Ripple has exceeded a dollar
In the cryptocurrency game, Bitcoin may appear to rule everything, but other cryptos are also thriving. In the latest news, the fourth largest cryptocurrency has just hit a major milestone – Ripple topped a dollar for the first time.
According to CoinMarketCap data, the price of Ripple’s XRP token peaked at $ 1.37 on Dec. 22, although it has since fallen to $ 1.16 at the time of this writing. That news comes at the bottom of Ripple’s recent successes, both in its nearly 4,000 percent increase in value in the second quarter and in its inclusion in the Bloomberg terminal.
Crypto market caps a few months ago. Image source: Wikimedia Commons.
A spike above a dollar doesn’t seem like a big deal, especially when compared to Bitcoin’s current value (at the time of writing) of $ 15,140. But while Bitcoin had a remarkably meteoric year, the success of Ripple and its XRP token is both impressive and significant.
These recent price hikes appear to be specifically driven by markets in Asia, according to CoinDesk. Within the South Korean exchange Bithumb, the trading volume in the 24 hours increased by the increase of Ripple by almost a whopping 25 percent. Additionally, Bitfinex, a Hong Kong-based exchange, saw trading volume in excess of 10 percent.
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Ripple’s recent addition makes it a more serious competitor in the cryptocurrency market. It directly passed Litecoin in terms of market value and could continue to rise in value and popularity. On top of that, Ripple’s market cap is $ 41 billion, which is also a record high.
Ripple’s success is a success for all cryptocurrencies and the future of crypto. In the beginning, even heavyweight competitors like Bitcoin were and are being rejected. But many who were initially skeptical about Bitcoin are now seeing the value of the cryptocurrency market and the real potential it has of not only making money for investors but also revolutionizing transactions if our finances run on a blockchain in the future.
Disclosure: Several members of the Futurism team, including the editors of this article, are personal investors in a number of cryptocurrency markets. Your personal investment perspectives have no influence on the editorial content.
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