After the surprising rise and consequent financial excitement of Bitcoin, plenty of people are open to investing in the next big thing to emerge from the world of cryptocurrency, and it’s possible that Ripple could be the perfect candidate for the role. Ripple actually plays two roles, both as an open payment network and a cryptocurrency (trading as XRP). XRP is currently one of the biggest cryptocurrencies on the market (by market cap).
However, as every investment made is considered a risk, it pays to learn as much as you can before going ahead, so the final decision is to be as informed as you can be. Below we share five major points about Ripple which are very worth knowing before an investment is made.
1.- Ripple was created by experts
OpenCoin is the company behind Ripple, and OpenCoin was founded by Chris Larsen and Jed McCaleb who both have impressive experience in this field – Larsen being the powerhouse behind an existing major company dealing with finances, and McCaleb with a background in bitcoin trading. They have been very successful in attracting hefty investments from various funding sources.
2.- Ripple is underpinned by a serious mission
The ultimate goal of Ripple is for it to become a viable and trustworthy alternative to current traditional payment methods, such as credit cards and PayPal. Crucially, this service involves very, very low fees – for example charging a total of just 1000th of a cent for a single transaction compared to the PayPal fee of around 3% plus a 30c fee on top.
3.- Traditional lenders are keen to support Ripple
Apple and Google were early supporters of Ripple, along with a couple of large banks, and many more global banks are keen to get on board. This bodes well for the future success of Ripple, which is of course pretty irresistible considering the tiny fee makes trading in XRP an easy way to make a lot more profit on their own lending deals with customers.
4.- Ripple could revolutionize the financial world
The Ripple currency is decentralized, offering bank to bank transactions with no costly middle fee stage to cover. Ripple can also work with a bank’s existing systems, there is no need for them to update in order to cope – as they must do with other cryptocurrencies. As if all that wasn’t enough, Ripple is also extremely fast when processing transactions – around 4 seconds a time. This is faster than their competitors, and a blink of an eye compared to the 3-5 days traditional bank transactions take.
5.- Ripple is safer than other cryptocurrencies
Largely because Ripple doesn’t use miners to confirm transactions, the risk of security breaches and hacking attacks is much lower.
There’s still a long way to go for cryptocurrencies like Ripple to become established as serious contenders in the financial markets, but for those looking to invest regardless, it certainly seems to be a good bet for the long term.
XRP closes bullish week breaking 200-day MA; on the doorsteps of the Golden Cross
On the back of the most successful week for XRP, the second largest altcoin in the market has broken, what could be equated to the first inkling of the Bitcoin [BTC] bull run. Following Coinbase’s greenlight to its New York customer to engage in XRP trading, the altcoin shattered its 200-day moving average.
Bitcoin, prior to the April 2 ascendance, which was trading at just over $4,000 and on the back of a slew of reasons, broke the $4,623 200-day moving average (at the time) creating an impetus for a prolonged pump. XRP, following the mammoth 41 percent price rise on 14-15 May, has mirrored the king coin’s rise.
The 200-day MA of XRP, which, at press time, stood at $0.352 was shattered at around 0300 UTC on 14 May, where the cryptocurrency saw a massive 25.59 percent daily gain. Continuing to ride the Coinbase bulls, the cryptocurrency added another 12.27 percent daily price rise the following day, ending its slumping streak which persisted for much of 2019.
Interestingly, the XRP price rise could not have come at a more opportunistic time. During the early days of May, when Bitcoin was breaking resistance after resistance, and anchoring an XRP-less altcoin rise, Ripple’s cryptocurrency was in a slump. In fact, the other digital asset that aims to attract an XRP-esque market, Stellar Lumens [XLM] was also in a slump prior to last week’s rise.
