After relative stability, digital currencies are now experiencing high levels of volatility. The crash has shaken up the market, significantly challenged the status of some cryptocurrencies and bolstered others.
Speculation surrounding the market’s heavy losses have centered around the ‘hard fork’ of Bitcoin Cash (BCH ) that took place in early November, whereby the cryptocurrency effectively split into two.
Anotherlikely cause for market uncertainty and widespread selling is the decision bythe U.S. Securities and Exchange Commission to classify ICOs as ‘unlicensed securities’. Thisrevelation has suggested that those who offered particular digital assets mayhave been breaking the law and could be liable to pay fines as well asrestitution.
Before the general crypto price crash on the 14th of November, Bitcoin experienced one of the most prolonged periods of stability in recent history, with prices ranging between $6,000 and $7,000 from mid April. Some cryptocurrency pundits have however suggested that Bitcoin’s increasing utility will soon swing the markets around as sellers eventually exhaust themselves.
XRP: The Cryptocurrency Maverick
One market player that receivedlittle mainstream attention up until recently is Ripple, represented as XRP.From the beginning of November, the markets plunged by 18%, yet XRP took amodest hit of 3.2%. Not only that, XRP outpaced long-standing Ethereum andclaimed 2nd place with a market capitalization at over$14 billion.
This is the second time XRP has taken the lead. Last time in January thepeak lasted just over 14 days. But XRP has grown significantly since then, with24hr volumes surging to around $800million and a circulating supply over 99,991,780,000.
How did XRP became so popular?
The current banking institutions face many problems, their methods are archaic and inefficient, usually falling behind in technological advancements. With expensive international fees and transaction times over 3 (business) days, consumers are beginning to seek alternative options.
As an enterprise blockchain solution for global payments, Ripple has enabled fast and secure payments while charging extremely low fees. Launching in 2012 as OpenCoin, Ripple underwent a name change in late 2013 and has since partnered with such international institutions as American Express, UBS, UniCredit and Santander.
In more detail:
- Cheap: Transaction fees of less than $0.00001 are considered so insignificant that they are almost non-existent. Most fiat payment systems charge over 3% along with a transaction fee. Borderless payments can ensure the best cross-currency rate
- Reliable: Since Ripple launched in 2012 as OpenCoin, it has since been adopted by mainstream banks such as American Express, UBS, UniCredit and Santander. The transactions are irreversible, merchants have the security they need to conduct business with anyone.
- Private: Ripple removes the necessity of private and personal details such as name, e-mail, location, address and so on.
- Secure: The possibility of personal details being used for fraud is eliminated and any unexpected charges cannot be executed.
How to Get XRP
A positive result of the crash is the markets punishment of many cryptocurrencies lacking any utility, which have now devalued almost entirely. CoinCola avoids ICOs or altcoins and instead focuses on leading digital assets with proven value.
For beginners looking to gain digital assets while the market is low, or seasoned investors looking to leverage price differences on the official exchange and the Over-The-Counter marketplace; CoinCola provides cutting edge tools and services for trading.
Either the website orthe intuitive Android or iPhone app allows users to trade with ease and utilizevarious market rates. CoinCola boasts some of the lowest fees on the marketalong with zero commision for deposits, and the transactionfee for XRP is now 50% off , so why not take advantage of market and register for free now!