Ripple takes the cryptomarket by storm and comes into view as the ‘underdog’ of virtual currencies that created a lot of turbulence in the financial markets. Surging above $2.5, Ripple emerged as the surprise factor that has overshadowed the lucrative returns and attractive investment opportunities provided by Bitcoin throughout the year. The Ripple XRP is on a streak of hitting its upper locks for the past 24 hours augmenting its value by about 77%. Currently trading at the rate of $2.57, Ripple has crossed the mark of $100 billion market capitalization. In the past 24 hours, there have been a trading of volume worth $11 billion which is phenomenal and shows the growing interest of investors towards this form of digital commodity.
While the cryptocurrency market has been correcting itself recently after the Chrismas debacle, Ripple XRP has emerged as a stable and a much more established digital asset with consistent appreciation in value and predictable market fluctuations. Despite being the most traded and popular virtual currency which dominated the financial markets, Bitcoin’s percentage return was lower than that of Ripple. Ripple XRP evidently overthrows the Bitcoin in terms of profitability with a wide margin.
If we compare Bitcoin with Ripple XRP, Bitcoin started the year with the value of $1000 but managed to reach the ceiling of $20000 after which the slow decay started which eventually brought the prices back to the equilibrium price of $15000. The latter, Ripple XRP, started the year with the value of 0.64 cents and are currently trading at around $2.7 which is almost an appreciation of 42000%. The virtual currency market is dividend is still dominated by Bitcoin which account for a total of $247 billion which is equivalent to 43% of the total market capitalization. However, the underdog of this market, Ripple XRP, has managed to capture the market capitalization by a proportion of approximately 17.7% accounting for its market capitalization of around $105 billion.
There is no doubt that 2017 was dominated by digital assets. Amidst all the cryptocurrencies, Ripple XRP managed to perform better than Bitcoin in an overall situation due to its centralized system and ability to become an efficient payment mechanism.
The CEO of Ripple, Brad Garlinghouse, stated,
2017 has been the year of the digital asset, and XRP has clearly outperformed every other digital asset. The reason for that is that the market has realized that XRP is a highly efficient payments mechanism that is solving real-world problems for real-world customers with real money. People are increasingly realizing that bitcoin is not going to be a panacea for all these payments problems that people imagined it would solve. Payments with XRP settle in a few seconds, but if you buy a cup of coffee with bitcoin it will be cold by the time the payment has been settled.