Ripple inches closer to Bitcoin Cash (BCH), holding #4 spot with a market cap of $43B.
A little over a week ago, Ripple made explosive gains, surging 84% in a day to become the #4 cryptocurrency by market cap.
In the days following, Ripple underwent another round of growth, jumping from the $0.50 range to $0.75. After that, disregarding minor fluctuations, the XRP market remained steady—even through Coinbase’s announcement that Bitcoin Cash (BCH) buying, selling, and trading would be supported on the platform—which dropped the price of Bitcoin (BTC) and many other cryptocurrencies worldwide.
According to CoinMarketCap, at 2:24pm Dec. 20, XRP was trading at $0.75779. This morning at 7:04am (Dec. 21), the price was $1.24—marking growth of 64 percent in just 17 hours, and crossing the “historic” $1 milestone. The price is currently $1.14 as of the time of this publication.
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What you need to know about Ripple (XRP)
Ripple operates as a payment network called RippleNet. The goal of the platform is to streamline the transfer of funds—to almost any other currency or cryptocurrency in the world in 4 seconds. Ripple works with banks and financial institutions such as AMEX and the Japan Bank Consortium to become the premier cryptocurrency of record, offering a quick, cost-effective way to transfer funds globally.
This has huge implications for how we move money across borders. Imagine if you could send money to a friend in another country without having to make any currency conversion—this is one of the key value propositions of XRP.