On top of the price hikes, SBI Ripple Asia, a joint venture between Ripple and Japanese financial service company SBI Holdings, announced it is creating a consortium to look into the role distributed ledger technologies such as Ripple can play in card payments.
The consortium has already developed technology which enables payments through Ripple using phone numbers or QR codes.
Why has Ripple’s price gone up so fast?
Ripple was one of the only major cryptocurrencies to not take a big hit over the Christmas period, quadrupling the week before 22 December while the likes of BTC and ETH were dropping up to 30%.
It’s believed a lot of this is due to its popularity in Asia, as shown above with its SBI Ripple Asia venture. This venture has been responsible for several big partnerships in the region, with over 75 companies now supporting the technology.
In the USA, it also announced in late November a partnership with American Express, opening up American Express’s business customers to route payments through Ripple’s blockchain network. Ripple also announced XRP will be used with American Express to speed up payments “later on”.
These types of partnerships have also given a legitimacy to Ripple, tying the value of the XRP token to Ripple’s performance as a company, rather than others such as bitcoin which is based on pure speculation.
It has also been heavily rumoured that XRP will soon be supported by Coinbase. The popular trading platform has been labelled as a king maker in the cryptocurrency space due to its reach and ease of use for buyers and sellers. The platform is adding over 100,000 new users a day and is the most downloaded app on the iOS App Store in many countries globally, including the USA.
Today’s Ripple price
Updated: 06 Jul 2020 08:41:08 UTC
What are Ripple and XRP?
Ripple itself is the San Francisco-based company behind the XRP token and is essentially a fast money transfer network using blockchain technology. Ripple’s goal is to be a global settlement network which will eventually allow anyone to transfer money from any currency to any currency in seconds.
Currently, when you transfer money to another currency, that money needs to go through an exchange which can often take days and can be quite costly.
Ripple’s solution to this is to use its XRP token as a sort of global underlying currency. Currencies transferred over the Ripple network are converted into XRP before being converted into the currency the sender is looking to move to.
Transfers over Ripple take a maximum of four seconds, with much lower transaction fees than traditional exchanges.
Unlike bitcoin, Ripple’s XRP tokens aren’t received by mining, with all 100 billion XRP all existing on the platform already but not all are on the market yet. To avoid flooding the market and reducing coin price, Ripple releases around 1 billion XRP every month. The company also hopes by doing this it will create a similar effect to XRP price that mining has had on bitcoin and other similar currencies.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.