Launched in 2012, Ripple is one of those cryptocurrencies expected to revolutionize the banking sector, facilitating global payments between various providers. Chris Larsen, the brain behind the project, thought of developing a platform where financial intuitions could process payments instantly, reliably, and cost-effect and Ripple was the solution.
People refer to Ripple as the “new Bitcoin” and “the dark horse of 2018” for good reasons. The platform offers similar services as its older sibling Bitcoin, but with some adjustments. For starters, it connects digital asset exchanges, banks, corporates, and payment providers, giving them one accessible platform to facilitate their payments. Secondly, its transactions are almost instant and considering that they occur on the blockchain network, they are also transparent and secure.
The foundation’s native token, Ripple XRP, has been received well by the market. We have witnessed a meteoric rise in its price over the last few months, climbing from a low of $0.25 to more than $3, before correcting to around $1.2. The record high of $3 meant that it had grown by an incredible 36000%, briefly overtaking Ethereum in terms of market capitalization. The cryptocurrency now sits comfortably in the third place.
Ripple Makes Best Use of the Blockchain Technology
To differentiate itself from other blockchain platforms and cryptocurrencies, Ripple introduces three main protocols for integration to provide a solution to problems that the financial sector has been facing. These are:
- xCurrent Protocol – Customized for banks, this integration is created to allow banks to handle cross-border payments seamlessly with end-to-end tracking. It offers a platform for the institutions to send real-time messages should they need confirmation of transactions.
- xVia – This one is tailored for corporates and any other interested parties who want s standard interface to allow them to facilitate payments from one network to another.
- xRapid – Created for payment providers, the idea of this protocol is to minimize liquidity costs, allowing involves financial institutions to have better customer experience.
The Success of Ripple Lies with Deals in the Financial Sector
Ripple introduces a unique technology that promises huge benefits to payment providers, including banks and corporates. The Ripple Foundation has been on its toes making inroads in the financial sphere and signing multiple partnerships and agreements with big names such as UBS Bank, MoneyGram, Bank of America, Accenture, and Banco Santander. There are also rumors that the Foundation is likely to make a deal with Western Union in the near future, something that will cause a lot of excitement in the crypto market.
Recently, Ripple penned a deal with the Central Bank of Saudi Arabia, allowing banks in the oil-rich nation to use the Foundation’s xCurrent software to enable instantaneous cross-border payments. This is music to the ears of investors as it might contribute to the upward growth of the digital currency.
The Market Reaction to Ripple
Ripple literally creates a “ripple” in the cryptocurrency world thanks to the unique technology that it provides. The brains behind the project are well-known veterans in the fintech technology sector, and that, combined with the partnerships and deals that the company is making with some of the leading financial institutions, will see the value of the digital currency shoot to the moon. Ripple is indeed the “dark horse of 2018”.
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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 Andrew Kuznetsov via Flickr
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