Ripple increased by 89% briefly becomes third Largest Cryptocurrency in the world

1088 Total Views

Cryptocurrency News

Ripple has left the bitcoin cash one step below in cryptocurrency world since now it has become the third-largest cryptocurrency by the market value.

Ripple, or XRP, increased by 89% Thursday to a high record by hitting 89.2 % and was trading near 81 cents, providing the market value of $31.6 billion.

The surge currently pulled Ripple’s market value past that of bitcoin’s cash, and into the third place just behind the largest digital currencies, Bitcoin and Ethereum. The website showed bitcoin cash had regained third place by Thursday afternoon, with the market value of $32.1 billion.

 

The above screenshot shows, how does ripple grow constantly in the market.

Ripple is officially the name of a startup which is initiated using the blockchain technology to develop a payment network for banks, digital asset exchanges, and the other financial institutions. XRP is the digital coin network used for the transactions.

The South Korean investors are the reason behind this high since they have been investing constantly in Ripple. They have also helped Ethereum to become higher.

Nikkei reported Wednesday Japan times that banks in Japan and South Korea began testing Ripple’s blockchain technology on Friday.

Brad Garlinghouse, CEO of Ripple, told:

“In a landscape of a lot of hype, Ripple is the one that is delivering a reality.”

Ripple has gained the growth in last several months. In October, Ripple said that more than 100 financial institutions are using the blockchain network. After November, Ripple also told that American Express FX International Payments and Santander will use Ripple’s network for the cross-border payments between the U.S. and the UK.