Ripple Reaches New All-time High

Ripple Reaches New All-time High

While we are witnessing major falls in the price of Bitcoin and EtherDelta being successfully hacked, Ripple managed to surpass the $1 mark for the first time since its birth. In just 24 hours, the cryptocurrency raised its value by almost 40%.

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While we are witnessing major falls in the price of Bitcoin and EtherDelta being successfully hacked, Ripple managed to surpass the $1 mark for the first time since its birth. In just 24 hours, the cryptocurrency raised its value by almost 40%.

The past month was quite an extensive one for the whole Ripple community. It dethroned Bitcoin Cash from the third place, regarding market cap value with a total worth of $31 billion. Soon after the price of BCash surged again, reaching $62 billion and third place respectively. However, they should be more than happy in the Ripple camp, having in mind that in mere six days they grew to $40 billion market cap value.

Specialists claim Ripple owes its success to the implementation if its blockchain in major US and Japanese banks’ systems. In addition, South Korea is probably the market with the most Ripple transactions in the world. Two weeks ago, 61 banks from Japan along with some of the largest financial institutions in South Korea reached a consensus over using Ripple’s technology for conducting international money transfers. This eventually led to immediate price escalation and Ripple saw 72% growth in several hours. If the pilot in the Far East is profitable, banks from both countries will use Ripple’s blockchain globally, states Japanese media outlet Nikkei.

It is forecasted that by the spring of 2018 over 70 banks from the region will take advantage of the blockchain developed by Ripple. If that is to happen, it will show to the public that Ripple indeed has a technology capable of working on larger scales, thus its ecosystem is sure to become more popular. Even now, South Korea and Japan, who happen to be the largest cryptocurrency markets, are favoring the Ripple coin.

Bithumb, which is the most popular cryptocurrency market in South Korea, share that on a daily basis Ripple’s transactions are worth approximately $700 million. The numbers are significantly higher, compared to Bitcoin’s. In recent statements, David Schwartz, implied several times that Ripple is soon to reveal the name of a huge name, which will be its main partner. We hope they do not tease us for too long.

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