Ripple’s 375% price jump over the past 4 weeks
what is ripple?
Ripple is the name for both a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed, open-source payments system that’s still in beta. The goal of the ripple system, according to its website, is to enable people to break free of the “walled gardens” of financial networks – ie, credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays.
Ripple’s 375% price jump over the past 4 weeks was largely driven by these factors:
1)American Express (NYSE:AXP) began routing foreign exchange International Payments platform through Ripple’s blockchain network.
2)three Japanese credit card companies have begun implementing the technology and the decision.
3)The Bank of England as well as the Federal Reserve have reportedly been experimenting with Ripple’s cross border payment technology.
4)Rumours that Coinbase would soon add Ripple to its platform were behind the latest price advances until these claims were denied, indirectly last week.
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