On a year-to-date analysis, the two cryptocurrencies jointly referred to as the “Bank Coins,” contrastingly declined by over 12 percent each, as other coins like Litecoin [LTC], Binance Coin [BNB] and even Bitcoin [BTC] saw triple-digit gains. To answer back to their crypto-contemporaries, XRP and XLM were, by far, the highest gainers during the aforementioned period, wiping clear their slumping trends.
The only coins in the top 10 that are down YTD are $XRP and $XLM, which share identical strategies of trying to become global payment platforms. Their returns are nearly identical as well:$XRP -14.76%$XLM -14.87%
Looks like Mr. Market is bearish on the bank coins@onchainfx
— Ceteris Paribus (@ceterispar1bus) May 7, 2019
Another key indicator for the Bitcoin price rally lasting almost two months now was the realization of the “Golden Cross.” On April 23, the king coin saw its 50-day MA cross-over its 200-day MA as the price rose above $5,350, confirming the coming of the BTC bears, which have since pushed Bitcoin’s price over $8,000.
XRP is on the verge of realizing its very own Golden Cross. Following its May 14 rise and the current green candle-stick, albeit with a major anchoring role played by Bitcoin’s ascendance, the 50-day MA for the altcoin has been broken. If the current trajectory continues, like BTC, XRP could see the 50-day surge above the 200-day and begin a major bullish swing, if Bitcoin’s prices are to go by.
Ripple Reveals Expansion of XRP-Powered xRapid, Amazon Files Crypto Patent, and Bitcoin’s 21 Million Club Hits New Record
Ripple and XRP
Ripple CEO Brad Garlinghouse says the company’s XRP-powered cross-border payment solution xRapid is up and running in both Argentina and Brazil.
Garlinghouse, who has a history being the first to announce key developments at Ripple, revealed the new corridors in response to a question on xRapid at the Swiss National Bank’s recent conference on the international monetary system.
“People are getting liquidity that exists in the marketplace in local regions between XRP and the Philippine peso, XRP and the Argentine peso, XRP and the Brazilian real. And it’s tapping into that liquidity that exists in the marketplace.”
So far, Ripple has publicly touted xRapid adoption in Mexico and the Philippines, with companies such as Mercury FX powering payments between the two countries.
Amazon Crypto Patent
Amazon has been granted a new patent that outlines a number of ways to create proof-of-work cryptographic systems.
The proof-of-work algorithm is used by Bitcoin and a number of other cryptocurrencies as a method of verifying transactions.
BREAKING: Amazon has filed a patent in the US for a proof-of-work system that leverages cryptography.
There’s not a large company in the world who isn’t going to join the revolution.
THE VIRUS IS SPREADING 🔥
— Pomp 🌪 (@APompliano) May 16, 2019
The patent does not go into specifics on exactly what the systems would be used for.
Rumors of Amazon’s potential entry into the world of crypto have long persisted. The company owns amazonbitcoin.com, which redirects to the company’s official website. Amazon Web Services is also heavily invested in blockchain solutions.
Bitcoin’s Exclusive Club
The number of Bitcoin addresses holding more than 1 BTC is reportedly at an all-time high.
Crypto researcher Kevin Rooke used data from the blockchain explorer OXT to plot the rise of BTC accumulation since 2009.
A total of 732,982 addresses are now in the exclusive “21 million club”, a phrase referencing the total supply of Bitcoin.
The Bitcoin virus continues to spread.
732,982 Bitcoin addresses now own more than 1 BTC.
— Kevin Rooke (@kerooke) May 16, 2019
Ripple CEO Brad Garlinghouse claims 6% of SWIFT transactions require human intervention
Amid reports of Ripple allegedly misrepresenting the actual amount of XRP in their escrow accounts, the US-based blockchain tech firm continues to be one of the fastest growing networks in the world. Ripple’s CEO Brad Garlinghouse, during a recent session at the Swiss National Bank Conference, claimed that around six percent of SWIFT transactions required human intervention.
Speaking on the subject of interoperability, Garlinghouse termed it an important factor while scaling the cross-border remittance issue. He stated:“We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”