Ripple and its token, XRP, have dominated the cryptocurrency market as XRP finished the second quarter up 3,977 percent. This is an example of cryptocurrencies booming during an overall digital currency renaissance.
Ripple Goes Legit
XRP finished its second financial quarter at $0.26, up 3,977 percent from the start of the year. More recently, the price dropped to $0.19. An incredible show of growth nonetheless.
In Q2 alone, Ripple recorded more than $11 million in transactions and XRP joined 25 new exchanges. XRP is now the third-largest crypto by market capitalization behind Bitcoin and Ether. This seems to answer the question cryptotim.es asked earlier this month – Ripple is becoming legit.
The digital currency has also recently differentiated the use case for XRP which increased interest in the token, part of the explanation for this massive growth.
“With respect to XRP, we are incredibly focused on international payments, I think we are probably the only digital asset that has a clear use case with respect to what we are trying to do with the asset,” Miguel Vias, Ripple’s head of XRP markets, told CNBC.
The Cryptocurrency Renaissance
Ripple is only part of the picture when it comes to the vast landscape of digital currencies. Right now, multiple countries are experimenting with cryptocurrencies and acknowledge the role they will play in the future of finance.
The South African Reserve Bank is trying on Bitcoin regulation for size. China is testing a national cryptocurrency and “Ethereum Island” may be coming to the African coast as Mauritius moves to take its place as a cryptocurrency and blockchain technology hub.
Although some are worried that the cryptocurrency market might be in a bubble, others see this period of rapid growth as a sign of blockchain technology creating a large scale change to the global economy.
As countries like China and Japan sway the cryptocurrency market, it becomes clearer that close attention to technological advancement. A desire to achieve cybersecurity and a need to control one’s money are the decisive factors for many cryptocurrency investors.
This makes Ripple’s focus on international payments an explanatory factor in XRP’s current strong position in the cryptocurrency market.