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   828

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

RippleNet expands into emerging markets

Additional 5 international financial institutions have joined Ripple
21 February 2018   101

Banks from Brazil (Itau Unibanco) and India (IndusInd) along with remittance providers from Singapore (InstaReM), Brazil (Beetech) and Canada (Zip Remit) joined the ranks of members of the enterprise blockchain solution for global payments. This announcement with an earlier partnership with China (Lianlian) brings Ripple even closer to the so called 'emerging markets'. With the partners base of more than 100 organizations worldwide, Ripple allows its members access and exchange payment information between each other and finalize the transactions in an instant.

We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.

 

Prajit Nanu

Co-founder and CEO, InstaReM

On top of that, with the application of a blockchain technology the costs of transactions and the transfer times get drastically decreased. It is reported that IndusInd and InstaRem will use Ripple's xCurrent platform to improve cross-border payments to other financial institutions globally; and Beetech with Zip Remit will use xVia to deal with global payments for their respective customers.

The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.

 

Patrick Griffin

Head of business development, Ripple