After weeks of stagnation, the value of Ripple’s XRP has finally passed a dollar. It is the first time since its existence that this happens.
XRP was first released in 2012, existing intrinsically with the Ripple protocol, it doesn’t require any specific financial institution to exchange or trade it. It was designed as a scarce asset with decreasing available supply. The currency doesn’t involve counterpay risks unlike the other currencies on Ripple. The market cap of it is almost $ 45 billion, which is a new record high for this week. It is currently standing on fourth place, behind Bitcoin, Ethereum and Bitcoin Cash.
At press time, XRP is trading at $ 1.11 according to CoinMarketCap. Yesterday, it was at $ 1.05 and it will probable continue increasing.
With this latest ‘trend’ of all the cryptocurrencies pitching higher and higher, it was expected a growth of the Ripple currency too. All coins have seen a huge rise these past days and this might have been due to Bitcoin price stabilization.
Ripple currency has surpassed Litecoin’s market cap. The price of Litecoin have fallen these past days and the blame might be the sell of Charlie Lee’s holdings in cryptocurrencies.
Why this interest in XRP?
It is important to mention that Ripple’s XRP works as a bridge currency, and that means it works even if there is no direct exchange available between two currencies. Ripple’s focus was
emphasizing XRP as an alternative currency.
XRP is sometimes criticized for being ‘pre-mined’ as it is built directly into the Ripple protocol and doesn’t require any type of mining.
The interest in altcoins tends to increase lately, and the reason for that might be the overcrowding the blockchain. In this case, it has been predicted that XRP will reach $ 5 at the beginning of 2018.