Ripple the Dark Horse of 2018 is set to revolutionize the Banking Sector

Published

6 years ago

February 23, 2018

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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BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

4 months ago

December 29, 2023

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

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Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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4 months ago

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

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