Ripple, a cryptocurrency that is currently sitting in the fourth place spot, just hit and surpassed the one-dollar value for the first time in history. Ripple’s XRP digital coin has increased in value by 160 times during the past year.
With a market cap of $42 billion, Ripple is trading at $1.10. In comparison, the cryptocurrency was valued at right over 0.006 cents at the start of the year.
Looking at the coin Ripple is replacing at #4, Charlie Lee of Litecoin recently announced that he has sold all of his Litecoin tokens throughout the past couple of days to stop the continued accusations that he is somehow benefiting from his own tweets.
Despite his stated reasons for selling, this information has caused some people to wonder what is going on with Litecoin, and is one reason why people have started looking more at Ripple, keeping it ahead of Litecoin in rank. Ripple, a banking-oriented cryptocurrency, began its upward swing about a week ago. The surge was partially caused by a general increase in the value of many rival cryptocoins, as investors have searched for other digital coins to bet on, instead of the high-priced Bitcoin.
There have also been circulating rumors that Ripple could appear soon on Coinbase, in 2018. These rumors appear to have also caused people to buy up Ripple, as many expect it will continue to rise in value to over a few dollars or more next year.
Ripple also has the support of financial institutions including Standard Chartered and Axis Bank. These companies both recently announced a new cross-border payment platform that is built on top of technology created by Ripple. The platform connects corporate businesses in Singapore and India.
Other big companies, such as American Express, launched instant blockchain-based payments utilizing Ripple for US corporate clients, sending money to UK-based companies that bank with the British branch of Santander. And to top it off, rumor has it that Michael Arrington’s $100 million digital currency hedge fund will be valued in Ripple’s XRP.
Currently found listed on 30 exchanges, Ripple was launched in 2012. When considering Ripple as an investment, many think it will do really well and continue to increase in value for a long time. What Ripple has holding it up is the support of the banking world. It was originally created to be a worldwide payment and transmission system, so it is also very fast. Ripple, the company behind XRP cryptocurrency, has licensed its blockchain technology to more than 100 banks so far.