For the past couple weeks now, the crypto market as a whole has been selling off/trading sideways. There have some rallies but for the most part, we have seen more red than green. On the other hand, Ripple is showing no signs of slowing down. Ripple has continued to gain traction as it's market cap is beginning to scare Ethereum (who is sitting in 2nd place in terms of market cap). You can see the figure below as Ripple is catching up to rival Ethereum.
What is Fueling Growth In Ripple?
Deals are what is fueling Ripple Growth. Many do not know this, but more than 100 Financial firms are utilizing Ripple Blockchain network to date. Since there are so many cryptos outs there, you have to have a competitive edge to gain traction. That's exactly what Ripple has. When doing some research you will quickly find out Ripple has 4 second settlement speeds compared to someone like Ethereum (around 2 minutes) and Bitcoin (more than a hour). The beautiful thing about tech is there is always someone out there figuring a more efficient way. It's like anything else in the tech world. There is always a leader in something and then a competitor finding a way to do it better. That's the test Bitcoin has right now. It laid out the tech and companies like Ripple are coming for it hard! Ripples tech has allowed it to grow massively this year. YTD the company is up 20,000%+ How does that compare to the two cryptos in front of it?
Bitcoin: Approx 1,500%
Ethereum: Approx 9,200%
It makes a great argument that Ripple may be sitting in the 3rd spot as of now market cap wise, but with the way things are going you have to think Ripple is going to test Ethereum hard for that number 2 spot.
Deals on Deals Baby
As we mentioned above, Ripple continues to crack deals backed by dedicated management. Today (Wednesday) Ripple announced a deal with Japanese credit card companies. This deal gives the Japanese companies the ability to use blockchain technology. This is significant because earlier this month it was mentioned that many Japanese banks and South Korean Banks were "Beta" testing Ripples solutions. It's evident these banks are beginning to like what they see, hence the deals announced today. These are not the only deals announced. Earlier we learned American Express and Santander also cracked deals regarding cross border payments. These are not mom and pop joints joining Ripple these are massive entities. This is something many Cryptos out there wish they had working for them right now. With that being said, this is why we remain so bullish on Ripple looking forward. People can hype different cryptos all they want, but at the end of the day who is the one cracking deals with reputable companies? Ripple is that company not just running their mouths, they are simply cracking game changing deals.
Comments