Why It Is Worth It to Invest in Ripple
When Ripple (XPR) entered the market, it received negative feedback from clients because of its centralized nature. The altcoin works with central banks and it cannot be mined. Some users even thought it worked against the decentralized nature of cryptocurrency. Despite these, the Ripple price continued to grow as more investors and banks started to realize its potential.
Significant Ripple Price Movement per Year
Ripple has come a long way since it was introduced. Over the years, this altcoin has shown improvements and a few challenges. See how Ripple price has moved from 2012.
Ripple’s features led users to think that it was a scam. Businessmen and investors were also doubtful because it cannot be mined, arguing that it may not be considered as a cryptocurrency. Starting with the price of US$0.05, it showed little to no progress.
SnapSwap, an e-money institution, gave away free XRP to help the currency gain more users. Those who would use this company’s payment gateway were promised to receive 500 XRP. Through this strategy, the price of Ripple increased. Sadly, there were those who never received the XPR rewards they were promised.
Ripple established major partnerships with four banks and one network in 2014. Bitcoin exchanges that offer Ripple, like Kraken and Bitstamp, also announced that its trading volume reached 6.5 million. With these improvements, the Ripple team enhanced its system to make it more stable for users.
The digital currency had 25 bank integrations in 15 countries even if the coin price started 2015 at only US$0.02. Despite its low price, the currency received US$4 million worth of investment from Santander.
Ripple continued to get the attention of banks because in 2016, it worked with 15 of the top 50 banks in the world with 30 active integrations. Another achievement of the virtual currency is its jump from US$0.008 to US$0.029 in October.
The altcoin finally surpassed its usual price and reached $0.38 in May 2017. This significant increase was caused by the growing number of Ripple users. The number of exchanges that support this altcoin also increased. Crypto users can now buy Ripple on Korbit, Coincheck, and Bitbank, among others.
Ripple Price Predictions
Ripple’s improvement over the years makes it third on the Top Cryptocurrencies list. Toward the end of 2017, there were already 30 crypto exchanges accepting this altcoin. With Ripple’s goal of focusing on international payments, it is expected that the coin’s value will increase in the coming years.
Now that more members of the cryptocurrency community learn that Ripple can process payments faster than Bitcoin does, more users start to invest in this altcoin. According to Craig Beck, author of Building Extreme Wealth, Ripple has a promising future because of its growing number of investors.
With banks and other financial institutions supporting Ripple, this currency is seen to go a long way. It might have faced challenges after its release, but it proved to be among the best digital assets you should invest in. The more users get to know the advantages brought about by its centralized nature, the more you can expect its price to increase. Get your own Ripple now to see for yourself how well the currency competes with other crypto coins.