With the recent crypto-crash fresh in every cryptocurrency lovers, it is clear that Ripple is set to become bigger than the oldest coin, Bitcoin. Bitcoin has changed the fortunes of many especially those who invested when it was under $10. XRP has yet to hit a high of $5 but a big threat to BTC.
Ripple (XRP) has of late remained steady in its growth compared to the huge fluctuations Bitcoin (BTC) is undergoing. Many investors are still sitting on the fence to see whether Bitcoin is going past north of $10k. This could come to pass once the transaction speeds and costs are enhanced.
Ripple has been working behind the scenes to improve its deliver what the modern consumer demands. Bitcoin on the other hand is still looking for ways to make transaction affordable and clear network congestion.
The Gap between Ripple (XRP) and Bitcoin (BTC)
In the last few weeks, Ripple has dipped under $1, but on average it is performing strongly against major cryptocurrencies. This has led to the speculation it is competing with Bitcoin I terms of volumes in the digital coin markets.
According to cryptocurrency analysts gathered courtesy of Finder.com, Ripple (XRP) will pass Ethereum (ETH) in second position by end of 2018. However, the experts remained optimistic that Bitcoin (BTC) will still be leading with a market capitalization of $597.96 billion against Ripples’ $460.000 billion
Fred Schebesta, co-founder at Finder.com adds “Ripple has yet to prove itself whereas Bitcoin has a highly active and engaged community, huge awareness and massive amounts of people and businesses already using it.”
A lot has been achieved by Ripple to challenge Bitcoin at the top. They are already bringing big players in the financial industry on-board. Their partnership with Santander, MoneyGram and American Express is an indication of their intent. Once Ripple is adopted by major banks, their volatility will be cushioned making it a threat to the pioneer digital coin.
Where are Ripple (XRP) and Bitcoin Stand Today?
At the time of writing, Bitcoin (BTC), Ethereum (ETH) and Ripple are trading at $9,112.76 (0.20%), 684.66 USD (-0.99%), $0.784395 (-1.43%) respectively. Away from the market prices, there is a huge gap in market cap for BTC, ETH and XRP currently standing at $154,164,206,024, $67,211,464,618, $30,663,346,977 respectively.
With the rate at which Ripple is gaining partnerships with financial institutions and the latest price, this could be the stimulus to make the coin mainstream. What is enticing the partnerships is the instant transactions and low price in the cryptocurrency market. Ripple is saving the financial sector billions of dollars in transaction fees alone.
The increase in value of XRP is as a result of the support they are getting from the financial partners and the close knit community. This could spell doom for Bitcoin if they do not relook at transactions speeds and cost.
By bringing Coinbase to start exchanging fiat currency for XRP, liquidity issues for the digital coin will become a thing of the past. Coinbase is a global exchange and is trusted by the consumer. This move will grow the continuing interest on XRP making it skyrocket sooner than expected.
Lastly, every cryptocurrency is trying to cut a niche in the market and it might not be an easy ride for Ripple to become bigger than Bitcoin. However, as it stands now, 2018 is a good year for XRP to gain more traction. The continuing attention from investors is a good sign of increased partnerships.