After reaching the heights in the cryptocurrencies, the fall of Bitcoin is worrying the traders and is giving rise to another crypto coin: Ripple (XRP)
Ripple is one of the many cryptocurrencies that are available in the market in the world right now. The team that is behind the cryptocurrencies is seeking to convert the funds in any of the currencies with just a fraction of seconds. This is because it mainly takes place through various institutions and not via retail third-party transactions like PayPal. This is the fourth-largest cryptocurrency in the world right now with a market cap of around $43 billion.
The price of Ripple’s XRP has token a broke through the one dollar barrier to hit the $1.37 on December 22 and as I write this, the value of Ripple Coin has dipped back to less than a dollar and is now at $0.98. It is more significant of crossing the dollar line.
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The coin has marked a big rise in the price of the digital currency that has priced at as little as $0.24 at the beginning of December. This is representing a hike of 470 percent. Earlier this year, it was more than 1,700 percent rise and it was only worth $0.006.
The impact of the other cryptocurrencies like Bitcoin, Litecoin, Bitcoin cash has served to drive up the price of the Ripple tokens and combined with a speculation where the top cryptocurrency exchange the Coinbase would initiate trading of the tokens. This is the move that is yet to take place.
Like with any cryptocurrency, investing in Ripples doesn’t guarantee the returns and the top financial figures have already warned that it represents gambling as their values can’t be predicted.
There are many financial institutions that have expressed their interest in trailing the Ripple’s technology. The team of fintech, a finance and technology experts appear seem to have focused on forging the partnerships with the major financial players like the recent deal with the American Express, as a way to ensure the platform’s growth.
The company was founded in the year 2012 with workplaces in the cities like San Francisco, Sydney, India, London, Luxembourg, and Singapore have now traded on more than cryptocurrency exchanges, and it looks at least set to grow in this regard.
Right now, this is one of the major markets in Asia and the commentators say that the Asian traders are going berserk for the digital currency.
“People feel comfortable with its name and the technology behind Ripple,” said Trevor Koverko, chief executive of Polymath to Forbes. “A lot of people are beginning to realize how big of an opportunity there is between business and the blockchain. and that is making the Ripple an early winner here in the competition of the cryptocurrencies.”