It’s official – Ripple is the third biggest cryptocurrency – all thanks to its surging prices. Currently, Ripple is trading at $0.77 and yesterday it shot up to as much as $0.89 before the correction. The market cap of Ripple is now valued at $30 billion.
Two weeks ago, the price of one Ripple coin was around $0.25 and the market cap was $10 billion – not to mention January when Ripple was trading at $0.006 with a market cap of around $265 million. This made Ripple climb and overtake Bitcoin Cash in terms of market cap. However, the battle is now very close at Bitcoin cash has $29.46 billion in market cap compared to Ripple’s $29.97 billion.
The figures above can certainly say that 2017 was a great year for Ripple. Aside from that, the cryptocurrency which is also a payment network for multinational banks grew its market cap by thousands of percentage points. However, most of the big scaling came from the news that it is being used in trial tests for international transfers between financial services consortiums in Japan and South Korea.
This was the point when a lot of Asian investors got into Ripple. The numbers from yesterday can confirm that – stating that approximately 44% of trading volume in the past 24 hours were Ripple transactions.
What can be said for Ripple at this point is that it is a completely different beast compared to Bitcoin Cash. While the former came into existence in August this year after a hard fork in Bitcoin’s blockchain, Ripple is aimed at increasing the speed and volume of the transactions on the bitcoin’s blockchain.
Ripple has been around since 2012 as a company that sells services to banks in order to lower costs and increase the speed of international transactions.
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