more efficient layout for getting money managed.
The extensive growth of Ripple shows that this cryptocurrency has a strong potential to grow and become a significant player in the cryptocurrency field. This all comes amid the growth of the currency being valuable as an option for handling financial transactions in a quick and effortless manner.
What About the Volume?
The volume of Ripple has declined dramatically since its rise. A week earlier, its 24-hour volume was listed at $2.1 billion. It has since moved back to a total of about $800 million on average. The value of the currency has been relatively stable even with this in mind. This makes it easier for the currency to grow although like with any other cryptocurrency, it could still be at risk of losing its value over time.
Informative article
Nice post on Ripple
Informative article