Several cryptocurrencies can now be bought online, and each of them is more and less interesting. However, some succeed to get under the spotlight, like the XRP, which value doubled within a week, which is something you don’t see often on exchange markets.
What you need to know about the XRP
The XRP actually exists thanks to the Ripple Network, whose main purpose isn’t to solely host a cryptocurrency and allow its exchange between people, but instead to allow the exchange of every currency there is. The Ripple network has been created to offer a place for banking institutions and people to make safe and fast monetary transactions on a worldwide scale with little to no cost. The XRP just appear to be the currency that is linked to this network.
Thus, this currency isn’t really like its peers, for example, it doesn’t rely on a blockchain hosted on a Peer2Peer network, and every information related to the network is saved on online servers. Also, it’s not a currency that auto-manage itself, since its creators still have some influence on its functioning. They took the liberty to keep 20% of the currency’s ICO when they launched. You can use the XRP for little to no cost, and it’s not that you have to pay the Ripple staff every time you make a transaction.
The 0.000001 XRP fee taken from you (this amount is called a Drop) will be simply disintegrated. Such system is a preventive measure against possible hackers’ attacks. When someone tries to overload the network a lot of requests, the charges get higher for each transaction for such account. You’re considered as suspicious by the network if you initiate thousands of transaction within a minute, and if you do, the mechanism will launch.
How’s the XRP share price doing?
Not only it’s among the cryptocurrencies that is around for several years, it’s also an asset with a lot of potential. Its value slowly kept on growing, and in December of 2017, it reached the $1 for a unit, which is an important milestone. It completed such feat, and didn’t stop here: it took the XRP a single week to double its value to $2 and finally yesterday 01/03/2018 it reached 3$. It didn’t fail to catch the attention of everyone on the cryptocurrency market.
The XRP market is actually worth more than 133 billion of USD, and it keeps on growing. With such growth, it made it to the second place on the race to be the most exchanged cryptocurrency on the market. Among its highest peak, we can mention its share price rise to 14% within 6 hours only, on Christmas day of 2017.
If this currency is growing so much, companies such as Korbit, Bithumb and Coinone probably contribute a lot to it. Indeed, these companies own 40% of the XRP existing on the market. For these three, half of their funds consists mainly of this specific currency, and they’re not afraid of the risks of such concentrated bet. We need to mention that these three companies are South Korean, and they’re thankful that the country finally stepped back on its decision to ban the cryptocurrencies, but to reinforce the control over it instead.
What to expect for XRP?
If you’re looking for the new currency to invest into in order to earn the biggest benefits over the next years of even months, you may want to look closer at the XRP. It took this currency just two months to go from $0.25 to more than $3, and we can’t help but see the potential that such cryptocurrency holds.