Currencies either gain or lose when a market correction happens. This week, the value of Bitcoin fell by nearly $8,000 from $20,000 to $12,000. This had been corrected and Bitcoin, along with other cryptocurrencies, is picking itself back up again as if to show that the bubble has not yet burst.
One of the many altcoins which have gotten through the week is Ripple, whose value had corrected a tiny bit with all other bitcoins yet still generally remained on a high, trading over that psychological one dollar level. Keeping XRP pumped is the trading action happening across Asia, even as other coins have been losing as much as 35% a day. Though the buzz of trading of relatively unknown cryptocoins remains, more traders seek some kind of stability. Ripple has provided the stability these traders have been looking for.
As infighting continues in the Bitcoin camp with the obvious divisions between BTC and BCH chains, both have lost this week. There have also been rumors of insider trading in Coinbase which became a cause for concern for many investors. Charlie Lee’s move to sell his Litecoin pulled 47% off the price of the coin from a high of $373 to below $200.
Through the fluctuating prices, however, Ripple has remained solid as it is a well-established platform which had been founded in 2012. The coin shows stability its rivals seem to lack. According to their website, they have offices in New York, London, San Francisco, Sydney, India, Luxembourg, and Singapore serving more than 100 customers worldwide. Their flash transaction facility generated interest from several financial institutions in the Asia Pacific region willing to try out the new technology.
At the moment, Ripple is in use as it is parsing transactions and providing a cheaper, faster, and more efficient method of doing inter-bank transfers. People look to Ripple and hope that it will replace the current slow system of Swift. The make or break for Ripple comes next year – however, if one would look at the 2017 records, one would see investor confidence rising in the cryptocurrency.
Currently, Ripple has a market capacity of $43 billion. Going by market cap, it is the fourth largest cryptocurrency at the time this article is being written. Last month, XRP had surged by 400% from around $0.23 – it here where it sat idle for months to over $1.15. Ripple is traded heavily on South Korea’s Bithumb carrying 28% of the total volume – and anyone could see this Asian appetite is likely to continue into 2018 while the currency continues to pull in partners.