Bitcoin
Here’s What Sets Ripple (XRP) Apart From Its Top-Tier Peers
In the cryptocurrency space, communication between the entities associated with a coin and the community that supports the coin can be the difference between strength and weakness from a market capitalization perspective.
We’ve seen seemingly worthless coins gain traction purely because their developers can talk a great game and market a strong vision, regardless of any behind-the-scenes operational advance.
We’ve also seen the exact opposite – a coin fail despite the company behind it making strides toward operational milestones because the team that’s hitting on the milestones can’t or won’t communicate advance to the community.
One company stands out above the rest (we’re talking the top twenty coins here) as being incredibly efficient at letting its community of supporters (and, indeed, the wider markets) know what’s going on behind the scenes. Further, the same company is knocking down milestones day after day and, as far as we’re concerned, is the best play in the sector from a proven enterprise use case perspective.
That company is Ripple (XRP).
Ripple hasn’t been immune to the recent wider market weakness – far from it. XRP dipped from more than $3.60 a piece at the start of January to around $1.13 on the 17th of the month – a close to 70% decline. Indeed, the coin was one of the hardest hit in the space.
XRP Daily Chart
Over the last few days, however, XRP has staged something of a recovery and currently trades for a little over $1.40 a piece. That’s a close to 25% run on lows and gives XRP a market cap heading into the latter half of this week of just shy of $55 billion.
And what’s behind the recovery?
You guessed it – company to market communication.
Yet again, Ripple has lived up to our expectations and spent some time putting together this series of updates, designed to inform markets as to exactly what the company is trying to do, where it fits into the global infrastructure and – just as importantly – where the XRP coin sits in the grand plan.
The report is in three parts, available here (part 1), here (part 2) and here (part 3), so anyone looking to really get an idea of why this company is making waves (we’d have loved to have said ripples here, but avoided the temptation, sort of) in the global financial and commerce industries should spend a bit of time with each part.
By way of a brief summary, however, Ripple is trying to bring about what’s called the Internet of Value. That sounds grand, and it is, but conceptually it’s actually remarkably simple – the company wants to provide the infrastructure that allows for the transfer of value as quickly, easily and cheaply as the current infrastructure allows for the transfer of data.
In other words, we can send emails, images, sound, pretty much anything, at the touch of a button and practically instantly anywhere and at any time.
When it comes to sending value (so, money), be that within or across borders, the process is slow and antiquated.
The technology that Ripple has built brings value transfer in line with data transfer and XRP is what is being used to both allow for the creation and the development of this technology (through payment for developers, that sort of thing) as well as serves as an already proven value transfer asset that can integrate with Ripple’s core technology.
Bottom line here is that this is a company and a representative cryptocurrency that has proven that this technology can be used to drag antiquated systems, even those as well entrenched as global value transfer into the modern world – something that many other companies are trying to do right now but are yet to achieve.
For these reasons, we’re maintaining a strong long-term bullish bias on XRP.
We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Ripple
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