The second largest cryptocurrency in the world after Bitcoin, Ripple, has continued its growth and recently crossed the $3 per coin mark. Currently, it sits on an average of $3.54 and is aiming at crossing the $4 mark real soon.
The price has increased almost 49,000% over the past year, which marks a great year for Ripple and even better beginning of 2018. The cryptocurrency passed the $2 mark last week and has seen a 130% increase since December 27th.
Another thing that is interesting is that as investors are putting their money in Ripple, its market cap is rising. Currently, Ripple’s market cap is somewhere around $131 billion which is more than a half of Bitcoin’s market cap that is $251 billion at press time.
If you are wondering what is Ripple though, the best way to describe it is as a blockchain-based payment system that is designed for enterprise level payment transaction. The cryptocurrency mania has blossomed on the South Korean market too, which is where almost a half of Ripple’s trading volumes occurred. This also contributed to the rise of the altcoin.
Launched in 2012, this altcoin had a market cap of $91 billion on Tuesday – something that changed in a matter of days. The change has been mostly due to the adoption of Ripple by companies such as UBS, Santander and American Express that are all involved in developing instant blockchain-based payment systems.
No one knows what the future will bring for Ripple. However, it is safe to say that Ripple is aiming at the $200 billion number in terms of its market cap – while many other prospective altcoins such as Cardano (ADA), Stellar (XLM) as well as Status (SNT) are continuing to rise and prove that Bitcoin is not the only cryptocurrency that has been stealing the show this year
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‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
Ripple Has Room To Double As Technical Strength Grows
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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