Ripple Remains Buoyant as Other Cryptos Fall

Ripple spiked more than 20% on Wednesday to reach new highs after a Japanese credit card consortium announced it will utilize XRP blockchain technology.

Consortium Officially Announced

Tokyo-based financier SBI Holdings and its subsidiary SBI Ripple Asia have officially announced the launch of a blockchain consortium involving Japanese credit card companies. An online translation of an SBI press release that surfaced on Wednesday confirmed the partnership.

SBI Ripple Asia was first established in January 2016.

Ripple is developing strong links with the credit card industry, having only recently announced a partnership with American Express to boost liquidity.

XRP/USD Price Levels

The XRP-dollar exchange rate spiked more than 20% on Wednesday to reach an all-time high of $1.43. With a market cap of around $54 billion, Ripple is the third largest digital asset in circulation.

At press time, the XRP token had given back a big chunk of its gains to trade at $1.22. Even with the slight reversal, Ripple has gained nearly 80% over the past five days.

Nearly $2.9 billion worth of XRP tokens traded hands on Wednesday, according to CoinMarketCap. That’s equivalent to 187,627 bitcoin. South Korean trade desks continued to drive the market, with the won currency on one side of 45% of all transactions. The Bithumb exchange accounted for the lion’s share of South Korean trading, with Coinone and Korbit far behind.

Bitfinex, Binance and Bittrex each processed more than 7% of the daily transactions.

One of the Year’s Best Performing Cryptos

Ripple has enjoyed significant hype over the past six months, putting it on track to become one of the year’s best perming currencies. That says a lot cryptocurrency that is still valued at less than a cup of coffee. The coin is up some 20,000% this year, and has successfully sidestepped multiple market corrections in the last few weeks.

The XRP platform continues to attract investors with its four-second settlement speed and strong business use cases. The San Francisco-based company actually owns more than 60% of the 100 billion XRP tokens in existence, giving it some characteristics of a centralized cryptocurrency.  Ripple continues to position itself as the go-to protocol for payment networks, making it highly popular among banks and other financial institutions.

Earlier this month, Ripple reported that it had assembled a coalition of 61 Japanese banks and two of South Korea’s largest financial institutions. Together, they are launching a blockchain-based payment platform.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi