The overall crypto currency market is undergoing a major correction but there is one altcoin ‘Ripple’ which continues to surge ahead and lead the crypto charts. In just one month, the price of this crypto currency has surged by almost 1000% with its current valuations above $105 billion making it the second largest cryptocurrency. Currently, according to the data from CoinMarketCap, Ripple is trading at $2.75 and is over 100% up in just past 24 hours.
1.Rise of the altcoins
Bitcoin cracked the $20k wall shortly after the announcement of bitcoin futures trading on Cboe and CME. Many of these newcomers begin their crypto journey by investing in other cryptos like Litecoin, Etherium or Bitcoin which is supported by Coinbase. And due to the surge, these coins were already out of reach for the newbies. So investment in Ripple was a right choice.
2.Partnership and Media
Ripple has over 75 commercially deploying customers—and over 100 currently on their roster. But more than just establishing a customer base, Ripple has used strategic partnerships to generate buzz. The recently announced partnership with American Express was many Americans' first encounter with Ripple—and immediately situated the brand as a reliable financial service, rather than a weird or intimidated new technology.
3.Ripple technology for the transfer of funds
One of the main reasons for such a surge in price was the involvement of major banks in Japan and South Korea to implement Ripple's technology for transfer of funds. Yesterday, Tokyo-based SBI Ripple Asia created in January 2016 – founded by Japanese financial services firm SBI Holdings and Ripple announced the formation of a “consortium” with some Japanese credit card companies to use the revolutionary blockchain technology.
Ripple is actually a useful product to its customers now—regardless of what it will or will not build in the future—and these customers happen to be some of the biggest financial institutions in the world. And it's speed and low fees also make it appealing to general consumers. And due to this limited number of XRP coins, the currency may continue to flourish or at least hold its ground in the future if crypto prices fall.