Ripple Price Surges 84% In A Day To New Record High. Is XRP The Next Crypto Rocket ‘To The Moon’?
(As featured in Forbes- December 13, 2017)
Written by: Jesse Damiani
Ripple seizes the #4 spot with $18B market cap.
Alongside major developments in Bitcoin, Litecoin, and Ethereum, other altcoins are beginning to gain traction in the broader eye. One such coin is Ripple (XRP), a cryptocurrency known for its connection with the banking world.
24 hours ago, the price of XRP was $0.27. Earlier this morning (PST), it hit $0.51—an increase of 84 percent. At the time of this writing the price is $0.46 (CoinMarketCap).
What you need to know about Ripple
Alongside its cryptocurrency, Ripple operates as a payment network called RippleNet. The goal of the platform is to optimize easy transfer of funds—to almost any other currency or cryptocurrency in the world in 4 seconds. Ripple is working with banks and financial institutions to become the premier cryptocurrency of record, offering a quick, cost-effective way to transfer funds globally.
For example, if you wanted to send your friend in Italy $50, you could trade for $50 worth of XRP, and they could quickly trade that out for Euros.
So why has XRP gone up so quickly?
The increased activity in Bitcoin following Cboe launching bitcoin futures trading on Dec. 10, is generating more activity around the entire cryptocurrency world. As the #4 (and occasionally #5 when Litecoin surpassed it) cryptocurrency, of course Ripple has felt the, well, ripple effect.
Another explanation is that as the Bitcoin craze cools off, more people are trading for Ripple—which some see as a more stable asset.
“I think that markets view XRP as a very stable digital asset, so they feel safe parking funds in XRP when they exit other assets. If someone wants to get out of BTC, but doesn’t want to necessarily move into fiat, he or she moves the value into XRP,” said Miguel Vias, head of XRP markets at Ripple in an interview with Coindesk.
Especially as network speeds lag and transaction fees soar on Bitcoin, Ripple may be an appealing trading alternative with its super-fast speeds.
Unlike many cryptocurrencies, whose ethos moves away from traditional banking and financial institutions, Ripple seeks to use the new technology to optimize how money is moved.
To that end, a recently announced partnership with American Express could be driving buzz around XRP. Ripple will be working with AMEX to “solve liquidity shortfalls in remittances by offering instant blockchain-based payments.”
“American Express has a long history of integrating new technologies…,” said American Express Chief Information Officer Marc Gordon, in a statement. “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”
Editor’s Note & Disclosure: The author participates in cryptocurrency markets. Neither the author nor Forbes endorses participation in any token sale or cryptocurrency investment, all of which have significant inherent risk. Seek advice from a financial advisor as well as do your own due diligence before considering investment.
Find the link to the full story below: https://www.forbes.com/sites/jessedamiani/2017/12/13/ripple-price-surges-84-in-a-day-to-new-record-high-is-xrp-the-next-crypto-rocket-to-the-moon/2/#4f83a0193c37