Who said all digital currencies are having a bad end of year? Who said cryptocurrencies are going to fall before mid 2018. Ripple hit an all-time high today according to data from CoinMarketCap. Ripple’s token, the XRP, hit one of its record figures today with $1.43. Ripple’s progress today adds up to the list of all-time highs attained by cryptocurrencies in this year. With this new value, XRP has risen by 20,000% this year, 450% over the last month and 30% over the past 24 hours. As is the custom, we try to look at some of the contributing factors to the token’s rise in value and what they could mean for the token’s future.
For the past two weeks, cryptocurrencies have not really fared so well. Bitcoin is recovering from a steep value reduction, Litecoin is still finding difficulties crossing and staying beyond the $300 dollar mark it crossed at the beginning of the month, Bitcoin Cash has fallen from $4,000 to almost half that price. That said, you can clearly see that things are not so pretty in there. However, Ripple according to Greenspan is said to be the first crypto to “recover from the Christmas doldrums”. Way before the “crypto-slide” it was performing better than most other digital currencies and it even at point went up by about five times its initial value. This according to most people is seen as a resilience by the currency to not fall victim to the very fate of most other digital currencies. This could be a result of most newbies to the crypto world buying the XRP due to its very affordable price as everyone searches for the new bitcoin. Jeff Koyen of 360 Blockchain USA stated that well after XRP has hit its recent high, it “is still a buy-and-hold”. He said this when he was highlighting on key areas of XRP’s “stability and mainstream use cases”.
Payment Card Consortium
Per an online translation of a press release today, SBI Ripple Asia declared earlier today their invention of a “consortium” that is specifically modelled to probe into the “role that distributed ledger technology could play in card payments”. SBI Ripple Asia is an institution founded by Japanese financial firm SBI Holdings in collaboration with Ripple. Tim Enneking stated today that by far, this was the only major news that had something to do with Ripple. Still, he did not rule out the fact that digital currencies have been unexpectedly growing in Japan and that this could be one of the major factors for XRP’s price appreciations. He further went on to state that SBI Ripple stood to gain the most if they promoted and branded XRP very well. This was his statement
“Ripple is huge in Japan and Japanese interest in crypto currencies in general has skyrocketed (based on trading volume) over the past six months,”
This is not the first time we are seeing a country’s interest in the cryptocurrency market boost the XRP’s value. Midway through December we saw the South Korean market’s high demand for the XRP shoot the cryptocurrency to currency up by about 71%. It appears to be the case then that the XRP thrives best in the Asian market where everyone may be looking for the new bitcoin to invest in.
Featured Image via Shutterstock
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