Rallying Ripple Stealing the Show

If 2017 was the year of the Bitcoin, 2018 could be the year for Ripple. Bitcoin became a household name last year with a meteoric ascent of over 1,600% to a peak of around $20,000. What Ripple has done in comparison in the last month alone simply overshadows it.

Ripple’s XRP token has made astronomical gains of 1,350% since the same time last month and is now attracting the attention of mainstream media such as The Wall Street Journal. It has firmly secured the spot of second most popular cryptocurrency by market capacity and is currently worth $116 billion, a rise from a paltry $200 million in March last year.

Despite reaching a record high of $1,075 yesterday, Ethereum still could not regain its position above Ripple and remains in the third spot. In the first few days of 2018 Ripple rallied to an all-time high of $3.84, jumping 74% in just three days. Taking an entire year into consideration XRP’s performance has been simply monumental with a 38,000% increase in value.

Ethos Undone

The surprising twist is that Ripple goes against the general philosophy of a decentralized digital currency free from intervention or regulation by states or central banks. The XRP altcoin is centralized around a profit-driven corporation based in San Francisco. It stands to reason then that the company that owns it (along with a stashed premine) can manipulate and control the price and supply of the coin.

For this reason, many crypto traders have shunned XRP in spite of a number of high profile banking partnerships that have been recently announced. However, there has still been enough investment to push the once $0.005 crypto coin to giddying heights. This indicates that the majority of investors at the moment are doing it for pure profits and not any other altruistic ideologies that the original creators of Bitcoin may have envisaged for the future of money…

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