Ripple, was designed for banks and global money transfer. Recently, it has hit huge all-time high value in these past three days.
According to CoinMarketCap, giving its market value of $3 1.6 billion, XRP surges 89% on Thursday. Particularly, those gains pushed ripple’s market value past that of bitcoin’s offshoot BCH. Therefore, it is in third place just a step backward to latest trending currencies bitcoin and Ethereum.
Interestingly, Ripple (XRP) is actually older than Bitcoin. Thus, the original version of the company was created in 2004. The cryptocurrency has been adopted by banks and several financial sectors. Moreover, the companies believe that the infrastructure will offer better prices and is more secure compared to other digital currencies.
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However, its network allows users to send, receive and hold any currency in a decentralized way.
Ripple CEO Brad Garlinghouse told Fortune earlier this year,
“The liquidity needs of banks today is managed with literally ten trillion of float that sits in these nostro and vostro accounts. We believe very strong this is an inefficient model. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalize on that. Bitcoin takes four hours to settle a transaction. XRP takes 3.6 seconds”.
Significantly, the reason for a surge in Ripple is the effect of the rise of interest in Bitcoin. However, investors who believe cryptocurrency may be reaching a peak. From the start till date, Ripple XRP has been its value jump more than 7000%.
I guess Ripple is here to stay! It’s already among top five cryptocurrency.