What is Ripple and its futureJanuary 10, 2018
What is Ripple. whats about its future and how it is the position of second largest cryptocurrency in the world
Ripple is a digital currency,released in 2012 which is a real time gross settlement system(RTGS), Currency exchange and remittance network. Its short name is XRP. Ripple is most likely cryptocurrency to be adopt formally by networks such as VISA and MasterCard as well as central bank.
Ripple has been increasingly adopts by banks and payment networks as settlement infrasture technology with American Banker.
“At the moment, it takes between 2 and 5 business
days to transfer funds from one bank to another,
whereas Ripple can process these transactions in
seconds flat, and for a fraction of the cost.”
On 6 jan 2018 the market capitalisation of XRP was 123 billion USD which it making the second largest cryptocurrency by marketcap.
The investor syas that prediction price around $10 by the end of 2018 but it depends on adoptions by banks as well as the payment networks and If ripple is formally adopted by VISA then its price can reach as far as $100 at some point
In 2017 the Ripple price jumped by 3500 time. The currency showed a 35000 percent increases in value and placed it second largest cryptocurrency in the world. It is seems to be the first digital currency that will approach Bitcoin at sometimes.
The increasing price of ripple due the new banks joining the platform and rumours that coinbase might include ripple in their platform. However it is the most difficult cryptocurrency to understand. It operates very differently from peers such as bitcoin. It is owned by ripple labs and centralised there.
Ripple is a defacto ‘crypto fiat’. As such ripple isn’t a competition to Bitcoin but serving almost a completely different purpose. In the former transaction speed of banks seems to be one of the challenges before we are ever likely to see bitcoin-like technology in a mainstream banking system but the problem for bitcoin is that it can only handle less than 15 transactions in a second, while ripple’s XRP ledger can handle more than 1500 transactions a second.
XRP has gone from being listed on six exchanges earlier this year to more than 50 worldwide like Bithumb, Binance, Bittrex, Poloniex, Hitbtc, Bitstamp, Bitfinex etc..