Banks are very wary and continuing to oppose Bitcoin. That is understandable and no surprise at all as the cryptocurrency is proving to be a much efficient competitor against the regulated fiat currencies. However, banks are not completely closed off to the blockchain idea behind the cryptocurrencies.
Interest has further grown for Ripple with its great focus on blockchain technology. Unlike Bitcoin, Ripple has created partnerships with banks and financial institutions around the world. With banks continuously showing interest in entering the blockchain world, Ripple seems to be the most likable of the cryptocurrency and blockchain companies they would partner with for expertise and ideas.
Ripple unlike other cryptocurrencies is not mined. There are about 100 billion coins circulating which were created by the company itself. You wouldn’t be wrong if you were thinking that it is a good idea to invest on Ripple as quickly as possible as the XRP cryptocurrency is proving to be a big and important player within the blockchain world.
Amongst reasons to invest are the speedy growth the company has achieved which currently sits at a market capitalization of $7.5 bn. 38.5 billion total XRP are currently trading at just $0.2 each. More and more banks are using the Ripple protocol and its supply will soon be enough to support all the players using the system. Ripple could soon replace simple SWIFT transactions due to lower costs and higher efficiency. Institutions that support the company have also increased at a rapid speed. The company is partnered with more than 100 institutions at the moment and its role in the market seems to be very promising.
The price of Ripple currently is very low at $0.2 for the past months. That has been due to the uncertainty of investing in this technology mainly due to fear of the supply. As the company owns all the coins, at the moment 60% of those, investors fear that Ripple may suddenly release those and flood the market. This would cause investors to lose a lot of money, whilst the company would get a lot of profit in return.
As a fix for this CEO Brad Garlinghouse has issued 55 Billion XRP in Escrow. With this brilliant step forward in technology Ripple has been able to promise that the supply will be predictable and the investors will be able to see and verify that themselves. The only things that could harm Ripple at this point are government regulations or more innovative and attractive competitors entering the market!