Ripple Overview: Latest News, Developments and More
Ripple, one of the most known and recognized cryptocurrency and blockchain technology companies in the market. In the last weeks, the XRP currency used by some Ripple’s products has been in the news after spiking over 100% in just a few days.
This could be just the beginning for a prolonged XRP price increase if the different services linked to XRP start to show their potential. The cryptocurrency and company are gaining more interest from the public, something that could eventually be translated in a price increase.
During the year, the famous XRP currency has been in a bear trend. Something similar to what happened to other cryptocurrencies in the market. However, September showed that this could be the end for the bear trend for XRP.
On September 19, XRP was traded around $0.27 dollars, but two days later, the price skyrocketed up to $0.8 dollars. After it, the price stabilized around $0.55 dollar. During these days, XRP was able to steal for some time Ethereum’s privileged second place in the cryptocurrency market. XRP became the second most valuable virtual currency behind Bitcoin.
However, there are some explanations about why the price skyrocketed and why it might continue to grow in the near future.
The first thing to mention is that centralization is helping XRP and Ripple a lot. Cryptocurrencies such as Bitcoin and Ethereum are struggling to grow without a strong leadership. Both communities are divided about what to do to enhance the solutions and this creates problems for these networks. Ripple was able to find in its centralization a strength. It is possible for this virtual currency to expand all over the world. Ripple is signing partnerships almost every day with different banks and financial companies everywhere around the world.
The Swell conference was another important factor that helped XRP to increase its price. The conference is hosted by Ripple and is one of the most important crypto-related events during the year. At the meeting were present Ed Metzger from Santander Bank, former US president Bill Clinton and many other experts in the payments industry.
Moreover, Ripple was also able to release new technologies after trying them for long periods of time. Before the Swell conference, the Siam Commercial Bank (SBC) was the first institution on RippleNet to use the ‘Multi-Hop’ feature. With it, it is possible to reduce the number of transactions necessary to process a payment between two institutions.
Ripple is also an important lobby player since it is part of the lobbying group known as Securing America’s Internet of Value Coalition. The lobby group is composed of important fintech firms that work in order to engage with lawmakers and regulators to improve the industry.
At the moment, Ripple is one of the most recognized and important companies in the space. It has produced a big impact in the industry and in many different countries all over the world. The company was able to capture the market and create interesting solutions for financial institutions and investors all over the world.
This price increase in XRP could be just the beginning of a very positive and promising 2019.