Ripple surpassed $1 mark for the first time since 2013

In 4 years after its launch Ripple reached all time high of $1 for the first time after expanding its network to more than 100 financial companies
21 December 2017   1782

Ripple is one of the most famous cryptocurrencies in the world, which has almost always been in the list of top 5 cryptocurrencies, though having quite a low price, but being accessible for the users.

List of top cryptocurrencies ranked by market capitalizationList of the top cryptocurrencies ranked by market capitalization

During all 4 years since its creation the price of Ripple remained lower than $1, and on December 21 of 2017 it finally reached all time high of $1 for the first time. The highest price which Ripple has ever reached before was seen on May 17 of 2017 when it rose to $0,41.

Ripple Charts december 2017Ripple Charts

The reason for such an unexpected price jump is in the expansion of Ripple Network to more than 100 financial institutions. The organizations that partnered with Ripple include American Express, Credit Suisse, Santander Group, UBS, VISA, Bank of Ayudhya Public Company Limited, and at the same time, some institutions like the Australian Stock Exchange are experimenting with distributed ledger technology.

Moreover, next spring Japanese financial institutions will begin remittance experiments with Korean banks using the technology of Ripple.

Currently, the price of Ripple continues to rise, having increased 2,20% within 1 hour, which led to such numbers as 33% rise within past 24 hours and 72% rise during past 7 days.

At the moment of press, these are main market parameters of Ripple:

  • Average price: $1,05
  • Marketcap: $40 515 334 638
  • 24h volume: $2 476 380 000

UAE to Launch Ripple's Based Payment System

The system is focused on Asian markets and, according to the head of UAE Exchange will be supported by “one or two banks” working with the RippleNet
14 December 2018   107

UAE Exchange payment company based in the United Arab Emirates creates a blockchain payment system along with Ripple, Reuters reports.

The system is focused on Asian markets and, according to the head of UAE Exchange Promot Manghat, will be supported by “one or two banks” working with the RippleNet payment network. Its launch is planned in the first quarter of next year.

It is worth noting that in the UAE there are many workers from other Asian countries.
More than a third of remittances from this country go to India, 8.8% to Pakistan and 6.9% to the Philippines. Thus, the payment corridor being developed may in the future take a significant share of the international transfer market.

Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream. We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.
 

Promoth Manghat
Executive director and chief executive, Finablr

According to the information on the UAE Exchange website, the service works with 140 banks and is represented in 31 countries.