You may have seen the actor and part-time tech investor Ashton Kutcher present $4 million worth of digital coins called XRP to Ellen DeGeneres’ favorite charity on her talk show. Or maybe you saw Stephen Colbert announce a $29 million donation of XRP to schoolteachers on his late-night show.Ripple, a San Francisco company that is rolling in money thanks to last year’s runup in the value of cryptocurrencies, was behind the giveaways. And it has quietly become one of the most valuable startups of the last decade thanks to the value of XRP, the digital token its founders created six years ago.Now comes the hard part: persuading people to use XRP for something other than speculative trading. It is an issue facing most of the still-young cryptocurrency industry. Digital tokens like bitcoin and its many imitators (like XRP) were designed to make electronic transactions of all sorts easier. But today almost no transactions are happening, other than on virtual currency exchanges where people bet on their price.
Ripple is somewhat undervalued from the longer-term perspective as the cryptocurrency lost over 70% since the beginning of the year without clear fundamental reasons for the massive sell-off. This may lead to a more pronounced rebound, once the cryptocurrency market starts recovering from recent lows.
Ripple Network boasts about numerous partnership deals with payment operators, big banks, and financial institutions especially in the emerging markets, but the crypto players mostly don’t care. The market is driven by global catalysts and closely correlated to Bitcoin movements. It means that Ripple has good upside potential, but it won’t have a chance to realize it until the global sentiment shift takes place.
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Sourced through Scoop.it from: twitter.com
Not all cryptocurrencies are created equal. Don’t tell that to investors in XRP, though. In the last month the currency owned by Ripple, a company that bills itself as using blockchain technology to build the payment system of the future, soared in price by a whopping 700 percent. XRP’s overall value pushed up to nearly $150 billion and briefly made Chris Larsen, Ripple’s cofounder, one of the richest people on the planet.
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The exuberance was fueled, at least in part, by a belief that anyone buying up XRP was getting in on the next Bitcoin. But for some it could end up as a very expensive lesson that what they bought into is a different animal altogether.
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The Monero and Ripple price has surged over the past 24 hours, while other cryptocurrencies including bitcoin and Ethereum fell by around 5 percent.