Blockchain news

ico crypto 2017

Ripple Surged 70% to Become the Third Most Valuable Digital Currency After Bitcoin and Ethereum

Ripple Surged 70% to Become the Third Most Valuable Digital Currency After Bitcoin and Ethereum

It is the age of cryptocurrencies and ICOs and we have been hearing news about the surge in Bitcoin prices and the plasticity of Ethereum. But on August twenty two nd , a cryptocurrency named Ripple hogged all the headlines as it rose 44% in one day and 70% in a matter of few days. Many people may not have heard what Ripple is but it is soon likely to become one of the most used currencies in the financial world with many banks and other financial institutions adopting it and moving towards using the underlying technology of Ripple.

On a base note, the Ripple currency is used to send and receive payments. So, as can be seen, unlike many other cryptocurrencies, Ripple has a solid fundamental that is underlying it and the use is also something that is very significant in the financial world. It can be used by individuals to exchange money irrespective of where their banks are and this helps to stir the funds around, all across the world. It uses a technology called inter ledger protocol where the money never exchanges mitts but both the send and the receiver has access to it through a secure digital channel, with all records of the transactions in it, and this makes it a very secure transaction channel.

Ripple Aids Financial Payments

Since the technology is very secure and it helps the institutions involved to save a lot of money, many banks have begun to adopt this technology. By the last count, twelve banks have been using this. Apart from the bank, Google has also been one of the very first backers of Ripple as it realized the potential involved. Since then, we have seen many venture capitalists also beginning to back Ripple.

So from the above, it is pretty clear that Ripple is on pretty solid footing. The team working on the currency is also very well known and also very respected as well. With such good fundamentals, it is only a matter of time before the fundamentals showcase through and the potential is realized and the currency embarks to stir up and this could very likely be that time. The traders and the investors certainly believe so and that is why we have been watching the prices surge over the last few days.

South Korea Loves Ripple

The main interest for buying Ripple has come from South Korea. Of late, this country has become the center of trading as far as cryptocurrencies are worried and it has been the leading buyer whenever there has been a surge in the prices of Bitcoin and ethereum and even in the case of Ripple, a major part of the volume came from this country. Another fundamental reason for the South Koreans to demonstrate interest in Ripple is rumors that a major bank in that country, Kakao Bank could be preparing to adopt Ripple technology. This has not yet been confirmed by the bank.

Expansion Into China

Another rumor that is doing the rounds is that Ripple may expand to China and may even target that country as part of its major thrust. This is understandable given the fact that the Ripple technology helps in secure financial transactions at low cost and hence would be very useful in countries with a large and fragmented population. That is why China and India would be very interested in using this technology as banks and other financial institutions in these countries, which have a large of their citizens outside the country and spread far and broad in the world, could use the Ripple technology to treat financial payments at very low cost. There is also another rumor that says that Alibaba, the tech and e-commerce giant, could be using Ripple technology for treating payments. Nothing has been confirmed as yet but it does speak volumes of the technology and the potential involved in Ripple.

Considering these developments, it is likely that the Chinese may also commence showcasing interest in Ripple and this could drive the prices even higher. All this shows the interest generated in Ripple at the moment and this could be the fundamental driver for the price rise, right now. And the budge into fresh markets is only going to increase the request for Ripple in the brief and medium term and hence, it is no wonder that its trading volumes are surging.

The Best and Safest Way to Buy and Sell Bitcoins

Virtual currency is becoming more popular by the minute. It’s commencing to seem that everyone wants in, yet it isn’t always so effortless to get crypto currencies. Coinmama permits you to purchase Bitcoin through credit card or cash in sizes that will suit your needs! Click Here for More Info

Related video:

Leave a Reply

Your email address will not be published. Required fields are marked *