While the entire world is all eyes on Bitcoin, as the cryptocurrency keeps breaking record after record, a new one is gaining a lot of market value, showing its incredible potential. Ripple is now among the most important currencies on the market, managing to surge 89 percent this Thursday, reaching a record high of 89.2 cents, while its market value is $31.6 billion.
There’s a lot of potential here!
According to a report from CNBC, this price increase managed to push Ripple’s market value past Bitcoin Cash and Bitcoin Gold, being now close to Bitcoin and Ethereum. Yes, even Litecoin was surpassed on Wednesday, after starting the week in fifth place, by market capitalization.
For those of you who are not familiar with it, Ripple is technically a startup using blockchain technology in order to develop payments networks for banks, as well as digital asset exchanges and other financial institutions. Abbreviated XRP, it’s the digital coin network participants rely on for transactions.
A lot of South Korean investors’ interest helped the cryptocurrency gain a lot of market territory, just like they helped Ethereum reach its current level. This week, investors in the country hold more than 40 percent of the entire Ripple trading volume, says CryptoCompare.
But it’s not stopping here!
On Wednesday, banks in Japan also began testing the coin’s blockchain technology. If everything goes well, they are planning to start sending money using XRP’s technology starting with January.
“In a landscape of a lot of hype, Ripple is the one that is delivering a reality,” Brad Garlinghouse, CEO of Ripple, declared in an interview.
Back in October, Ripple announced that its blockchain technology was used by more than 100 financial institutions, while one month later, American Express FX International Payments, alongside Santander, were planning to use the network for cross-border payments between the United Kingdom and the United States.
Finally, the currency also received support from TechCrunch founder Mike Arrington, who announced a few weeks ago that he’s planning to launch a $100 million “cryptofund”, denominated in XRP.