This is one for the crypto-heads, but Ripple has been creeping steadily up and has now reached $0.6 off of a high of $0.5 just a few days ago. There was some worry that it would crash to around $0.4, but instead it’s settled into a new range at about the same time that news about its potential for disruption in India started coming out. It happens to have massive potential in an area with a lot of poor people who need cheaper transactions and also many rich people with excess wealth looking for safe places to store their money outside of traditional banks because they are worried about government regulations, inflation or corruption (or maybe all three).
The crypto community
It has been watching Ripple’s progress with an extra amount of interest and excitement because it could be a game-changer in the area. The fact that there has been some news coverage of Ripple just makes this more likely to succeed. For example, Ripple announced at DevCon3 that they have partnered with Microsoft in hopes of doing some cross-border transactions for their customers.
It was also another banner year for Ripple as it crossed a record $1billion in market cap, passed Bitcoin Cash by market cap and became the 6th most valuable digital currency overall. This means that it overtook Ethereum as the largest blockchain project in terms of market capitalization and the 8th biggest platform by volume. Not bad for a company with no products, no team and only one project. [By the way, I wrote last year about why Ethereum would not survive in 2018– that prediction came true.]
In addition to all of these developments, Ripple has also finally revealed their two-year plan of how they intend to make progress in each area. The company’s hope is not just to make XRP more accessible for the masses but also provide more services that help their users feel safer and more secure. Just like any software platforms, Ripple will eventually become obsolete as features are improved and new use cases arise. But it will almost certainly be an application executed by billions of people that will never go away and change the way that we live and transact.
Ripple’s two-year roadmap
It is just out, and it details the company’s strategy for the next two years. One of the most important goals is to continue growing their user base by providing more transparency into how transactions are occurring and also expanding access to XRP so it can be used in more places. This might not seem like a big deal until you consider that there are still well over 1 billion unbanked people in the world who need tools to bridge their transaction gap before they can get connected.
What is Ripple protocol?
The Ripple platform has a smart contract built into it that allows people to send money in a very fast and cheap way. In most cases, the transaction takes up to three minutes. Here is a quote from their website about how easy it is: “The average transaction time for fiat transactions in the US and Europe is 3-4 days using a bank transfer. XRP can complete these same transactions in seconds or minutes, depending on use case complexity“. It uses this technology for sending money around the world without needing banks or brokers.
What percentage of XRP is owned by Ripple?
Currently, the company owns 55% of the network. This includes some lightweight holders who don’t plan on ever selling their shares because they believe in the platform. They are mostly companies and investors that are interested in the technology that Ripple has developed. There are still many people who don’t understand why everyone thinks it will go to zero, but as you can see from this article, it is not that broken. By comparison, Bitcoin’s one-third situation is much more threatening to its future than anything Ripple can do.