Ripple (XRP) has broken out of its sideways consolidation, and retraced the entire breakout. The cryptocurrency's market cap now stands at US$25 billion, third overall, largely based on its ~100 billion XRP supply.
Unlike most cryptocurrencies XRP does not use a Proof of Work or Proof of Stake consensus algorithm but instead uses consensus. For this reason, there are no available mining or staking statistics, but figures are available for transactions per day, which have declined since the beginning of 2017. Most of these transactions represent the OfferCreate function, or currency exchange.
The XRP conference, Swell, will be held on the 16th-18th in Toronto, Canada and will include keynotes from former FED chair Ben Bernanke and inventor of the World Wide Web Tim Berners-Lee. The conference will also be streamed live on the Ripple website.
The conference will also likely include an announcement regarding further mainstream bank adoption, possibly in Australia. Ripple recently gained a foothold in Mumbai, South Korea, and Singapore.
XRP aims to take on SWIFT, a telecom cooperative created 44 years ago which banks use to send secure financial messages, not clearing or settlement. SWIFT is used by over 11,000 financial institutions in more than 200 countries and territories. These institutions exchange an average of over 15 million messages per day. XRP is designed to clear these messages, which could also include transactions, in seconds. SWIFT currently clears messages in four days.
Expect a second conclusive announcement from XRP CEO Brad Garlinghouse regarding the 55 billion XRP Ripple the company is sitting on.
In May, Garlinghouse announced that the company would be placing the entire amount in escrow by the end of the 2017, releasing 1 billion XRP a month. Any unspent funds will be placed back in escrow. This assuages concerns from many speculators and investors regarding Ripple’s control of more than 50% of the ...