CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.00% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Which cryptocurrency recorded the maximum gains in 2017? Most of us would be tempted to say bitcoin, with its price surging from $1,000 to $18,000 during the year. Some may even say ether, after all it is backed by the Ethereum platform on which many projects and coins are launched. But, both answers are incorrect.
Ripple (XRP) was by far the star performer of 2017, with its price skyrocketing more than 36,000%. This compares with bitcoin’s ~1,000% growth and ether’s ~9,000%. The massive rally made Ripple co-founder Chris Larsen one of the richest people on Earth and this cryptocurrency replaced Ethereum to take the second spot in terms of market capitalisation.
Ripple is a San Francisco-based company that offers blockchain-based software solutions to banks. They have a decentralised network known as RTXP (Ripple Transaction Protocol) which can be used for cross-border currency transfers.
Ripple is also the name of the currency of this network; and the cryptocurrency that is traded in the market under the ticker XRP.
While bitcoin, ether and hundreds of other cryptocurrencies are trying to disrupt traditional financial institutions, with the help of blockchain technology, ripple offers a solution that could revolutionise the existing services.
One of the main reasons for XRP’s astounding performance in 2017 was that an impressive list of more than 100 financial institutions partnered with Ripple to use their technology.
Here’s why banks love Ripple:
Here are some products offered by the Ripple brand. Banks love these too!
Expensive cross-border payments have come into the limelight after the threat of blockchain disrupting legacy banks. Ripple can lower this cost, while also offering faster and more reliable transactions. What’s to be seen is whether Ripple can deliver on its promises and continue its winning streak in 2018.
Disclaimer
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