If you’re a cryptocurrency enthusiast, you probably noticed already that Ripple had a huge growth over the past 24 hours and become the #3 cryptocurrency used.
What is Ripple?
According to wikipedia, Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network created by Arthur Britto, David Schwartz and Ryan Fugger. Ripple has created its way into the banking system by offering secure, instant and nearly free global financial transactions of any size with no chargebacks. Basically, you don’t have to wait anymore between 1-2 days to receive money from someone in your bank account if the bank of the sender and the receiver uses ripple protocol. Instead – it will be done within minutes and the security is also higher than working with multiple intermediaries.
So, how did Ripple’s price skyrocketed to $0.04? Well, a good reason is because on Thursday, March 30, 2017,The Bank of Tokyo-Mitsubishi UFJ (BTMU) has joined the Ripple’s Global Payments Steering Group( GPSG). Beside this, there were already a few big names working with Ripple, like: Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and CIBC.
So, how predictable was the growth of Ripple?
Well, it’s not the first time this happens with Ripple. In December 2013, Ripple price was bigger than $0.05 for a few days, then start decreasing it until a rock-bottom or $0.003. The value was the same for a few months until 18 December 2014 when the value growth until $0.027. The Ripple value for 2015 was between $0.004 and $0.009 and no major growth happened until now.
Ripple price didn’t changed at all for a few days, then starting 20 march Ripple started growing day by day. For cryptocurrency traders, this should have been a signal that something its happens there. And some of them did, there were people who wanted to buy the Ripple as soon as it hit the $0.01 value, as it was way bigger than it was in 2015 and therefore – this should be the new Ripple Boom. And it was. More than this, the fact that on 29 March a new bank started using Ripple made Ripple’s value skyrocket to $0.04. For me, this was a predictable growth as soon as Ripple got to $0.01 and didn’t went below the next day. But also, I didn’t expect it to grow so much.
For people who bought Ripple when the price was $0.003, now it’s the perfect time to sell it and gain a 10x income of your investment. For those who just bought it now, be patient – the boom happened already and no one knows if it will grow more or go back to $0.004 – $0.009.
After a few hours, Ripple exploded and went to an all time maximum of $0.069 according to coingecko.com. However, 16 minutes afterwards it crashed to $0.044 – which is the value thatt it has right now according to coinmarketcap.com. Ripple went to a 220% increase in value today, which proves what Ripple Head of XRP markets said : While the recent surge in XRP is certainly influenced by Bitcoin’s scalability issues, much of the recent momentum is due to the announcement that MUFG joined Ripple’s steering group, GPSG. Unlike other digital assets, XRP has a clear use case and people are beginning to recognize that.
Ripple gained notoriety among the fellow cryptocurrency traders and I see it growing even more this year, as the circulating supply its still low and there are a lot of opportunities for the #3. Let’s see where this is going.