Ripple (XRP) has had an incredible year. It has achieved an incredible growth that it is expected to keep in the coming years. It is in the way that Ripple is built that it gains support and it keeps growing. During this year, at UseTheBitcoin we have been covering how Ripple was evolving and achieving new goals. Its expansion in the banking industry it is something that can be compared what Ethereum has been doing with its platform and the smart contracts.
How Did Ripple Start 2017 and Where is it Now?
At the beginning of the year, the cryptocurrency market was a different one. The total market capitalization was just a fraction of what it is now. The same happened with the prices of the cryptocurrencies. At the moment is the second cryptocurrency by market capitalization with $100 billion dollars. Bitcoin has $233 billion dollars and Ethereum $70 billion dollars.
Ripple has started this year at $0.006 dollars per one coin. At the moment of writing this article, it has reached $2.85 dollars. That means an increase of 47,000 percent. That’s much more than what Bitcoin or Litecoin have been growing. What an incredible way of finishing this year.
In October, we were asking ourselves whether Ripple could reach $1 dollar before 2018. And we were sure that this was going to happen. In this way to reach the price we have reached now, the South Korean Exchange, Coinrail, has listed Ripple on its platform. One of the most active cryptocurrency communities in the world, the South Korean, had an easier way to buy Ripple via Coinrail.
Indeed, in November we kept following how this Asian country was pushing Ripple’s price up. It is just necessary to have a look at the statistics Korbit, Coinone and Bithumb accounted for 70 percent of Ripples trading volume.
In November, Ripple has hosted an event at Carnegie Hall in New York in order to discuss about possible solutions and implementations of Blockchain technology in the payment industry. The International Monetary Fund (IMF) was present at the event and has given a speech to the audience.
“As fin-tech innovations gather pace, boundaries are blurring between intermediaries, markets, and new service providers. Barriers to entry are changing, being lowered in some cases but increased in others, especially if the emergence of large closed networks reduces opportunities for competition; but trust remains essential.”
Besides that, Ripple has been partnering with American Express and Satander Group to offer cross-border payments using Ripple’s network. This would help to speed up payments and expand the use of the network in different banks and financial institutions. Furthermore, Ripple has received support form a $100 million dollars’ hedge fund.
What About 2018?
What will happen with Ripple in 2018? Well, Brad Garlinghouse is settling up the basis of what can be the new payment network for banks and financial institutions. It could be used by different central banks and private banks. The payment industry is receiving an important support from Ripple and it will keep doing so in the coming year.
More enterprises are starting to use and implement different methods to reduce payment times and maintain secure the transactions. If this year (2017) was an incredible year for this currency, the next one will be much better.