Ripple becomes second largest Digital Cryptocurrency – Should you invest now?
In the recent times, we have been hearing about cryptocurrencies and how Bitcoin price has increased drastically all over the world. While some of you might be aware of Cryptocurrency, a very few people own them and even fewer understand its concept. Ripple is the second largest Digital Cryptocurrency in the world after Bicoin in terms of market capitalization. After Bitcoin gave super duper returns of over 1000%, other cryptocurrencies like Ripple Cryptocurrency is gaining prominence now. What is Ripple Digital Cryptocurrency all about? Whether Ripple, which is second largest cryptocurrency in the world would provide higher returns like Bitcoin? This article would provide some insights about Ripple Digital Cryptocurrency.
What are Cryptocurrencies?
If you are already aware of Cryptocurrencies, you can skip this section.
Cryptocurrencies are virtual or digital currencies that are designed to work as a medium of exchange. It uses cryptography to secure and verify the transactions along with controlling the creation of new units of a particular cryptocurrencies. The first cryptocurrency ever introduced was Bitcoin in 2009. It was described as ‘peer-to-peer electronic cash system’. There is no central controlling authority to this system and it resembles peer-to-peer networks for file sharing. After the huge success of Bitcoin, the market was flooded with a number of cryptocurrencies, the most common of which are Ripple, Litecoin, Ethereum, NEM, Neo, Dash etc.
What is Ripple Digital Currency?
Released in 2012, Ripple is a technology that acts both as cryptocurrency and a digital payment network for financial transactions. The coin of Ripple is premined and labeled XRP. Ripple is the official name of a San Francisco based start-up using blockchain technology to develop a payment networks for banks, digital asset exchanges, and other financial institutions. It operates on an open source and peer-to-peer decentralized platform that allows for a seamless transfer of money in any form, whether USD, Yen, Bitcoin, Litecoin.
The cryptocurrency has four second settlement time as against more than two minutes for ethereum and over an hour for bitcoin. XRP or XRP tokens were created by an American startup named Ripple Labs that deals in the global money transaction business (RTGS). Ripple is more centralized and backed by traditional currencies. It was created by Ripple Labs to be able to pay transaction fees between financial institutions like banks seamlessly. In India, Axis Bank was the first in India to offer payment services using Ripple.
How Ripple has surpassed Ethereum’s market cap?
Ripple also known as XRP, recently Ripple surged by 56 percent to reach its all-time high and to surpass Ethereum to capture the position of second largest cryptocurrency in terms of market capitalization. It reached to a record high of $2.89. It climbed to record high of $86.3 billion surpassing $73 billion market cap of Ethereum. It accounts for the market share of 12.5% as against 12.1% of ethereum. Although Bitcoin remain the largest digital currency by far with capital capitalization of roughly $247 billion which accounts for 41% of the total market share.
The digital currency ended year 2016 at a price of less than 1 cent. In the year 2017, Ripple rose more than 34,700%.
Couple of months back, the price of one Ripple on 10 November 2017 was $0.209910 and volume being $140,243,000 as compared to the price of Ethereum which was $305.58 and volume as $894,988,000.
How investors reacting to Ripple Digital Currency now?
Cryptocurrency proved to be a smashing hit in 2017, especially Ripple exceeding the wildest predictions in returns. The investors are going crazy about it as its current price is not very high. It costs less than $3per coin currently. It has definitely created Ripple in the financial markets although crypto’s legitimacy as an investment option has always been in question.
How the future of Ripple Digital Currency look like?
In a very significant milestone, Ripple announced the first production usage of xRapid, its liquidity solution that uses XRP to replace the various nostro account systems for banks and financial institutions. XRP investors have been eagerly waiting for first production usage of xRapid. It signals a new era for Ripple and XRP investors.
Ripple also announced the RippleNet accelerator program which will reward financial institutions that are the first adopters of RippleNet technology. The reward will be either in USD or XRP depending on the choice of the financial institution in question. It promises to speed the adoption of ripple technology across a variety of Ripple’s potential customers. It should yield significant benefits to XRP holders in the long run as more and more banks and financial institutions opt to participate due to incentive.
How to invest in Ripple Digital Currency in India?
Like buying Bitcoin, you can buy /sell Ripple Digital Currency/ Ripple Coin at some of the cryptocurrencies websites like buyucoin.com, ripple.com, koinex.in, unocoin.com btcxindia.com etc.,
You can watch below video on how to buy Ripple Currency in India below (Hindi Version).
Credit: Digital Notice at Youtube – Thank you Team
Should you invest in Ripple Currency?
Here are our views about Ripple Currency. Last week Warren Buffet indicated that Cryptocurrencies like Bitcoin or Ripple are going to end badly and investors should stay away from such digital currencies.
Ripple is continuously investing in the network and improving enough to attract the minds of investors. Its partnership with global firms is making it a candidate to be the next big disruptor. Ripple’s rise seems to be a ripple effect from the surge of interest in Bitcoin. Investors who believe that few cryptocurrencies have reached close to their high peaks are looking for others that could provide a greater return in the long term. Banks and other financial institutions have started adopting ripple crypto currency. As of October 217, Ripple has licensed its blockchain technology to over 100 banks. In recent times, some South Korean and Japanese banks have been testing Ripple’s systems for cross-border payments. These companies believe that Ripple’s system offers better prices and is more secured than other digital currencies. It allows users to send, receive and hold any currency in a decentralized way via the Ripple network. The company is cash positive and holds a large chunk of XRP which it releases periodically into the market. As the digital currency is surging gaining grounds, it may present a good buying opportunity. Investment in cryptocurrencies, in general, is a high risk game because the market of cryptocurrencies is highly volatile.
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Ripple becomes second largest cryptocurrency – Should you invest now