Ripple’s XRP to overtake Bitcoins as Third Largest Cryptocurrency
Ripple’s XRP marks the level of bitcoin and Ethereum, making it third largest cryptocurrency.
A week after the value of Ripple’s native XRP token topped US$ 1, the cryptocurrency surged by rising 34 percent. At press time the token used for transactions on the San Francisco startup’s RippleNet cryptocurrency network, reached US$1.87, a figure that was nearly double its listed price. The price rally arrived after a long period of inactivity in the market, which had held steady at US$ 0.20 over the past six months.
Japans major credit card companies have signed up to use Ripples technology triggered another bounce in XRP prices. According to CoinMarketCap, Ripple’s XRP cryptocurrency has gained tremendous traction of 202% since December 9, 2017 propelling it to a market cap of US$ 29.77 billion and making it the third largest digital currency. Founded in 2012 by Ripple Labs, XRP aims to use blockchain technology to speed up cross-border money transfers and bank settlements. Most of those transactions are facilitated on Swift, a much older network that can often take days to send money internationally with high fees.
According to Cryptocurrency Market report published by Coherent Market Insights, cryptocurrency are digital medium of exchange, alternative to conventional currencies such as US$ or Euros. These utilize digital information exchange based on the principles of cryptography, to provide secure means of transactions and in many cases provides anonymity. “I think a lot of this is simply the market better understanding the realities of digital assets performance,” said Ripple CEO Brad Garlinghouse. “There is appropriately a lot of excitement about the potential but XRP is very uniquely positioned to actually be able to deliver on the promise.”
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