Ripple (XRP) coins have soared in value this week, about doubling in value between Wednesday and Friday – making XRP the third most valuable cryptocurrency on the market. At the moment, XRP is sitting at $0.788, bringing the digital coin’s total market value to about $30.5 billion.
Meanwhile, Bitcoin Cash – which has gained more than 20% in the last week – is currently priced at $1,758.25 per coin. At $29.6 billion, it’s market cap is just below Ripple’s. Now just Ethereum and Bitcoin top XRP, according to Coinranking.com.
As altcoins, meaning cryptocurrencies other than bitcoin, continue to grow in popularity, Ripple has managed to ride that wave to a 11,623% increase in value over the last 12 months. XRP was founded by Ripple back in 2013, and at the moment there are 1,000 billion XRP coins in existence – 61 percent of which are held by the company itself.
Ripple is one of the most popular altcoins, and it is being regarded as a solid investment option by cryptocurrency experts more and more. On top of that, its growing popularity and name recognition has certainly been a boon to its already-ballooning price.
Not only is Ripple becoming a competitor to BTC and ETH when it comes to secure international fund transfers, Japan and South Korea are planning on testing a cross-border payments platform using Ripple as its foundation. It should be noted, however, that XRP will not be used in the trial – just Ripple’s blockchain technology.