CNBC reported that Ripple’s gains followed the “consortium” news. Japanese financial services company SBI Holdings and its subsidiary SBI Ripple Asia are to launch a “consortium” with Japanese credit card companies to use blockchain technology. Bitcoin is continuing to lose its dominance over the cryptocurrency market, losing over 14 percent of its value in the last 24 hours. At the same time, rival virtual currency ripple surged almost 20 percent to its all-time high.
The advantage of ripple is that it is not just a cryptocurrency. It is also used as a digital protocol that acts as a bridge to other currencies. Also, it doesn’t discriminate against peers whether they are using digital money, fiat currencies or even mobile minutes.
According to its founders, ripple seeks to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks”. Ripple has had the biggest growth in value among notable digital tokens this year. It has gone from less than a cent ($0.006523) in January to $1.47 on Wednesday, which represents an astonishing 22,000 percent rise this year.
Ripple CEO Brad Garlinghouse told CNBC that:
“We are going to invest in the ecosystem to help accelerate the adoption of ripple’s technology”.
With a $54 billion market cap, it has become the third-largest cryptocurrency by value. Furthermore, it managed to push bitcoin cash down to fourth place. The future looks brighter and brighter for ripple. And even though it has increased so much lately it is far from stopping. Ripple is adopted at an increasingly higher rate and thus it is still not too late to invest in it. Ripple managed to gain people’s trust and is now targeting to break even more barriers. The year 2018 is surely going to be a very interesting one for ripple. It is going to be worth to keep a keen eye on it.