Ripple has seen some better tides than what the majority of their coin XRP experienced in 2019. Aside from the rise XRP went through halfway of the year at 0.50 USD, Its price remained steady at about 0.20 USD. Look into the possible future of this revolutionary coin and decide for your own if it's worth the hype!
In our time today, the fastest way of transferring money across borders is by booking a flight, riding a plane with your money with you, and literally carrying the money and transferring it yourself to Mexico, for example. Ripple CEO Brad Garlinghouse finds this time-consuming and extremely expensive task ridiculous especially since we are in an era where rapid technological advancements happen every other day or so.
In this modern time where you can access information anywhere and anytime only in a matter of seconds, Ripple provides oil to a rusty machine that needs some modern help: the global banking system.
Ripple believes in the Internet of Value. They envision that in this modern age of technology, value can be exchanged as quickly as information. With this in mind, it becomes clear that Ripple targets to help the finance industry, one of the oldest and most important sectors in the world.
Right now, if you want to make a transaction anywhere, you’ll have to use a third-party service that will act as an intermediary. They are the ones who process and validate your transactions for you so you can just lean back and relax. Banks make the use of credit cards possible, for example. This isn’t free though, of course.
In exchange for this service, they take a cut for the trouble it costs them to serve you. That’s what makes marketplaces expensive and time-consuming.
This is what Ripple tries to solve with their revolutionary products. Using blockchain technology, they cut off the money-grabbing middlemen from the process and directly connect parties who want to exchange assets with one another. All of this runs inside their own network with their own coin used as the currency. In this way, all obstacles are eradicated and all institutions exist without borders.
So to make the Internet of Value possible, Ripple created its own network where banks and financial institutions are connected so there are no more obstacles that should stand in the way of transferring money. This is what RippleNet is. It’s a self-sustained ecosystem where Ripple’s own problem-solving products run the town.
To make things even faster, Ripple came up with their own coin called XRP. Because of this, there’s no need to convert one currency to another just so you can convert it to a different currency that doesn’t have a high demand.
Faster and cheaper transactions are possible within RippleNet because of xCurrent, xRapid, and xVia. These are the machines that keep the system running smoothly, each one with their own respective functions.
xCurrent is the space where enterprises, banks, and payment providers can conduct transactions with each other. It runs on the Interledger Protocol that has access to different ledgers worldwide. With this broad network, there’s no need to undergo various hurdles to facilitate settlements across borders.
xCurrent doesn't necessarily require the need for XRP. It’s a platform for the members of the Ripple network to conduct their respective businesses with one another with all barriers removed.
Next one comes xRapid which provides on-demand liquidity by sourcing XRP from digital asset exchanges. This solution connects members of RippleNet to exchanges where they can buy XRP.
Now once a RippleNet member is hooked onto xCurrent and xRapid, they can now use xVia. This is where payments are processed in less than 5 seconds for a price that is a fraction of a dollar.
In order to make sure that the machine is running as smoothly as it can, Ripple created its very own digital coin called XRP. This is the oil that ensures the fluid process of transactions that goes through the system. It eradicates the need to continuously convert currencies into different currencies.
Brad Garlinghouse currently sits at the CEO chair of Ripple Labs and he has been leading the company since 2016. Prior to that, he spent time in other tech companies. He was the CEO of the file-sharing site named Hightail in 2012 up to 2014. Even before that, Garlinghouse worked at AOL as the President of Consumer Applications and at Yahoo! as their Senior Vice President in Communications.
Clearly, the guy has a background in running tech companies.
Ever since he became CEO, Ripple welcomed more than 300 banks and financial institutions into their network. MoneyGram is now a partner, securing faster transactions across the globe. This never-ending stream of investors and partners is a good sign for the company. It means that more people are believing in what Ripple does and are investing in the future the company envisions.
In 2005, Ryan Fugger created a system called OpenCoin where secure payment transactions within an online community can be made. Jed McCaleb built on this idea and with Arthur Britto and David Schwartz, conceived Ripple. They contacted Fugger and later transformed OpenCoin into Ripple with a larger vision that goes beyond online communities.
Started in 2012 by Chris Larsen and Jed McCaleb, Ripple first existed as a public ledger before anything else. They built it on top of an existing system and enhanced it even further to come up with RippleNet. Initially, XRP was released in 2012 but it was later re-released in May 2018 where it saw its price reach an all-time high.
XRP first saw the light of day on February 3, 2013, and the very first trade in a crypto exchange site using XRP was on August 4, 2013, at the price of $0.01. From August 2013 up to the first quarter of 2017, XRP was consistent with its price. During these five years, its highest price climbed to 0.05 USD on December 4, 2017.
After that, the price dropped to 0.02 USD and went at its lowest at 0.0042 USD on November 18, 2015. These were very dry years for Ripple in terms of prices, but when it came to developments of Ripple the company, the same cannot be said. The foundations for its revolutionary network were being laid down one by one.
This all materialized by the first quarter of 2017 when its price rallied fast from 0.006 USD in March to 0.3 USD in May. Afterwards, XRP stayed on a rocky path for six months, bouncing back and forth between 0.1 USD and 0.3 USD until December.
At the end of December 2017, XRP continuously climbed to a monumental height and eventually reached the dollar for the very first time. This upward swing continued to the first month of 2018 where XRP reached its highest price yet at 3.84 USD.
Then, in the next few days, it descended from its height and dropped to 0.7 USD in February 2018. A few weeks passed and XRP found its price swinging upwards again where it priced at 1.14 USD. That was the last time XRP crossed the 1 USD threshold. It’s been a rocky road from there.
