Why is Ripple so hot? Many reasons are stacked in Crypto Coin Ripple’s favour. From Asian banks trialing flash transactions to rumours that Amazon will accept Ripple from 2018
Ripple currently is among the top five cryptocurrencies with a massive $46.2 billion market cap, is up 57.2% on Thursday, beating every major crypto coin out there and surpassing $1 for the first time, based on Coin Market Cap data.
According to Forbes, Ripple’s price has sky rocketed and crossed over the $1.5 mark because of increased demand from Asian investors. “Asians are going mad for Ripple,” says Alexey Ivanov, CEO and co-founder of Polynom Crypto Capital, a Moscow-based cryptocurrency and blockchain investment fund manager.
The company said last week that a coalition of 61 banks in Japan, organized by SBI Ripple Asia in Tokyo, will launch a new digital payments systems pilot program with Woori Bank and Shinhan Bank of South Korea using the Ripple blockchain network.
Ripple was started in 2012 in California and is currently listed on 30 exchanges. The digital currency is closely connected to the banking world, as it was initially designed as a worldwide payment and transmission system. Ripple, the company behind the cryptocurrency, has licensed its blockchain technology to over 100 banks as of October.
The company plans to ultimately create 100 billion ripples, half to be released for circulation, with the company retaining the other half.
Many crypto investors are flocking to lap up Ripple coins. Even as Australia’s leading crypto exchange Coin Spot has temporarily stopped AUD deposits “until at least the first week of the new year”.
Coin Spot, the most popular crypto exchange in Australia, temporarily halted accepting AUD for coins. In a statement put out by Coin Spot, the company said: “Unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry”.
Regardless, investors are migrating to other exchanges or looking for other avenues to buy and “hodle” Ripple. What if Ripple becomes extremely valuable like Bitcoin in a few years? Some feel this is an opportunity of their lifetime to “get rich”.