The Ripple XRP cryptocurrency blockchain system rose 29,631 in value last year. Ripple sold $96.1 million worth of XRP in the fourth quarter of last year. The XRP blockchain system was developed by Ripple as a cryptocurrency for banks. Trading volume rose by 35,000%, from $2.28 million in the final quarter of 2016 to $807 million/day in the same period in 2017.
Ripple Owns 60% of XRP in Existence
The company itself owns around 60% of all the Ripple XRP cryptocurrency in existence and has benefitted tremendously from the upsurge in interest in cryptocurrency in general. Ripple raised over $180 million last year in XRP sales without having to concede any of the company’s equity.
This gives Ripple a high level of financial security at a time when it is trying to sell its software to various financial institutions. The cash benefit also provides Ripple with financial security in the event of a crash in the value of the XRP cryptocurrency.
MoneyGram Using XRP Cryptocurrency
Ripple has been trying hard to get financial institutions to adopt the cryptocurrency. This would develop it to more than just a form of volatile trade. It announced at the beginning of January that the XRP cryptocurrency had been adopted by MoneyGram for cross-border transactions along with Ripple’s xRapid technology.
It also announced this week that Mercury FX and IDT Corporation would adopt the xRapid technology for the rapid settlement of corporate transactions and settlement of remittances.
Ripple XRP Cryptocurrency Significantly Faster than Bitcoin
The Ripple XRP blockchain offers a very fast means of carrying out transactions, faster even than bitcoin. This cryptocurrency can reduce settlement times from days to just three seconds! This speed can feasibly save billions of dollars in intermediate fees. Ripple now has to focus on persuading financial institutions to take up the XRP cryptocurrency. Its major benefit would be the speed of cryptocurrency transaction significantly faster than bitcoin.
Ripple XRP Holdings Worth $81 Billion
The Ripple XRP cryptocurrency blockchain system cryptocurrency currently stands at $1.35. Not huge in the cryptocurrency terms, although this translates to a Ripple XRP blockchain holding of $81 billion. Of this, the company has placed $55 billion worth in escrow. It is able to sell up to $1 billion a month if needed, but that is not their objective. As previously stated, Ripple’s main target is financial institutions and persuading them the use of the cryptocurrency.
