Ripple has seen a surge of 4000% in the first half of 2017. Today, the market cap of Ripple is more than $7 billion. Ripple claims that there were more than $11 billion worth of transactions in the second quarter of 2017. As of December 21st 2017, the market capitalization of XRP is $51 billion, making it the 3rd largest cryptocurrency in circulation.
Ripple is working with some of the biggest financial institutions around the world. These financial institutions include UBS , RBC , MUFG, BBVA , SEB , Akbank , Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com, representing some of the world’s largest banks, smaller banks and payment service providers (PSPs). These customers have all turned to Ripple as the blockchain solution that solves the problems of speed, scalability and costs associated with the old. It also recently inked a deal with American Express and Santander bank to send international payments on its blockchain. A group of Asian banks hopes to reduce global money transfer times to the less than one day, while cutting costs by 30%. Currently, most international money transfers use a banking network called Swift, which can take days for money to reach its intended destination.
Ripple can process 1500 transactions per second, which is huge as compared to Bitcoin . Bitcoins can handle up to 7 transactions per second. Ripple’s technology is powerful enough to replace international payment systems such as VISA while reducing the cost and allow instant transfers. With all its recent partnerships with banks, hedge funds, investors/traders find it easy to purchase at its current $1.16 price, as well as its supply, may contribute to huge Market Cap phenomenon.
While bitcoin is the more established cyptocurrency, it's primarily used today as an investment vehicle and has run into big latency problems with handling transactions. I believe that Ripple will be used to improve the traditional financial system around the world, while bitcoin will continue to be the store of value and play the role of “gold” because there is a limited and finite supply. With only 21 Million Bitcoin being mined and a circulating supply of 16,767,550.00 as of December 28, 2017 then it makes to be a classic scenario. A scarce resource indeed, one that sits outside the realms of logic, one with abstract concepts but yet an intangible asset which has begun a new way of living, thinking and existing.
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