Ripple update: I brought up Ripple and my parents recognised the name from Ellen, so I wrote them this email.
Ripple created a digital asset called XRP, the intention was to create an asset that could be transacted more efficiently than current global payment systems are able to do. XRP settles all payments in 4 seconds, for 0.00001 XRP (0.03c), and is far more energy efficient than the current system. XRP is transacted through the blockchain but is private and has a 0% error rate.
But none of that really matters. XRP just the asset, and like all assets, it holds value. Right now, the market value of 1 XRP is 0.2943c.
Let’s break down what the Company Ripple is doing.
Ripple has three major projects xVia, xCurrent and xRapid.
xCurrent is an end-to-end tracking and messaging system that allows banks to communicate in real-time. This is an automated process that ensures all payments are properly tracked and accounted for.
xRapid is the program that uses XRP, when banks want to send global payments xRapid sources liquidity from XRP in the first market (AUD) and then sells the XRP in the new market (USD). This lowers the cost of the transaction, increases the speed and reduces the risk of holding some currencies.
xVia, this software is what brings it all together. XVia acts like a plugin on chrome. All you have to do is install it. The Chrome interface is the same and you didn’t have to retrain or learn anything new, but you have the added functionality.
Today, Ripples’ Global Head of Strategic Accounts Marcus Treacher announced that Ripple has signed over 100 production contracts. Meaning that over 100 Banks/finical institutions are or will use Ripple technology. Some customers include MUFG, Santander, Westpac & American Express.
Earlier this year Ripples CTO left and founded Coil. Coil pays content creators like Youtubers, Authors and Bloggers for the time people spend viewing the content. Right now, it is hard to for independent content creators to earn an income from their work, but coil solves this. Coil uses XRP to pay content creators as regular payment solutions would make it uneconomical.
The programs that use XRP (xRapid and Coil) haven’t been launched yet but are expected to later this year Q3 – Q4.
On October 1st, 2018 Ripple is hosting an event called Swell and it “brings together leaders in banking and blockchain who are committed to changing the way the world moves money today”.
Swell is going to be MASSIVE.
Here are some of the key speakers at Swell (an event run by, and about Ripple)
• President Bill Clinton
• Gene Sperling
· National Economic Council Director and National Economic Advisor
· (1996-2001, 2011-2014
• Ed Metzger
· Head of Innovation at Banco Santander
§ Banco Santander is the ninth-largest financial service company
• Richard Teng
• CEO of Abu Dhabi Global Markets
Those are just the people speaking the event is going to be packed with the world’s wealthiest and influential people in the financial sector.
So why do I care about this?
The price of XRP like most assets is determined by demand. When more people want it, the price goes up. During the last Cryptocurrency explosion, Ripple reached above $3 per XRP if someone had bought 1000 XRP for $300 they would have made a profit of around $2700.
$2700 is a lot of money but why didn’t it go higher?
Here are 3 reasons
Reason 1: There wasn’t enough liquidity in the market. There simply weren’t enough platforms that allowed users to buy and sell. Brokers had to close registrations because they couldn’t handle the capacity.
Since January 2018 dozens of trading platforms and wallets have been launched. (capital is not investing like that into collapsing markets)
Reason 2: The price of XRP has been/is tied to the price of Bitcoin. This is because Bitcoin has a 54% dominance over other cryptocurrencies. Meaning the market value of Bitcoin is 54% higher than the rest of the market combined. Therefore, when the sentiment of Bitcoin falls, and people sell (decreasing demand) the demand for XRP also falls.
XRP is no longer ‘just another cryptocurrency’. This kind of innovation and implementation is unlike anything else in the space. XRP is about to completely blow up in value and it’s only a matter of time.
Reason 3: There wasn’t a strong proof of concept. The technology was their but no one new how it was going to be used or what to do with it. People wanted to buy XRP for the value, but there was no value without utilisation of the coin.
This is solved with the development of xRapid and Coil.
I wouldn’t give you investment advice because nothing is a guarantee and the price of XRP could go to 0 but if you want to know anything more about it or want help investing let me know. It’s impossible to predict how high the price of XRP is going to go but predictions range anywhere from $8 to $589 but most point to a ~$50 price.
If you invested $100 and the price went to
• $8 ~ $2600
• $50 ~ $16 600
• $580 ~ $193 300
If you invest $500 and the price went to
• $8 ~ $13 300
• $50 ~ $83 300
• $580 ~ $966 600
Would this be good to send to my parents? They know about Ripple from the appearance on Ellen so I decided to follow up and educated them on it. How many of you are trying to spread the word?
Edit:
1. Ripple didn’t make XRP… that’s embarrassing. It’s strange how much of the XRP community believes that they did.
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
Author: MoonLandingHoax
Score: 167
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