Ripple’s XRP was last year’s most profitable cryptocurrency by a long shot. No other digital asset came even close. It reached an incredible $3.00 peak last January only two weeks after surpassing the $1.00 mark.
That didn’t happen in isolation; the whole cryptocurrency market went up big time in January. Just in case you didn’t notice it was in January when Bitcoin exploded, which didn’t happen in a vacuum either. The whole market erupted at the time. And then, there was an adjustment, just as it was bound to happen.
Ripple felt that adjustment as well and it went down. As I write this XRP is valued at $0.60, which is a far cry from the $3.00 it reached last January. While this could seem like a big hit for Ripple, you’d be wrong to think it was a setback.
The whole market went down after January, and it only started to go green again in April but, even within that context, Ripple’s XRP remained one of the best performing coins in the world. And it still is.
So how is Ripple managing to keep ahead of the pack when things go down for everybody?
Well, there are several reasons. It’s liquid, it’s reliable, and there’s a massive supply in the market. That helps with stability. Also, it’s listed in more exchanges than any other cryptocurrency (yes, that includes both Bitcoin and Ethereum).
It’s supported by Ripple’s many platforms that cater to the financial industry, so through Ripple’s solutions, XRP is compatible with debit and credit cards and can be traded directly in thirty-four different currencies. As things stand, no other alt-coin can rival Ripple in terms of liquidity. That’s one reason.
And then there are the numerous partnerships Ripple has been able to secure.
Keep in mind that Ripple designed its technology and its cryptocurrency to be a means to carry out international transactions.
No, Ripple doesn’t really want only the Amazon or Alibaba to start accepting XRP payments, not at all. What Ripple aimed for from the very beginning was to create a cryptocurrency that banks, remittance services, and other financial institutions could use to settle transactions across borders.
The thing is: they’re actually doing it. During the last Consensus conference (a crypto event organized and sponsored by CoinDesk), Ripple’s Chief Cryptographer made a live demo of an international transaction (100 USD transferred from the US to Mexico) that was completely settled, receipt and all, in two minutes only and at a ridiculous cost (about 1/10,000 of a cent).
If you’re not impressed yet, it’s because you’ve never tried an international transfer. Those things usually take a lot of red tapes, they are very error-prone, and they’re never settled in fewer than three days.
Ripple’s tech results are so impressive that they’ve persuaded seventy-four of the world’s biggest banks to join the Ripplenet, and use it to carry out all their international transactions. This creates demand for XRP because all the transfer fees must be paid in XRP.
Among Ripple’s current biggest partners are Banco Santander (substantial global presence all through the world, and it’s thought to be the best bank in the world in current times), Oman’s BankDhofar, Japan’s SBI holdings and Western Union among other giants.
Ripple’s XRP is a crypto coin that is already making itself useful in the real world, and some of the world’s biggest banks are creating demand for it as they do business.
That’s why, despite market fluctuations, Ripple is still going strong (potential wise on the whole) in the crypto world, and even though it is currently in the red alongside the whole market, the coin will more likely bounce back to green-bag shortly (quicker than the big guns).
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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 and read our full disclaimer.
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Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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