Popularly known crypto asset, XRP, is recording significant appreciation in its price amid increased buying from global investors.
What we know
Ripple recorded its highest percentage gain since November 24. At the time of writing, it had gained 10.61%.
- The move pushed Ripple’s market value to around $24.09 billion, or 4.83% of the total cryptocurrency market capitalization.
- Also, the third most valuable crypto asset has been trading from $0.50451 to $0.58549 for some hours now.
- At such prevailing price, Ripple has plunged by 83.68% from its all-time high of $3.29 set on January 4, 2018.
XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.
Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.
It plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.
Unlike its major crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered, and Barclays for international transactions worldwide.
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