Ripple Is Doing Rather Well as of Late
It’s clear that bitcoin has been hogging up all the attention lately. The currency’s run all the way past the $19,000 mark is making a huge impact on traders and industry experts alike, but it the midst of all the hype and hoopla surrounding bitcoin and larger digital assets, it appears we’ve forgotten about some of the smaller competitors that make the crypto space what it is today. Assets like Ripple, which according to one source, has been shooting up so much it practically puts bitcoin to shame.
The currency may not be equal to bitcoin in terms of size and scope, but there’s no doubt the asset has been doing rather well as of late. The currency recently added as much as 150 percent to its price over the course of one week. In addition, it has also almost quadrupled its price since the beginning of the year despite the growing coronavirus pandemic and the financial problems the virus has caused.
XRP has remained in a downward trend over the past three years. It was trading for several dollars during the end of 2017. Much like many other currencies, the asset experienced its all-time high during this period, though 2018 brought about an onslaught of mega drops that ultimately caused many coins – including bitcoin – to lose as much as 70, 80 or even 90 percent of their values.
It’s been rough for Ripple ever since, though now it seems the currency is turning itself around and heading into more bullish territory. The recent surge comes after Ripple – which presently owns more than 50 percent of all XRP units in existence – announced that it was looking to digitalize its assets as quickly as possible.
To do this, the company is hiring a senior director of central bank engagements. The person in charge of this department will likely be responsible for helping banks use the XRP blockchain to issue stable currencies, or assets that are tied to fiat. According to Brad Garlinghouse – CEO of Ripple – the same technology could be used to potentially turn fiat currencies into digital assets.
In a recent interview, Garlinghouse mentions:
Just using stable coins doesn’t really solve the problem that XRP is solving. XRP as an extremely efficient, extremely scalable blockchain, is ideally suitable for that.
A Leader in the Crypto Space?
Alex Kuptsikevich – the senior market analyst at FX Pro – believes that XRP is the king of alternate currencies, claiming:
Unexpectedly, the brightest among altcoins was the XRP token… This aims to accelerate and reduce the cost of bank money transfers while having all the necessary licenses… The coin had difficulty these last few years, but especially deeply oversold conditions eventually played into XRP hands.