Valued at just $0.006 in January 2017, XRP, the cryptocurrency of Ripple network, has showed amazing growth over the year. Currently, XRP is valued at $0.749. This means that an investor who bought XRP in January has enjoyed a staggering 10,000% growth.
Predictions show that XRP could reach the price of $10 in the coming year and currently, almost every exchange is facing problems in dealing with the investors and processing their payments due to the amount of transactions that are being processed by their networks. The hype has effectively bottlenecked the networks for famous exchanges such as Coinbase, GDAX, and Bitfinex.
The hype associated with XRP was caused by Ripple’s recent announcement that it will be working with Japanese banks to reduce the transaction costs in Japan and internationally. It is expected that by using Ripple’s blockchain network, the Japanese banks can reduce transaction costs by up to 60%. Ripple chose the Japanese market for its project as Japan is one of the largest cryptocurrency market. More than 80% of the Japanese population is aware of bitcoin and the cryptocurrency industry.
An unknown entity, bought 900 million XRP, which is equal to around $700 million US. The purchase of such a large amount of XRP shows the level of confidence that investors have in Ripple. The entity behind this investment is still unknown. While there were some rumors that the transaction is a hoax, the transaction was confirmed, as can be seen HERE.
XRP’s growth has remained stagnant for the past few days. Despite this, the price has not fallen and is expected to rise in due time.
Cryptocurrencies are proving to be valuable investments and have shown impressive growth potential in the past few months. Bitcoin, Ethereum, Bitcoin Cash, and a number of other cryptocurrencies, have shown exponential growth. Investors have profited greatly. However, one should still be careful while taking the decision to invest in the cryptocurrencies, as it is a highly unregulated and unstable market. The situation will change in 2018, as more regulations will make the cryptocurrency market safer for investors.
XRP showing impressive growth
Predictions show that XRP could reach the price of $10 in the coming year and currently, almost every exchange is facing problems in dealing with the investors and processing their payments due to the amount of transactions that are being processed by their networks.
Published on Dec 21, 2017 10:58 By Danish Yasin