by David Drake
In a world where it’s now possible to hold money in digital ledgers, Ripple’s place is unique. This is because unlike most cryptocurrencies, it does not take the place of banks. Rather, it’s designed to support banks in utilizing the evolving crypto technology, blockchain.
During the first half of 2017, the price of Ripple XRP increased by about 4000%. Considering its broadening networks and partnerships with banks, Ripple is set to continue on this trajectory in the coming year.
“Ripple has gained so much traction because it is applying technology to work with real-world financial institutions. It has 100+ financial institutions partnering with it and there are over 7,000 FDIC insured banks in the US alone,” notes Ash Shilkin of IvyKoin, and Founder of Change Financial Ltd
But this untapped market isn’t the only opportunity awaiting Ripple. There are many digital currency investors and traders who are not yet aware of Ripple despite its underlying revolutionary technology. However, with the recent inclusion of XRP on the Bloomberg Terminal and possible listing on Coinbase, this is likely to change. These platforms will boost awareness of the currency among the investor community in 2018 and increase its demand.
Ankit Bhatia, the CEO of Sapien says, “Despite Ripple holding more than half of all XRP in escrow, the token has a clear use case and the company is continually adding more customers each day. If the rumors are true, XRP will be listed on Coinbase in 2018. This is likely to cause a spike in price from the influx of new crypto investors entering the space.”
According to Silican Nexus and Convergence 4D CEO, Andrew Prell, Ripple’s application of blockchain to facilitate transactions across borders is revolutionary for banks. Furthermore, it could lead to wider adoption in the coming year.
“When you look at the field of cryptocurrencies that are poised for the largest gains in 2018, Ripple (XRP) has to be near the top of the list. XRP is poised to disrupt Fintech with cross-border transactions and is nearing a critical mass of adoption from banking clients. I predict with it’s increased familiarity from crypto investors and upward trends in trading volume XRP will surpass the $2 mark in the very near future.”
Beyond this, Ripple appears to be a safe option for investors, compared to other competitive currencies. This means investors who want to shield themselves from the uncertainty of the crypto market will most likely opt for Ripple. More growth awaits Ripple should institutional investors enter the Ripple network and the currency gains popularity among the community of cryptocurrency investors like Ethereum and Bitcoin. This will heighten its demand leading to higher prices in the upcoming year.
Disclaimer: David Drake is on the advisory board for most of the firms mentioned or quoted in this article.