Most of the top 25 highest-valued cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and a host of altcoins, have sunk in value during the last 24 hours. Ripple (XRP) is no exception, currently sitting at $1.16 – a 5.25 percent drop over the last day of trading.
But even though Ripple’s price-per-coin may have ticked slightly downward today, it reached a brand new high of $1.31 (according to coinranking.com) yesterday evening. Once that new peak was hit, however, it almost immediately sunk all the way down to about 81 cents – before quickly beginning to recover.
Since this morning, it has inched back up – and it’s nearly back at $1.20.
Why is Ripple (XRP) Getting Crypto Investors So Excited?
This crypto-coin is a pretty standard digital currency – it helps financial institutions transfer funds to and from each other at fast speeds and low prices. It was built back in 2012, and has since been becoming more mainstream and frequently finds itself featured in articles from top financial news/tech sites.
Ripple (XRP) was designed for users to make high-value transactions from one traditional national currency to another – without the traditional middlemen financial institutions and with much lower fees.
Even old-school financial organizations are beginning to embrace Ripple (XRP) more and more. American Express and Santander, for example, have both announced recently that they will utilize that system in a pilot program for instant fund transfers.
When it comes to altcoins, this one has certainly been proving its potential lately.
The author of this article owns none of the assets mentioned above.