What Makes Ripple So Different?
What exactly is Ripple?
To say the least, it's a cryptocurrency system that marches to the beat of a different drum.
Owing to its different nature compared to some of the other cryptos, it has generated a lot of interest from the mainstream world in recent weeks...
A feat of which Bitcoin and Ethereum are surely jealous.
And here's why...
A Non-Status Quo Crypto
Ripple is more of a protocol than a cryptocurrency. Now, this may sound a little confusing at first, but it really is an ingenious idea.
The Ripple protocol was specifically designed to use blockchain technology in a way that makes transferring money anywhere around the world nearly instantaneous and inexpensive.
It's arguably the fastest and most frictionless cryptocurrency when it comes to completing any transaction through the use of its digital token, XRP.
It's insanely secure, too, which is why numerous banks and other financial institutions around the globe have taken to using the revolutionary crypto.
The altcoin has also held fast despite the recent dips in cryptocurrency markets. Its direct association with well-established financial centers, stable structure, and history of gradual positive growth held it afloat throughout the market turbulence.
Now, Ripple is rising even higher due to heightened interest from other mainstream firms and rather lofty market projections.
Good News in the News
Ripple just recently announced that five new financial institutions across four different countries have begun using its blockchain value transfer system. Its already long list of mainstream adopters is growing even longer.
Brazilian bank Itaú Unibanco and India's IndusInd are now using Ripple's incomparable infrastructure.
Additionally, the money transfer firm InstaReM, hailing from Singapore, Brazil's BeeTech, and Canada's Zip Remit are now using Ripple's value transfer system.
The money transfer firms Zip Remit and BeeTech will use the xVia system developed by Ripple to facilitate payments across international borders by individual customers.
The banks will make use of the xCurrent infrastructure from Ripple to perform transactions in real-time with other financial institutions across the globe.
According to Prajit Nanu, CEO of InstaReM, the partnership with Ripple will increase efficiency in InstaReM's operations. Plus, it will also provide Ripple's other clients a method of professional growth throughout Asia and beyond.
Nanu's words were echoed by Patrick Griffin, the head of business development at Ripple. Griffin went on to indicate that the five new partnerships with the financial institutions will assist consumers who are in emerging economies, as well as any other company that has its sights set on Ripple.
Raj Agrawal, chief financial officer at Western Union (NYSE: WU), revealed in a recent interview that the company is testing out Ripple's value transfer system to send money across borders.
There has been some chatter in the cryptocurrency industry for quite some time that Western Union had been testing out Ripple's system — the supporting evidence being Western Union's revenue of $1.4 billion for 2017, about 5% more than the previous year.
Evidently, Ripple was to thank for this improved performance.
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The reveal made by Agrawal was also confirmed by Ripple CEO Brad Garlinghouse. In a statement to Bloomberg, Garlinghouse announced that Western Union had decided to look into using his company's infrastructure for money transfer, with a focus on international services.
He added that factors such as Ripple's speed and low transaction costs were critical in the altcoin being chosen for this purpose.
As expected, the support of such a big mainstream company led to bullish interest in the Ripple XRP cryptocurrency.
The news propped up the altcoin's value across many exchanges and signaled a great start to 2018. And it seems like it will maintain that performance over the long term.
The Crypto Movement Needs More of This
Sure, Bitcoin and Ethereum are undoubtedly the most popular cryptocurrencies available on the market, even today.
As we've seen with the recent market downfall, they can make for some incredibly risky investments.
It's hard to look past the millions and millions of dollars whipped from the cryptocurrency market in a matter of days, unraveling the little public trust that was there to begin with.
In order for the cryptocurrency movement to regain its lost momentum, it needs to veer away from the tired typical cryptos.
There are currently over 1,500 cryptocurrencies available today, and most of them are mere imitations of their popular forebears.
Revolutionary-minded Ripple was one of the first to use the power of blockchain in a different way. And it's definitely worked out quite well.
Ranked as the third-most valuable digital asset and used by more banks and institutions around the globe, Ripple has made more progress toward mainstream acceptance than any other cryptocurrency.
But there are other cryptocurrencies out there, a fraction of the size of Bitcoin and Ethereum, that house the potential to pave their own way in the crypto world just like Ripple did before them.
My colleague Alex Koyfman has spent months unearthing those "microcap" cryptocurrencies that have similar latent abilities waiting to break lose.
One in particular has already gained 400% in recent weeks, and that's sure to grow even more in the coming months.
Last year was the year of dominance and astronomical growth for Bitcoin and Ethereum. But this is the year for the rise of leaner, meaner, and smarter cryptos.
You're going to want to hear this for yourself.
Until next time,
A 21-year veteran of the newsletter business, Briton Ryle is the editor of The Wealth Advisory income stock newsletter, with a focus on top-quality dividend growth stocks and REITs. Briton also manages the Real Income Trader advisory service, where his readers take regular cash payouts using a low-risk covered call option strategy. He also contributes a weekly column to the Wealth Daily e-letter. To learn more about Briton, click here.
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