The entry of cryptocurrencies into the global economic setting has pretty much made some people millionaires – and even billionaires. People who jumped in the crypto business during the early days of Bitcoin have had a lot to smile about.
When it first appeared, Bitcoin was worth pennies and cents. Today, Bitcoin is the most valuable crypto in the market worth thousands of dollars. That’s an astronomical appreciation compared to the measly figures of 2009. Now the question lingering in many people’s minds right now is: What about Ripple (XRP)?
Ripple (XRP)
For one, people aren’t singling out Ripple just for the sake of it. The cryptocurrency has demonstrated true resilience since it debuted into the market just 3 years after Bitcoin. Since 2012, Ripple has made significant steps in boosting awareness as well as revolutionizing the whole concept of payment systems.
As a matter of fact, Ripple, the company behind the XRP crypto token, didn’t just create an obvious blockchain system like most others are doing. The RippleNet is something different. For example, while most other blockchain systems and cryptocurrencies are basically decentralized systems, Ripple is not. In pure terms, the XRP token is a decentralized system within a centralized environment.
Ripple, the company, offers blockchain-based payment solutions to banks, and banks are centralized systems. Of late, the company has scored quite some winnings, gaining many partners and customers in the financial sector. As such, it has gained a lot of popularity, and given that the XRP cryptocurrency is associated with the company, the crypto has scored big wins too.
XRP Is Breaking Records
In the last 24 hours or so, XRP has shot up by over 30% in value. That’s not something the crypto market sees every day. It’s a development that has taken many people by surprise, especially at a time when most other cryptos are merely holding onto their support levels. XRP is now among the top 3 cryptocurrencies by market capitalization. In fact, it once beat Ethereum, and it could very well beat it again.
According to Ripple’s CEO, Brad Garlinghouse, one of the reasons working in favor of Ripple is its willingness to work with the governing systems like regulatory authorities. Also, Ripple’s network is itself very distinguishable from the likes of Bitcoin. It has been touted as working much better and more efficiently.
In addition, Ripple’s blockchain system is more scalable, not to mention the low transaction fees and high processing speeds. With these factors at play, it’s hard to dispute the fact that Ripple, and especially the XRP token, is headed for a major breakout that could rival Bitcoin.
