Ripple XRP overtakes Ethereum to secure a stable second place on cryptocurrency list by market capitalization. Losing its stable fourth place to IOTA a while ago, Ripple bounced back strongly. This unexpected surge amid a general low run by most of the cryptocurrencies has established Ripple as a hot asset for crypto investors.
How a lesser known cryptocurrency moved so quickly to beat Ethereum amid all this Bitcoin frenzy is hard to analyze. But looking at Ripple’s use cases clearly highlight its potential in solving a major global financial problem.
What is XRP?
Ripple is the financial startup that owns 61 percent of the XRP token. XRP is a banking focused cryptocurrency. It uses a next generation blockchain to power RippleNet. The lightening fast settlement time provided by XRP makes it a perfect digital asset for financial institutions to swiftly settle global transactions.
XRP Price Surge in 2017
2017 was not only a great year for Bitcoin, but also a good year for cryptocurrencies in general. Among the most popular altcoins, XRP price climbed dramatically. At the end of 2016 Ripple XRP price was less than 1 cent. At the end of 2017 it has risen to a historic price of more than $2. At the time of this post, XRP price is at an all time high. The market capital of XRP now stands at a massive $92.6 billion. It is now the second largest cryptocurrency by market capitalization.
Ripple XRP Predictions for 2018
Year 2018 is going to be another massive year for cryptocurrencies. With increasing mainstream adoption of the blockchain technology, popularity of altcoins is only going to increase.
As XRP is designed for financial institutions, its price is likely to increase with increase in its adoption by more banks world wide.
The application of XRP in solving a major global banking problem may effectively transform the way global transactions are settled among financial institutions.