XRP started 2018 with a triumphant roar with its highest price and lots of people buying into the hype and purchasing XRP. Eventually, this roar dwindled down to a whisper as months passed by. XRP went through a series of incremental drops and its price reached the lowest at 0.27 USD in September. By the end of the year, its price remained steady at 0.3 USD.
Even with the downward trend of XRP prices in the previous years, Ripple has been an unstoppable force in terms of their growth as a company. They’ve been constantly welcoming partners, investors, and customers into their network that comprised of major banks and financial institutions.
The years 2015 to 2016 saw the incremental rise and literal expansion of Ripple as they opened up offices spread across the globe. In April 2015 they opened an office based in Sydney. In the following year, Ripple branched out into Europe and opened up their offices in London in March and in Luxembourg come June.
In 2016 to 2017, Ripple also added features such as escrow and payment channels to increase the performance and scalability of their consensus ledger and Interledger Protocol. The Interledger Protocol gave all members of RippleNet access to various ledgers of different banks all around the world. This made transactions in their network a thousand times faster compared to the dated and traditional process of making cross-border payments.
In 2017, Ripple saw major support and enthusiastic responses from some of the largest banks in the world. It welcomed banks from Spain, Turkey, Sweden, and India. Ripple also signed 57 huge clients in the US alone such as Bank of America, Standard Chartered, and UBS. Japan was very positive with their response as well with 47 banks joining the Ripple Network by March.
Compared to 2018’s extreme highs and lows, 2019 was a quiet and steady year for XRP. It started the year with 0.3 USD which remained steady up to the first quarter of the year.
By May, it jumped to 0.43 USD and stayed strong up until June where it peaked at 0.48 USD. After that brief upward trend, XRP’s price jumped between 0.3 USD and 0.2 USD and experienced another hitch when it dropped to 0.18 USD by the end of the year.
While the price of XRP in 2019 looks depressing in a nutshell, Ripple the company had, to quote their own words, its ‘strongest year of growth to date’.
They cap the year with a breathtaking $200M funding from investors and partners who believe in what Ripple is doing to the world. Over 300 clients are now part of Ripple’s groundbreaking network. This means over 300 banks, financial institutions, and payment providers all over the world are now connected through one global network where transactions are processed in real-time for a fraction of a dollar. That’s revolutionary!
One of the biggest accomplishments Ripple has added to their wall is their strategic partnership with MoneyGram, one of the biggest money transfer providers all over the world.
Just recently in Ripple’s yearly conference, Swell 2019, MoneyGram Chairman and CEO Alex Holmes confirmed that in only less than 6 months after their partnership with Ripple, they moved 10% of their transaction volume through Ripple’s On-Demand Liquidity that utilizes XRP. For the first time ever, payments between different currencies are settled in second.
It’s been a pretty rocky ride for XRP these past two years. But despite that, it remains as the third-largest cryptocurrency by market cap right after Bitcoin and Ethereum. Even with its low price, XRP still stands high among its competitors.
Not a lot of crypto enthusiasts are optimistic about how XRP is going to be in the future. Some predict that it won’t even reach $1 in the next year.
Some say that the growth of altcoins—other cryptos that aren’t bitcoin—has an almost mutually exclusive relationship with bitcoin. If bitcoin rallies, altcoins don’t grow as much because everyone’s attention is focused on bitcoin.
But once bitcoin’s performance starts dwindling down, altcoins such as XRP can see their prices swing upwards. At the time of writing, bitcoin is at 8,518.46 USD and has been experiencing short-term rises quickly followed by drops. It’s been an erratic week for bitcoin.
But others are optimistic about the future of XRP. Known crypto enthusiast Credible Crypto posted on their Twitter account a whole thread that discusses how XRP is on the verge of a massive bull cycle. He compares XRP’s performance to that of bitcoin’s in its bearish winter in 2017 to 2018. They pointed out that just like how bitcoin dropped and accumulated a low price for almost a year, XRP is carving out its own bottom and has been on a base-building process for 10 months now before it possibly swings upward in the foreseeable future.
The pseudonymous account gives a reasonable price of 28 USD for XRP in the future.
With multiple banks joining the Ripple Network and MoneyGram’s partnership with the company, XRP is on the right track towards widespread adoption. This growth can mean massive demand for Ripple’s coin and following the basic economic law of supply and demand, can translate to a surge of price. While XRP is the native coin of Ripple’s own payment protocol system,
Ripple XRP has a lot of potential in it and the fact that it’s the third-largest cryptocurrency by market cap in the world despite its low price compared to Ethereum and bitcoin says a lot. With major banks joining in, the mainstream adoption of RippleNet seems to be moving along at great speed.
In the recent Swell 2019 Conference, Alenka Grealish, Sr. Analyst for Corporate Banking at Celent, the flywheel that is Ripple has completed its first rotation and is now being set in motion. They have come to the point where they’ve crossed the chasm and are now moving on towards the major adoption phase.
If you want to invest in XRP then now is probably the perfect time to do so. Just hop on to any digital exchange site that is in the company’s official list in their website to buy. If these positive predictions turn out to be true, then there’s no better time to buy XRP than now while its price is down.
Ripple stands as one of the most promising cryptocurrencies now and the increasing number of clients they sign with every month only proves that. Its revolutionary technology creates a massive change in the financial institutions in place and that’s why it poses such a huge importance in the market. The more institutions adapt to Ripple’s ways, the more its rippling effect affects the world’s markets.