It’s no secret that Ripple, the creator of XRP, has been on a charm offensive to rope in as many RippleNet customers as possible. With this strong effort, the company has seen its customer base explode and grow in huge figures. At the moment, the San Francisco based blockchain company has over 200 customers under its belt.
As many already know, Ripple is the innovative company behind XRP, the current third largest crypto in the world. On its part, XRP has seen its huge share of growth especially in terms of market capitalization. However, there hasn’t been much activity in its price range over the last week, but that could change soon. As expected, Ripple’s success in bringing in more customers would .
Ripple And XRP To Make A Debut In Dubai
The latest of these efforts is Ripple’s entry into the Asian market. The largest Islamic bank in Saudi Arabia, Al-Rajhi, joined RippleNet just a few weeks ago. Another one is the Kuwait Finance House. However, it’s the latest announcement that could really trigger a noticeable market event. While attending a conference in Dubai, U.A.E, Ripple’s Dilip Rao had some good news to share. Rao is the head of Ripple’s Global Infrastructure Innovation.
During , Dilip announced Ripple’s plans to fully enter the Asian market by setting up a base of operations in Dubai. This is expected to be realized before the end of 2018. Going further, Rao explained the importance of Ripple’s technology and what it means for the workers within the Middle East. Given that many workers in the region are foreigners who send money to their home countries, there has been a serious problem in that the transaction fees charged haven’t favored them. Also, the time it takes for the transactions to go through is something of a disappointment to many.
Dilip Rao explained that Ripple aims to eliminate these burdens by introducing a fast transaction processing system that charges negligible figures in transaction fees. Also, he talked of Ripple’s InterLedger Protocol. If implemented, the ILP will allow various ledgers to connect and make funds transfer all the more easier and faster. Currently, the XRP network can handle around 1,500 transactions per second. That makes it the .
The Middle East Loves Blockchain
The UAE, and the Middle East at large, has been very receptive of the blockchain technology. Just this April, the U.A.E government announced plans to use the technology to handle government transactions and data. These will include the citizen’s legal documents and other financial data. Also, the First Islamic Cryptocurrency Exchange (FICE) will be launching in 2019.
As with other cryptocurrencies, such developments are bound to affect XRP prices. The fact that the banks on RippleNet use XRP as the funds transfer currency could send the crypto’s price skyrocketing. Things could get even better as more banks join the network and XRP adoption increases.
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Popular cryptocurrency blog CoinGecko.com has detailing its findings on the cryptocurrency space during Q3 of 2018.
So, How Did They Do?
Among the details include some not-so-happy stats for Ethereum, which currently sits in the number two spot of the world’s top five cryptocurrencies. While the other four – which include bitcoin, bitcoin cash, Ripple’s XRP and Litecoin – have all shown positive year-on-year returns, Ethereum has failed to step up to the plate, and has fallen by roughly 22 percent since quarter two, and many enthusiasts remain downtrodden.
The report’s findings show EOS as the highest-ranking performer amongst the crypto industry’s top coins, having shot up by over 700 percent since Q2. Next in line is Ripple, which is up by over 180 percent and then bitcoin, which has experienced a burst of roughly 52 percent. Though at the bottom of the list, even bitcoin cash is up by roughly 28 percent.
This Is Small Beans, Baby
These numbers are no doubt “good,” but they to the data seen in CoinGecko’s Q1 report. During this time, Ethereum did exceptionally well and was up by approximately 684 percent. However, Ripple’s XRP and Litecoin were the currencies experiencing their highest levels of growth. Ripple experienced a push over 2,100 percent from Q4 of 2017 to Q1 of 2018, while Litecoin exploded by approximately 1,571 percent. bitcoin was up by roughly 536 percent, despite the bearish trends its price would begin to endure later in the month.
The low performer at that time was bitcoin cash, which ultimately fell by about nine percent in the time covered. bitcoin cash was the newest currency amongst the five mentioned; it arrived through a hard fork in August of 2017 and was still considered “fresh off the boat.”
The Popularity Later Fell
These figures likely account for the hype surrounding bitcoin and its altcoin counterparts during late 2017. At the time, bitcoin had spiked to nearly $20,000 per unit, while a few months later, currencies like Ethereum would jump and exceed $1,400. This newfound popularity would later be marred by bearish sentiment that seemingly refuses to let up and has remained with us throughout the duration of 2018.
bitcoin has crashed and is trading for merely $6,300 at the time of writing, while Ethereum has treaded an even harsher road. The second-largest cryptocurrency by market cap has fallen by nearly 80 percent since its February peak, and is currently following a length period of trading just over the $200 mark.
Image via Pixabay
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Brett Loney, Product Marketing Director