After an incredibly harsh sell-off that drove Ripple (XRP) briefly under $1.00 yesterday, this cryptocurrency is surging again. The past 10 or so trading days have been especially rough for Ripple coin owners. They watched as XRP mercilessly dropped from just over $3.60 on January 4 to yesterday’s close encounter with $0.90. Day after day, they many resisted the urge to sell.
But, some wise investors kept their coins – maybe even bought more on the brief downturn. That’s because this cryptocurrency is not going to simply tank and not bounce back. The promise behind the Ripple coin is too strong to be taken out so quickly.
At the time of writing, it is up 77% from its price 24 hours ago. Check out today’s rally on the tail end of this 30-day chart:
In fact, XRP is having a better trading day than both Bitcoin (BTC) and Ethereum (ETH). It’s also doing better than Cardano (ADA) and Litecoin (LTC). But, overall, the entire crypto sector is on the upswing today.
The Ripple Coin is for the Long Haul
This cryptocurrency is so resilient because a lot of its investors, and numerous cryptocurrency analysts, see this as one of the coins you buy and keep. It is a long-term profit driver. The Ripple coin isn’t something you swing trade to make a quick buck. It’s a currency with powerful technology supporting it, and it is hitting the mainstream in ways that are making it comparable to Bitcoin (BTC).
The Ripple coin is what a lot of banks are embracing. This cryptocurrency is designed to improve liquidity between banks, so they can transfer funds back and forth quickly and cheaply. The company behind this cryptocurrency is already testing out cross-border payment systems with top global banks, like Santander. It also has a collaboration going on with MoneyGram for xRapid, a new service they’re working on.
The Technology behind Ripple (XRP)
With so much mainstreaming happening with the Ripple coin, there must be something to it. Well, there is: a host of advantages over Bitcoin (BTC). This cryptocurrency is referred to as the “next bitcoin” for a reason. Ripple coin technology is also being used by MIT.
The thing is that it’s both faster and cheaper than Bitcoin (BTC). It’s more scalable. And it’s much more private than BTC transactions. Anonymity is what a lot of people find critical in a cryptocurrency, and BTC simply doesn’t cut it for a lot of die-hard crypto enthusiasts out there.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.