Ripple (XRP) is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. The coin for the cryptocurrency is premined and labeled XRP.
Released in 2012 and co-founded by Chris Larsen and Jed McCaleb, Ripple has become the 3rd largest cryptocurrency on the market. Ripple operates on an open source and peer-to-peer decentralized platform that allows for a seamless transfer of money in any form, whether USD, Yen, litecoin, or bitcoin.
Speaking of the half-yearly development of Ripple, there were several rapid hikes. Throughout October and November Ripple’s price stayed relatively stable, now, for the last part of December, the price is higher than it was at the beginning of the month, and yesterday its sudden jump was pretty surprising.
In yesterday’s trading the session’s opening level was $1.12, by the end of the day the price reached $1.19. During first hours of today’s session Ripple enjoyed raise in its value and now, according to data from CoinMarketCap, the Ripple price is hesitating around $1.29.
In today’s trading, at 10:45 GMT the Ripple price stood at $1.23. The cryptocurrency has gained 9.8% in the past 24 hours, according to CoinMarketCap. The coin’s total market capitalisation now accounts for $47.7 billion.
The cryptocurrency has enjoyed a significant improvement in market activity. Its daily trading volume is currently standing at an incredible mark — nearly $1.6 billion. About a third of that volume has been generated on Bithumb, South Korea’s largest cryptocurrency exchange. Prices there have surged above $1.40. Bithumb’s local competitors Coinone and Korbit have experienced the same price action in today’s trading.
The popularity and confidence towards Ripple is growing not only in South Korea. The digital coin has seen a significant rise in global demand. Many believe that Ripple’s positioning is the main reason for its recent rise. As Ripple announced last week, earlier this year the XRP token started being listed on more than fifty exchanges 50 worldwide, which made the coin much more accessible to investors.
At present Ripple serves as a second-hand financial institution to the nowaday entities by offering discounted services for the use of the token. This ability is innovative and offbeat.
Ripple’s future will be determined in the first quarter of 2018. Both Japanese and Korean institutions have expressed their intention to employ RippleNet early next year and those results will correlate almost directly to Ripple’s token value.