- Price $0.348068
- Market Cap
Ripple is a fast money transfer, and in association with this, the Ripple coin was created. Since their creation 5 years ago, they have been steadily growing in both value and popularity. Although similar in many ways to bitcoin and the bitcoin network, it was built with a different purpose in mind.
Transacting a process using Ripple is extremely fast, in most cases taking just 4 seconds, which is considerably faster than a Bitcoins transaction. Additionally it is very cheap in terms of its transaction fees, which could just be because there are less people using the Ripple platform than the Bitcoin platform.
The Benefits Of Ripple
The biggest difference between Ripple and Bitcoin is the fact that Ripple was created as a payment platform for financial institutions, and although it can be traded, it was never intended to be used to buy things online.
Despite being the 4th largest cryptocurrency in the world, compared to Bitcoin, not a great deal of people seem to have heard of it. It is both a payment network and a cryprocurrency, created back in 2012. The RippleNet connects banks to large businesses to and allows them to trade both funds and assets through the network which are then recorded on a digital ledger.
A big benefit is that the Ripple currency is scalable, and can handle over 1500 transactions per second. It also offers low transaction fees. It is due to these benefits that it is being used by many institutions across the globe.
Since its beginning, Ripple has seen its fair share of highs and lows, with its price in USD having risen 28,000% so far, a number that is almost unheard of in any investment. It has always have a fairly low Ripple to USD value on most price exchanges, taking almost 6 years to reach its high. Experts believe that this slow growth many just be due to the expansion into new markets
2017 really was the year for Ripple, whose price rose by 4000%. Currently there are 100 billion XPRs available, with Ripple company owning 60% of them.
The Partnership With Amex
It was November 2017 which showed the most significant rise, which was largely due to the partnership news between Ripple and the household name of Amex. The company’s aim was to offer instant payments through the Ripple bitcoin network.
Ripple’s price then significantly rose again the following month in December, this time due to the news of another partnership, between Japan’s Bank Consortium as well as two additional banks which are located in South Korea. The partnership was created with the aim of using the Blockchain network to create a cross boarder payment system.
Beating The Odds
The price of Ripple reached its peak on the 3rd January, at $3.14. Then in the following months, when most of the other cryptocurrencies in the market has experienced a substantial loss in value, the price of Ripple didn’t seem to do much, and remained pretty consistent in price. Many people believe this is due to its partnership with American Express, numerous hedge funds in the month of February and hires from Facebook. Plus, there is the fact that Japan as a whole is encouraging Ripple as a cryptocurrency to use.
The future of Ripple
By the end of the month, its value was more than a 100 times its opening rate. At the beginning of March 2018, its price fell again back to the $1 market, making the future value of Ripple very difficult to predict.