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| Forget bitcoin: Rival ripple rockets 16,000% this year | Forget bitcoin: Rival ripple rockets 16,000% this year |
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| The price of the world’s fourth largest digital currency ripple has passed the one-dollar milestone for the first time. Ripple's XRP token has risen 160 times in value in 2017. | |
| Ripple was trading at $1.09 as of 13:44 GMT on Thursday with a market cap of $42 billion. The cryptocurrency was worth just over 0.006 cents in January. | Ripple was trading at $1.09 as of 13:44 GMT on Thursday with a market cap of $42 billion. The cryptocurrency was worth just over 0.006 cents in January. |
| The rally in the relatively cheap virtual currency followed several months of sideways trading. Ripple started its upward move a week ago on positive news for the banking-oriented cryptocurrency. The surge was also triggered by a general increase in prices among rival altcoins with investors searching to move funds away from an overstretched and declining bitcoin. | The rally in the relatively cheap virtual currency followed several months of sideways trading. Ripple started its upward move a week ago on positive news for the banking-oriented cryptocurrency. The surge was also triggered by a general increase in prices among rival altcoins with investors searching to move funds away from an overstretched and declining bitcoin. |
| Rumors that ripple may appear on Coinbase in 2018 reportedly fueled the price rise with the currency expected to cost a few dollars or more next year if widely used as a digital asset. | Rumors that ripple may appear on Coinbase in 2018 reportedly fueled the price rise with the currency expected to cost a few dollars or more next year if widely used as a digital asset. |
| Moreover, financial institutions such as Standard Chartered and Axis Bank announced a new cross-border payment platform built on top of technology developed by ripple. The platform connects corporates in Singapore and India. | Moreover, financial institutions such as Standard Chartered and Axis Bank announced a new cross-border payment platform built on top of technology developed by ripple. The platform connects corporates in Singapore and India. |
| American Express introduced instant blockchain-based payments using ripple for US corporate clients sending funds to UK-based businesses which bank with the British branch of Santander. At the same time, Michael Arrington’s $100 million cryptocurrency hedge fund will be reportedly valued in ripple’s XRP. | American Express introduced instant blockchain-based payments using ripple for US corporate clients sending funds to UK-based businesses which bank with the British branch of Santander. At the same time, Michael Arrington’s $100 million cryptocurrency hedge fund will be reportedly valued in ripple’s XRP. |
| Ripple was started in 2012 in California and is currently listed on 30 exchanges. The digital currency is closely connected to the banking world, as it was initially designed as a worldwide payment and transmission system. Ripple, the company behind the cryptocurrency, has licensed its blockchain technology to over 100 banks as of October. | Ripple was started in 2012 in California and is currently listed on 30 exchanges. The digital currency is closely connected to the banking world, as it was initially designed as a worldwide payment and transmission system. Ripple, the company behind the cryptocurrency, has licensed its blockchain technology to over 100 banks as of October. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |