As everyone starts buying into all forms of cryptocurrency after seeing how well Bitcoin in performing, Ripple’s XRP digital currency has just surpassed Litecoin on Tuesday to rank fourth place by cryptocurrency market capitalization. This is according to information provided on our Coins page.
As of this writing on Wednesday XRP has risen to a value of $0.81, up 72.41 percent in the past 24 hours.
Ripple is actually the name of the startup company utilizing Bitcoin’s blockchain technology to create a payments network for digital asset exchanges, banks, and other financial institutions. The digital coin network participants use for transactions is called XRP.
Ever since Bitcoin skyrocketed after the launch of the first Bitcoin futures contract on Monday, previously overlooked digital currencies are all beginning to gain some traction as well. A prime example is Ripple, now up more than 10,000 percent from its 0.63-cent ($0.006312) price at the start of this year.
This rise in value for Ripple most likely would not have happened if it weren’t for the spike in Bitcoin and all the mainstream news coverage of late. There is no other big changes to report or special reasoning to explain why Ripple, along with other digital currencies, has suddenly been getting more attention. Litecoin and Ethereum are two other virtual currencies doing really well this week, both reporting massive gains compared to the rest of this past year.
According to Standpoint Research’s, Ronnie Moas, “The launch of Bitcoin futures by Cboe Global Markets earlier this week has been seen as a celebrity endorsement and a stamp of approval on crypto. Ripple is very promising … and many people are excited about this particular coin. It is in a powerful position and serves as a payment network … allowing you to transfer dozens of different currencies worldwide in lightning speed.”
Bitcoin is still sitting at a value of around $17,152 as of today, according to CoinDesk’s bitcoin price index. The market value for this digital currency is sitting at around $287 billion, placing it at the very top of the cryptocurrency market, by a very large amount. Next in line are Ethereum and Bitcoin Cash, an offshoot of Bitcoin.
What does this all mean for a newbie to the world of digital money? It means that now might be a good time to invest in either Bitcoin, or one of the other front runners in the cryptocurrency market. Now that cryptocurrencies are becoming more widely accepted, and more companies are beginning to accept digital money as a method of payment, many financial gurus are speculating that it just might be here to stay.