Ripple recently replaced Ethereum as the #2 cryptocurrency behind bitcoin. As a result, Ripple has gained the position of the second most valuable cryptocurrency.
While all the top 10 cryptocurrencies are not performing as per expectations and are well below their standards, Ripple has seen a good amount of rise and now trading at $2.22. As per crypto experts, the current amount has seen 49% upward movement as compared to a few days earlier amount. This performance of Ripple has made it to successfully dethrone Ethereum and taking the spot of number two cryptocurrency worldwide.
There are number of factors behind this sudden peak performance and the rise of Ripple from its counterparts. All of these factors have coagulated together and given Ripple a much handsome performance over other cryptocurrencies.
Ripple CEO “Brad Garlinghouse” appeared on a CNBC mainstream event and explained the good amount of gathered audience as the advantages of Ripple gaining more fame over the current cryptocurrency system. He gave perfect and fine examples of the big amount of cross-border ATM fees and the amount of time for settling of a transaction by other cryptocurrencies. This clear-cut explanation before the sudden rise in the performance of Ripple could be one of the main factors behind the current status of Ripple as the financially-savvy audience would have given serious regard to the explanations by the CEO.
It is true that most other cryptocurrency levy a higher amount of fees which could be quite burdensome for many people. However, Ripple’s transaction fees are some of the lowest which are currently available. According to a statement by Ripple, banks can save $3.76 per transaction if they use the network of Ripple. As a result, Ripple is a very rigid and stiff competitor in the list of cryptocurrencies that can be affordably used for making international payments and transfers.
Moreover, in past few weeks, the transactions done over Ripple have drastically increased to 1,050,000 from a mere 150,000 transactions. This could be because the transaction settlement in Ripple’s XRP usually takes only a few seconds while with other cryptocurrencies such as Bitcoin and Ethereum it may take up to 30-40 minutes or maybe an hour.
Last year the partnership of Ripple with SBI to launch SBI Ripple Asia, a venture dedicated to sales and engineering for serving countries like Japan, China, Korea and Taiwan cannot be overlooked as one of the important factors in Ripple’s excellent performance in the cryptocurrency market. The test for Ripple Asia is expected to begin in the first quarter of 2018.
American Express adoption of Ripple is a big step forward towards the legitimization of the cryptocurrency as it will provide the users of American Express the facility to make instant blockchain based payments.
Speculations are out that Coinbase will soon stand with Ripple and will lend its support to the cryptocurrency.
All these happenings have contributed to the dramatic increase and multiplication in Ripple’s performance. Only about 3 months ago nobody would have expected such a performance by Ripple. But now, anticipations regarding Ripple’s performance in future are very high and if Ripple performs according to the expectations of the people then time is coming soon that Ripple will gain the spot of world’s most valuable cryptocurrency.