When one mentions cryptocurrency, the first name to pop up in mind is Bitcoin. It is of course the first cryptocurrency ever created. But, as this technology has grown, so have the options that are now available for trading. Regarded as one of the top 5 cryptocurrencies in the world, ‘Ripple’ is a favorite of the masses who find it pocket friendly for investing. Furthermore, its key feature is to offer its investors shorter validation time while working like a peer to peer cross currency exchange. This and its low cost, have made it a market favorite.
Oh the Highs: What A Journey!
Ripple is one of those underdogs that are destined to win in the end. And win it did! As previously mentioned, the value of Ripple (XRP) was budget friendly. So, when the December ‘17 boom hit the roof, Ripple surged! Everyone wanted to invest in cryptocurrency, but, the cost of Bitcoin was reaching the moon! It was the perfect opportunity for Ripple to step up and save the day!
The surge in its value back in December ‘17 was momentum enough for it to expand even further. As it is a pre- mined cryptocurrency, all one had to do for investing in it was visiting a cryptocurrency exchange. Coinbase, Bitstamp, Kaken, Coinone and Bitso are amongst the few that trade in Ripple.
In recent times, more and more Asian banks such as Japanese and Korean, are opening doors to use this crypto for cross border payments.
In the middle east, Bank Dhofar of Oman, has become a partner of Ripple. With this partnership, they aim to deliver creative services to their customer and offer them products that shall serve them the best. Services like ‘xCurrent’ and ‘xRapid’ are their top priorities. They are an end to end payment tracking software and real-time liquidity provider. With them, one can undertake international financial transactions. This is made possible by using the ‘XRP’ token. With these two, Bank Dhofar shall give their customers a chance to reach a global platform.
So, when everything is going right, why did the current low phase come about?
Oh The Lows: The Flip Side Of Fame!
Ripple has always been considered a stable cryptocurrency. The FUD (Fear, Unrest and Doubt) that usually surrounds other major cryptocurrencies, has always been absent in XRP. So, why then did its value crash? What is happening to it?
The answer is simple. The value of Ripple crashed because it is being sued in the court of law.
Ripple Labs, the parent company behind Ripple is being sued by a plaintiff that claims that all the XRP Token are merely “a never ending ICO”. What is surprising is that this is a very well-known fact. A total of 100 Billion units, has been created by Ripple Labs. This number shall never change.
What the plaintiff is basically doing is trying to tarnish a brand and demand their 15 seconds of fame.
Unsurprisingly, the XRP community on Twitter and other social media platforms have come up in arms to stand by their beloved currency. Many have even prompted, that the parent company counter sues!
A Balance Required and Achieved!
Ripple is standing tall and proud. CryptoMap’s expert Craig Cole says, “Ripple just might be the catalyst in making cryptocurrency more mainstream. It’s faster transaction speeds and lower fees make it easier for financial systems to embrace the virtual currency, which is partly why Ripple’s value has increased dramatically just this year. Ripple is helping financial institutions save money and it is only expected to become even more prevalent in payment flows. The virtual currency is certainly on the rise and has the potential to be the first token to truly disrupt an industry, and if it does, expect XRP to reach Bitcoin-like levels of ubiquity in the near future.”
Such faith has been further been enforced by the announcement Rippled 1.0.0. release. This core server shall cater to XRP network. As it is a peer to peer one, this announcement has been further confirmed from the authenticated Rippled GitHub page. The core server has shifted from ‘1.0.0-b5’ to ‘1.0.0-rc1’. (Release Candidate 1) What this means is that it is no longer a beta version.
Additionally, Ripple’s Twitter community is buzzing with excitement because there are rumors that renowned rapper Snoop Dogg shall be the one main guest on 15th May for a Ripple community event. Longtime supporter of cryptocurrencies, this speculated event may just be what this community needs to forget the fake case against it and surge ahead to the moon.