Ripple is one of those crypto currencies that have prevailed world financial news at the year end. The currency has attracted a lot of investors, banks, and financial regulators across the globe due to its reliability, scalability, and security. Today, it has achieved another milestone and hit an all time high $1.43 leaving Bitcoin back in year to date increase. This jump in value has also increased its world ranking thereby making it the third largest crypto currency of the world with $54 market cap after Bitcoin and Ethereum.
This 20% increase in the value of Ripple today is due to the announcement of the consortium between SBI Holding Japan and Asia with Japanese credit card companies. Here, it is noteworthy that Ripple and SBI Holding had created SBI Ripple Asia in 2016. But, the investors did not show any interest because they were not sure about the extent the Ripple would get involved in this joint venture. Now, the announcement of the consortium shows that the Japanese credit card companies and SBI Holding would adopt Ripple’s blockchain technology for processing cross border payments.
The CoinMarketCap shows that the news has raised the value of Ripple about 20% and has made it the third largest crypto currency of the world with $54 market cap. Ripple had already beaten Bitcoin on 22nd December when the value of the currency jumped to $1.13 increasing the market cap to $43 billion. Here, it is important to mention that Ripple has not beaten Bitcoin in token value but has beaten Bitcoin in meteoric value. This means that the currency has shown a greater increase over the year than Bitcoin.
Ripple XRP year to date increase was recorded 1783% on 22nd December as compared to Bitcoin’s 1514%. The experts are of the view that this increase is due to the announcement of large banks and financial institutions to join Ripple blockchain technology for processing cross border payments in seconds.