Will 2018 be termed as the ‘Year of Ripple’?
Jan 01, 2018 Posted / 4331 Views
Everyone was surprised with the Bitcoin rally in the year 2017, and after beginning on the leading CBOE and CME exchanges the price climbed to $20,000. Nonetheless, it soon started towards its consolidation period close to Christmas.
However, if apart from Bitcoin there is one currency that has astonished the analysts is Ripple. The steady rally of XRP delighted many of its fans, which are now predicting that 2018 will be the year of Ripple.
On 29th of December 2017, the market value of Ripple, also called XRP, climbed by more than 50% recording an all-time high of $85 Billion. The market capitalization of the digital currency continued to hike over the weekend, reaching $100 billion (now $84bn). If you will look at the statistics on the price index websites and various exchanges, you will find that Ripple has surpassed Ethereum ($74bn) and is now the second most valuable cryptocurrency after bitcoin ($234bn).
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Accordingly, currencies rally in the past few days have befitted Ripple and put it on track. It is significant to note here that the price of XRP have risen by more than 35,000% over the year 2017 as it began the year trading at around $0.006. The currency, which is now standing at $2.24, was trading at $0.25 less than a month ago.
The reports by Bloomberg state that Ripple’s profits in 2017 have left behind the gains of Ethereum and bitcoin. The rise is suggested in its market capitalization figures as the Ripple CEO Brad Garlinghouse took to Twitter on the last day of the year and posted: “Proud to be ending 2017 with incredible momentum on a number of fronts! A huge, heartfelt thank you to the amazing @Ripple team, our great partners and an incredibly supportive $XRP community.”
The gains draw closer as the Ripple advances to set up itself as a rational and consistent digital currency, which can be utilized by, regulated institutions. The currency and the firm came in a market scenario in the year 2012. At that point in time, it specialized and was exclusively designed for interbank payments and settlements. Ripple has time and again expressed its motive to simplify the enormous volatility and vulnerabilities experienced by cryptocurrencies in the market by developing the planned sale and utilization of its currency.
In the last years, more than 100 banks have signed to the company’s platform, RippleNet, and were recently acknowledged for experimenting the applicability by a consortium of Japanese banks. Interestingly, international banks like Bank of America, RBC and UBS are its clients.
The company originally introduced 99bn XRP, and at that time released approximately 38bn in the market for purchase. However, in May last year, Garlinghouse articulated that the company would move 55bn of its XRP into escrow allowing up to 1bn into the market each month. The Ripple CEO was formerly a higher-ranking executive at Yahoo and AOL and was also the CEO of the file transfer site Hightail (formerly YouSendIt). In the recent media reports, Garlinghouse has spoken that the gains are an indication that coin is progressing among the masses in reality and not just science experiments.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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