Ripple activities in the past and in the present, the forecast for the future
Most experts express their opinion that the issue of tokens by Ripple in such a large volume can have a negative impact on the course. The number of use cases of XRP is currently large, and it is continuously growing. Recently, the company Wietse Wind was funded with the purpose of development of a larger number of XRP – applications useful for the community and increase the value of the coin. If we continue the topic of development, we should also note the work of Forte, which provides game developers with tools for integrating blockchain technology into games. It is assumed that the “new” XRP will also be used to support the ecosystem in various ways, as well as to replenish the stocks of coins on various exchanges.
Ripple’s history and development
The founding year of the company is considered to be far 2004. It was this year that a programmer from Canada named Ryan Fugger began to develop a payment system, which was given the name Ripplepay, the initial version of which started a year after the start of work on the project. The company expanded and successfully operated. Inspired by this, its founders decided in 2011 to develop a decentralized system devoid of mining. It was assumed that the speed of this system as a whole will exceed the speed of the bitcoin transaction.
In the same year, Chris Larsen joined the development team, who later headed Ripple Labs. A subsidiary of Ripplepay, dubbed OpenCoins began its work in 2012. Its main activity was aimed at optimizing the functioning of the payment system. With the advent of 2013, the company has changed: it was renamed Ripple Labs and at that time it was headed by Chris Larsen, who changed the focus of the updated company to cooperate with banks. And already at the end of the year in this activity has been achieved considerable success. At the beginning of 2017, Ripple Labs began to cooperate with the National Bank of Abu Dhabi.
What is Ripple digital platform
Ripple is a digital platform that operates in the market of operations with cryptocurrency, designed for use by payment systems. This platform is focused on the operations of exchange of currency with no chargebacks. To start working with the Ripple online platform, the user will need a minimum deposit of $10.
The platform supports internal tokens, which can represent various objects from money and cryptocurrencies to exchange assets and any statistics of the client. Ripple is based on an open decentralized database that works on a consistent basis and conducts all operations in a distributed manner.
Network platform works on the Protocol which the developers call RTGS. It is used as the basis for the gross real-time calculation system.
According to BBC many competent opinions agree on one thing – the Ripple Protocol has undeniable advantages over Swift, which most banks now use to send payment orders.
Today, the cryptocurrency market presents a wide variety of them, from which people can not get Ripple coins simply. People carrying out activities in this field should be aware that Ripple is not a type of digital currency, such as bitcoin. This digital platform is a secure cryptocurrency system with digital currency called XRP.
The popularity of cryptocurrencies such as bitcoin and litecoin is growing every day. Ripple was no exception. In recent years, the cost of Ripple has increased, which gave it the opportunity to enter the 2nd place in the cryptocurrency market and attract additional attention, CNN writes
Among experts in the field of cryptocurrencies, there is an opinion that the XRP accounting unit is more likely to be securities and shares of the company than cryptocurrency. In turn, the management of Ripple denies the decentralized status of XRP, saying that the company is not centralized and if Ripple at some point ceases to exist, it will not affect the XRP, which will continue to exist in the cryptocurrency market.
Report on the activities of the Ripple for the first quarter of 2019
Some time ago, the digital platform Ripple published a report on its activities for the first quarter of 2019, according to which the total cost of XRP sales over the past period amounted to slightly less than 170 million dollars. This figure is 0.32% of the volume of XRP implementation worldwide. The report also stated that over the past period platform released 3 billion XRP, of which in the amount of $2.3 billion was returned to the escrow service, and the remaining amount was used for current needs.
The report also provided information that in the first quarter of 2019, the total Ripple sales volume reached just under $170 million. This figure decreased by 1% compared to the first quarter of last year. This figure consists of:
- sales to 62 million institutional investors;
- 107 million to third-party market makers.
The opinions of experts regarding the development of Ripple
Some experts are of the opinion that Ripple XRP is expected to grow in the near future. Despite the fact that at the present stage of development the cost of Ripple XRP has fallen, the situation will change radically over time. Ripple supporters say that although the situation when the market price of Ripple XRP fell was severe, especially for those who purchased XRP at the time of its highest value. But the breakthrough to increase can be observed now, you need a little time and the situation is not only to equalize, but also to improve. Some experts predict that over the next 7-10 years the cost of XRP may exceed 42 thousand dollars.
In contrast to the positive forecast, there is an opinion of experts who are very sceptical. They argue that given the current situation, which reflects the decline in the value of XRP tokens, Ripple will never reach the high cost of its accounting units. But growth will still be, though not as significant as predicted by the pessimist. In the cryptocurrency market, there was a very unstable situation in the past year. Despite this, during that period XRP was one of the few digital assets that made significant progress at that time.