“It’s basically like a Bitcoin but for like banks or something right?”
The above statement is generally the extent of how much many cryptocurrency investors know about Ripple. For having the third highest market cap, many people still know surprisingly little about Ripple XRP or the potentially industry-shaking business that is Ripple.
If you find yourself in this category, don’t fret. You’re not alone, nor is understanding what Ripple does too far out of reach.
When it comes to exciting cryptocurrencies, the average investor is usually drawn to volatility. A sudden atmospheric surge in price for a random altcoin usually makes headlines, regardless of how viable an investment target that coin is.
Whereas some coins such as Monero and NEO multiplied in price, Ripple stayed relatively quiet. It still held onto being in the top 5 most popular coins, but it was just not exciting to watch. This led a lot of people to forget, or otherwise neglect to understand, what Ripple is trying to accomplish.
The opportunity Ripple is trying to seize is based on the inefficiency of the current global payment industry. The world sends roughly $155 trillion across borders, and this $155,000,000,000,000 (that’s a lot of zeros) is chipped away at with high fees and lengthy processing times. If you’ve seen a chunk of your payment from an international client go missing to fees, multiply that to an almost incomprehensible amount of money.October Growth
The recent and unexpected spike in price signaled a bull-run in a time where altcoins were generally down double-digit percentages.
The reason XRP saw some growth in October is largely due to the belief that Ripple is going to make a big announcement at their upcoming conference in Toronto called “Swell”. Traders are buying into XRP with...