Analysis of Ripple and the recent price action that has taken the rate above $1
The month of December has been a fruitful month for XRP, Ripple’s native currency. December 12-13 Ripple value leapt from $0.27 to $0.51. In the days that followed it grew to $0.75 mark. Then few days later it shot for the moon, surging past $1 milestone up to $1.37. It is currently the fourth largest Cryptocurrency by market capitalization.
Why Has Ripple Spiked?
Ripple and American Express partnered to offer on-spot block-chain based payment, making it simpler to connect Santander clients in Europe and the U.S.
Bitcoin drop in value and Litecoin peaking at $390 before slumping around $320 has seen many investors seek new avenues for investment. As one of the established cryptocurrencies whose price is rising, most investors started trading with Ripple.
Price gains especially in Asia have seen trading volumes increase at 25 percent at Bithumb which is a major South Korean exchange. Bitfinex, a Hongkong based exchange has seen volumes rise to 10 percent. Ripple has already partnered with SBI holdings to launch SBI Ripple Asia markets in Taiwan, China, Korea and Japan. C.E.O of Polymath, Trevor Koverko stated that People feel comfortable with Ripple’s name and technology behind them.
XRP Functionality which is a solution provider for leading financial institutions such as Standard chartered and Axis Bank introduced new payment platform built on top of Ripple Technology. Its speed (4-second transactions) and its low fees make it interesting to their customers.