Ripple is currently ranked 3rd on Coinmarketcap and has been doing rather well when it comes to price movement, market cap and overall daily trading volume. Ripple is designed to allow banks to send money to each other without a central counterparty and it is based on the open source Interledger protocol. Ripple is also designed to allow integration with payment providers. Moreover, it enables very fast transactions, as the network handles 1500 transactions per second. You can read more about what is Ripple and how to get it in our article here.
Bitcoin’s influence on market
While the Ripple seems to be going against the downtrend, most of the recent downs among most of cryptocurrencies should be connected directly to bitcoin situation and potential Mt.Gox dumping allegation, as well as problems with Korean Exchanges. You can read a more detailed analysis of Bitcoin’s last week situation in our article here.
Important News
There hasn’t been any particular news connected with Ripple recently, however they have launched the first pilot of xRapid platform and the companies and financial institutions, which participated in it, are making a very positive comments and reviews. They say that the platform allowed them to save even 40 to 70 percent on transaction costs. Moreover, while their usual transaction times averaged 2-3 days, Ripple allowed them to do this in couple of minutes.
Last month, Santander bank became the first institution to implement a blockchain-powered international payments network, using Ripples settlement infrastructure technology.
Price Movement Analysis
The notable fall on the graph should be connected with general bitcoin’s price movement, as there wasn’t anything negative about Ripple that should indicate such move. For the last two months, it seemed to stabilize around the $0.8 mark. Reaching even $0.95 one time, being very close to breaking the $1 mark once again. Currently, it is one of the few currencies which price has had ‘greens’ while other were down couple of percent in value. It’s been long time since its all time highs at around $3.8, however this applies to most of the currencies, which try to slowly recover from the crash which happened few months ago.
Prediction
Many people are unsure about the future of Ripple. Cryptoenthusiasts are rather against it, as it doesn’t really support the true decentralization and philosophy which cryptocurrencies are trying to push. However, technology-wise it has a real potential of becoming a convenient and efficient currency for fast international transactions. Therefore, it has a greater chance of getting into the mainstream than any other coin. And with massive usage and demand, the price will naturally raise, however it doesn’t mean that it will ever be able to reach bitcoin’s prices. The safe prediction would be a $100 region or prices similar to Litecoin at the current stage.
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