Ripple has become the most popular and highly talked about cryptocurrency. It has grabbed the third largest place in the cryptocurrency market on coinmarket cap, competing with Ethereum. So, what next? This cryptocurrency is running with wheels and in a very short span, it has beaten many other cryptocurrencies in terms of value and market cap. Ripple once had a growth of approximately 35000 % per year.
Does Ripple aim to leave the bitcoin behind and secure first place for itself? Will ripple be able to replace Bitcoin?
While bitcoin is ruling the market with being at the top with the maximum cryptocurrency market cap, investors and crypto enthusiasts are looking for some alternatives too. Ethereum and ripple have been in tough competition in 2018 and ripple somehow managed to give tough competition to Ripple. At the time of writing this article Ripple is at the third position in coinmarket cap. This is indeed a big achievement for Ripple however ripple doesn’t seem to stop here. Does ripple now want to be at the top and compete with Bitcoin?
Both bitcoin and Ethereum have larger circulating supplies than Bitcoin which is a benefitting point for Ripple to compete with Bitcoin. Though Bitcoin has the largest market cap however ripple is approximately ten times faster than Bitcoin. This is one of the main reason payment platform and institutions are adopting ripple which is good news and a good sign for Ripple investors.
Ripple has recently collaborated with major payment companies which have backed the value of Ripple. The technology behind ripple is completely different than Bitcoin and ripple is much more useful than Bitcoin.
Ripple Network is used to exchange other currency.
Ripple is an internal transaction protocol which is used to make payments in any other currency. This means that you can use Ripple to make payment in Us dollars or Euros and similarly receive payments in any cryptocurrency. This is practically very useful and solves many transactional issues, especially the cross-borders.
The currency exchange risk is not there in the case of Ripple. It is a real-time currency and can be used anytime anywhere.
Ripple is faster than bitcoin.
Did you know XRP can handle 1500 transactions per second and on an average one transaction takes 4 seconds for its execution which is very much faster than Bitcoin which is approximately 80 minutes? This one single parameter has made ripple so much in use by financial institutions and banks.
Ripple is a new currency and very much innovative than other cryptocurrencies. Even though Ripple has grown so much, there is still opportunity areas for its growth. It is a cross border payment tool which optimizes the liquidity in banking and financial systems.
Blockchain technology is not limited to finance only
Ripple claims that it is cryptocurrency however it doesn’t match all the parameters which are required to be a cryptocurrency.
Ripple cannot be mined and hence it is regulated by the Ripple company. Ripple’s main aim is to make financial goals easier and smoother especially the cross-border payments however blockchain technology is not limited to the finance and banking sector only.
The blockchain is ruling in every industry and it is just a matter of 5-7 years blockchain will have a major role in every sector. The blockchain is beyond the banks and bitcoin is based on blockchain completely like blockchain is its soul.
Bitcoin is at the top and there is a reason why it is at the top and not any other coin as of now. With the blockchain system, every transaction on the ledger is completely transparent however personal information is kept confidential. This transparency makes Bitcoin more important. When you are dealing with your investments, transparency builds trust. Bitcoin has built trust among its investors.
What will it take for Ripple to beat market capitalization of Bitcoin?
Market capitalization is a kind of obsession for cryptocurrency investors. Market capitalization is the total share price of a cryptocurrency. It is calculated by multiplying the current share price with a total number of available shares. So why people talk about market capitalization before investing?
In general market capitalization is the picture which tells us the investment risk involved in the particular crypto investment. Market capitalization is a very crucial factor which indicates the performance of the cryptocurrencies.
As of now, bitcoin has the highest market capitalization however if the drop in the price of Bitcoin will not be controlled soon, it will become easy for Ripple to clear the difference. As per the calculations, if ripple crosses $6.14, it's market capitalization will cross Bitcoin.
Will Ripple beat Bitcoin? The question sounds very interesting and drives the attention of many towards these cryptocurrencies. All these cryptocurrencies are developed with some strategy behind and all of them have different aims. Not sure if ripple aims to beat the Bitcoin or not however Ripple seems to be growing very fast.
Some believe that Ripple has the potential to beat Bitcoin and some think that Bitcoin is still the king, ripple cannot even walk around. One another interesting aspect is that some do not even consider Ripple a cryptocurrency. This makes ripple more interesting. Not being a complete cryptocurrency still competing and proving itself better than bitcoin.
The journey of Ripple has been very interesting and it will be much more interesting to see the ripple in the race with Bitcoin.