One of the biggest problems in the financial system was the high fees. Besides this, the transfer time was insane – some banks took days to transfer a low amount of money so in case of an emergency may or may not receive the money on time. Therefore Ripple was born.
The #4 cryptocurrency has one of the fastest financial networks and more than 75 banks that are already working with them. Furthermore, the fee is way lower than 1 XRP which brings it down to less than a cent. Another benefit is the fact that the Ripple network can process 1000 transactions per second.
Ripple was recognized by the crypto industry at the ending of April, when multiple news sites started metioning them and their amazing 75+ partners. At that moment, Ripple had both a popularity & price boom as you may notice in figure 1.
Figure 1 – Ripple’s growth, reaching an impressive 15 billion USD market cap on May 17
However, Ripple had a downtrend in the form of a bearish descending triangle pattern since it hit its top value in May, as you may notice in Figure 2. Mostly, because their lower fee allows banks to operate many transactions with a low number of Ripple.
This is not a problem for the Ripple though. Their system is what matters and its definetly a great one . There shouldn’t take a lot of time until the financial institutions will recognize it full potential. After all, XRP token has managed to stay in the top 5 cryptocurrencies since the price increased in May, a place where only Bitcoin and Ethereum managed to dominate over the past months.
Figure 2 – Ripple’s bearish downtrend, decreasing from $0.36 to under $0.2
But this is not the end of Ripple, not at all. With its Enterprise software, Ripple are approaching more and more banks and gaining valuable clients. With its unbeatable proposal of getting rid of the middle men, the fees and the security risks – Ripple has the potential to become a power in the financial industry.
In the past days, Ripple beat the bearish downtrend and grow with more than 50% in value. This could be due to a speculation about Ripple gaining an important client in North Korea or the fact that Ripple is holding their first conference Swell: The Future Is Here.
Figure 3 – Ripple gains a 50% in a matter of days, price is going down though.
Over the weekend, Ripple decreased from the 6000+ satoshi value to a 4400 low, sitting now at 4500 satoshi. Even with the price drop, Ripple is still 30% up in price compared to the previous week in August. With Bitcoin having problems due to the hard fork, Ripple could transform this into its own benefit and gain more and more clients, some people foreseeing a $1+ value for Ripple in the next year.
The headline of the month is definetly their conference – Swell: The Future is here – which is in Toronto at almost the same time with Sibos, between 16th and 18th of October. By creating their first event, Ripple has the opportunity of gaining more clients and pursuing their dream of becoming a financial global network, bringing a much needed improvement to the actual system.