Ripple’s XRP has been in the world of cryptocurrency for over 2 years now. Notice how I said “Ripple’s XRP” because Ripple itself isn’t a cryptocurrency. In simple words, XRP is a token which was launched by the company Ripple labs. Ripple Labs Inc is a firm based in the United States of America which focuses on technology.
XRP is the world’s second most significant coin or ranked as 2nd when looking at the market cap. With a market cap of a whopping 17 billion US dollars, XRP is indeed a cryptocurrency with a much-needed solution a problem. There are a lot of uses of XRP. For example, Payment providers use XRP to expand and break into new markets.
The merits are lower foreign exchange cost and much faster processing time. XRP also aims to replace Bitcoin or BTC. At situations where Bitcoin is used as a standard payment method such as the dark web, XRP can also be used, and it is not only cheaper but faster too. XRP already works with some big banks and payment providers.
As I said, the worlds 2nd largest cryptocurrency has a solution to a problem. The problem is when you usually transfer funds across the border it takes somewhere in between three to five to even seven working days for the transfer to occur. It is the modern era of tech and seven days for processing a transaction is actually too long.
In the case of XRP or Ripple, it barely takes a minute. To be precise, it takes somewhere in between 3 to 5 seconds to process a transaction. Not only is XRP faster than bank transactions but it is much faster than Bitcoin transactions, considering that Bitcoin takes roughly ten minutes to process a transaction or to add it to the blockchain.
XRP (XRP) Price Today – XRP / USD
XRP: A major price drop
It’s no secret that 2018 has been one of the worse years for the cryptocurrency investors. Although, a lot of smart investors have made money by investing early or during the presale of some coin, however, a majority of investors have made significant losses. One reason is that a lot of people started investing in crypto when it was at its peak during Jan.
XRP was already trading at over 50% lesser than its all-time high value. Things have gotten a lot worse this week. XRP’s price dropped sharply by a little over 14% during this week. There is no particular reason for this drop though. In fact, there have been rumors that Ripple is partnering with the Bank of America which is a good news.
Moreover, there has also been news that Ripple will be utilizing XRP’s power to develop a new internet payment system. All of which should result in a price rise and not a price drop. The only reason which can be seen as of now is the price drop of Bitcoin. The crypto market wiped out over $12 Billion after the drop.
And so probably this is a by-product of the price drop of Bitcoin due to the interdependent nature of cryptocurrencies.