The Ripple Effect Has Come Into Play
The ‘Ripple Effect’ has finally kicked in! After staying humble and low for quite a while, the company’s crypto asset, the XRP, finally found market favor towards the end of 2017. Driven by its sole intent to reduce the time and cost involved in cross-border payments via the traditional methods, Ripple’s XRP has slowly but steadily begun rising up towards its true potential. So much so, that it has been instrumental in affecting the flagship currency of the cryptospace. Bitcoin’s market dominance is now down from 67.53% to 33.08%.
Bitcoin’s Market Dominance Down
Yes! Bitcoin’s market dominance is down by a good 51.01% from December 8th, 2017 (as of January 4th, 2018). At the same time, Ripple’s XRP has surged by a whopping 833.17% during the same period.
Key Factors That Helped XRP Surge Over December
The surge in XRP’s price over the month of December, from $0.25 to $3.65 can be attributed to:
- Promising partnerships (such as American Express) and media coverage
- News of its partnership with SBI Holdings to launch SBI Ripple Asia to serve markets in China, Japan, Korea, Taiwan, and ASEAN countries, thereby gaining more and more favor amid Asian crypto enthusiasts.
- News about Coinbase soon launching the currency’s trade on its portal
- Better consumer grasp of the solid functionality of the currency XRP
- The rapid adoption of Ripple’s technology by financial services companies in Japan and South Korea, in addition to its association with legitimate banks and financial institutions such as Santander, Bank of America and UBS.
These and a host of other factors enabled Ripple’s XRP to end the year as the top-performing cryptocurrency of 2017 and affect Bitcoin’s market dominance in the crypto space.