In this section of my blockchain series, we will further explore into the cryptocurrency Ripple (XRP) which is ranked third in market capitalization currently sitting at $18 billion USD and has a total circulating supply of 40 billion Ripple. The price per unit at current time is .45 cents USD and the daily trading volume of Ripple is currently at $236 million.
The centralized bank-backed protocol was created in 2012 and was aimed to provide cross-border transactions back and forth from any place in the world and allow these transactions to be secure, instant, and almost fee with no amount of funds affecting this process. The Ripple protocol has allowed financial institutions to transact any type of currency including the US dollar, Euros, Yen, Gold, airline miles, and more types of currencies allowing for more efficient and effective payments channels leading to greater production from the entities using the technology.
The centralized cryptocurrency reached all-time highs on January 4th showing the price per ripple as $3.84 USD representing ridiculous growths from the beginning of 2017 when a single ripple was worth less than 1 US cent. The total market capitalization of Ripple at it's all time high was 120 billion representing nearly a 90% correction in the year for Ripple.
The third largest crypto is trading down nearly 20 cents from its 30-day high when it reached .62 cents USD per ripple on September 30th. This could provide an opportune time for someone to get involved or increase their portfolio in Ripple if that is the cryptocurrency or investment you are passionate in.
Do you think Ripple can reach new all-time highs? Do you believe in centralized blockchains? Leave your thoughts below!
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