XRP Cryptotokens and Ripple soar high. Ripple is a new cryptocurrency and fast speed digital payment rail which is challenging Bitcoin’s dominance and is actively working with global banks and payment providers to provide faster international money transactions. The system provides a high-speed borderless payment mechanism which uses the company’s Ripplenet enterprise solution to transfer assets within fractions of a second.
The drawback for investors is that banks don’t have any requirement for the XRP crypto tokens to enable transactions, so it’s unlikely that financial institutions will have any requirement for the cryptocurrency. Ripple handles more than 2,500 transactions per second and transaction fees are remarkably low when compared to those for Bitcoin.
XRPUSD Price Chart
RippleNet
It was announced in January that XRP and Ripplenet will be utilised within the top three money transfer sites and public announcements are expected to follow. Ripple Labs has worked proactively with banks and financial institutions to dramatically improve speeds with which money can be transferred globally and to ensure greater compatibility with systems.
Ripple’s high-speed digital payments system operates in conjunction with existing banking infrastructure and has encouraged major clients, such as American Express and the Bank of England, to sign up for the service. Most of the large financial institutions are unlikely to use XRP crypto tokens to facilitate transfers, so the cryptocurrency remains a separate entity. The price of XRP tokens soared from less than $0.01 per token to over $1 a token in less than a year, so it really is a cryptocurrency to keep watching.
The XRP cryptocurrency has overtaken Ethereum to become the world’s second-largest digital asset. XRP appreciated by over 1,200% in December 2017, fuelled by rumours that it would be added to Coinbase. Investors do need to keep in mind that the digital currency price is not linked to the success of the Ripplenet infrastructure, so in actual fact, the crypto tokens may provide little utility. For the moment, however, every new client announced by developer Ripple Labs seems to drive the price of XRP tokens up further. For long-term investment purposes, XRP crypto tokens could prove excessively risky.
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Sources:
Express.co.uk – Ripple News.
City AM – Ripple Making Waves