Ripple price has reached a historic milestone. It has crossed $1 mark with a massive increase in its market capital. The current market capital of Ripple XRP has reached $44 billion. Despite ranking 4th on cryptocurrency markets in terms of market capital, less is known about Ripple Net and its various modern financial solutions.
What is Ripple?
Ripple is a banking focused cryptocurrency that offers flexible services for cross-border payments. Ripple Net essentially provides a modern global payments system. It promises swift, secure and highly reliable global payments for banks, exchanges and corporations. With low operational costs, Ripple Net also provides real-time traceability of funds.
Established in 2012, Ripple Ledger is based on an advanced version of the blockchain technology. Its blockchain is said to be interoperable on different networks as well. Payment settlement time for Ripple is just 4 seconds which is ultra fast compared to Bitcoin and Ethereum. Ripple Net has a completely scalable design.
According to Ripple’s official website, it constantly handles 15,000 transactions per second. Ripple is a relatively stable cryptocurrency, both financially and technologically. This stability makes it a perfect global payments system for banks and other financial organizations alike.
The Recent Surge in Price
Ripple’s stable price below $1 mark, has made this cryptocurrency hard to predict. Yet, the recent surge in Ripple price has attracted many cryptocurrency investors. According to cryptocurrency analysts, latest news and announcements related to Ripple Net may have spurred this unexpected price surge.
Recently, Standard Chartered and Axis bank announced a joint cross-border payments project based on the Ripple Network. Besides, positive news related to Ripple, this rapid increase in price is also driven by some high volume Asian markets. Increased Ripple trading volume was recorded on South Korean Bithumb and Hong Kong based Bitfinex cryptocurrency exchange.