Bitcoin may be experiencing a bullish reversal at the time of writing, but the currency that’s really putting all its peers to shame is Ripple (XRP).
Ripple Is Moving Faster Than Other Coins
Ripple is the third-largest cryptocurrency in the world. Recently valued at over $10 billion thanks to a new $200 million funding round, Ripple has set the stage for remittance payments, and claims it can move money faster than both bitcoin and payment platforms like SWIFT.
At press time, the currency has risen by more than 11 percent and is trading for over 21 cents. The good news is that Ripple is not alone in its present ascension, with bitcoin (as previously mentioned) having jumped beyond the $7,500 mark. In addition, Ethereum (ETH) is trading for over $140, while bitcoin cash (BCH) has jumped beyond the $235 line.
The news surrounding Ripple’s price likely stems from an announcement by Binance, the world’s largest and most popular cryptocurrency exchange. Binance executives have stated that they will be adding both XRP and Tether – a stable currency – as the platform’s newest trading pair. The exchange now offers four trading pairs featuring Tether; the other three tie the stable coin to bitcoin, Ethereum and bitcoin cash.
CEO of Ripple Brad Garlinghouse is trying to assure users the sudden price surge has nothing to do with the company selling off large amounts of tokens. He also says that the company has “no control” over XRP’s price, saying that whether it goes up or down is out of executives’ hands.
Ripple owns a lot of XRP. We’re very interested in the success of XRP, but the accusations of us dumping – that’s not in our best interest to do that. We would never do that, and in fact, we’ve taken steps to lock up most of the XRP we own in escrow so we can’t touch it… Ripple can’t control the price of XRP any more than the whales can control the price of bitcoin.
Garlinghouse also says that he expects Ripple to garner anywhere between 30 to 40 percent more customers this year, and that the XRP transaction rate will likely shoot beyond 500 percent.
The Company’s Growth Is Quite Staggering
These are big words from a man whose company is facing a multi-million-dollar lawsuit over its alleged status as a non-security. Ryan Coffey – the investor who initially instigated the lawsuit – has described Ripple as a “never-ending [initial coin offering].”
At the same time, it’s hard to deny Ripple’s growing status in the crypto space. The company has recently announced plans to further its presence in Brazil, which over the years, has become a leading crypto nation in South America. Furthermore, the company has upped its investments in MoneyGram and is looking to improve the status of remittance payments for overseas workers.