One will either love or hate Ripple (XRP) but Ripple is causing a stir. Ripple is making headlines this week with the announcement that it has welcomed five new clients to the RippleNet platform. What does this mean for Ripple investors?
Good news for Ripple
Amongst these new clients are banks from India and Brazil as well as remittance providers from countries such as Canada, Brazil, and Singapore. The RippleNet platform is used to facilitate payments. By using the platform, financial institutions can use the blockchain to communicate with one another and conduct business such as settling payments and more. It is important for the growth of blockchain technology and the cryptocurrency industry that more financial institutions adapt their business models. In return blockchain technology promises lower transaction fees and faster transaction speed. This gives institutions and clients more financial flexibility.
Ripple in a nutshell
Ripple was launched in 2012 and has been the talk of the town ever since. It has a huge following of Ripple holders who support the technology. Ripple is meant to support financial authorities and organisations across the globe with its blockchain technology and payment platform. Other crypto holders dislike Ripple and are of the opinion that centralised banks should stay out of the decentralised cryptocurrency industry.
Some are skeptical of Ripple’s rather large circulating supply of more than 39 billion tokens. Others are uncomfortable with the fact that former Ripple CEO, Chris Larsen holds 5.19 billion tokens. Larsen also has a 17% stake in the company.
Ripple causes a stir
Ripple is a coin for the long term. Last year the price of Ripple spiked to an all-time high of more than $4 but since the beginning of 2018 has been hovering around $1. This steady and slow comeback suggests that Ripple is a coin to hold onto for the long term. It may not falter as easy as other alt coins.
As more financial institutions and big names make use of the Ripple network, the price of Ripple will increase. Ripple is currently being used by the Central Bank of Saudi Arabia. There are rumours of potential partnerships with the likes of JP Morgan Chase, LianLian, a Chinese payment provider and Uber.
One can always count on the fact that as time goes by and the crypto market grows, so will the value of alt coins such as Ripple.
What does the future hold for Ripple?
Ripple is currently trading at $0.94 according to Coinmarketcap and has a marketcap of more than $36 billion. If 2018 is a good year for Ripple and the list of institutions who implement the coin’s technology grows, experts are predicting a relatively large increase. Some are speculating the price of Ripple could be $10 year end and others are calling for $100.
Did you know that Western Union is said to start with a pilot scheme to see how the XRP network can facilitate payment transactions in 31 countries? This would potentially be big for Ripple.
Remember to always do your own research before investing in a project as nothing is set in stone.
If you buy Ripple, consider buying a Ledger Blue Hardware Wallet from Bitmart’s online store. This is a safe and secure tool to keep your Ripple.
Please note that this is not financial advice and is written for educational purposes.