Ripple Steals Bitcoin's Thunder, Surges 1184% in a Month

It goes without saying that now is probably a good time to invest in Ripple, while it's still relatively affordable, but that - unlike Bitcoin - you'll probably need a whole bunch of them for it to really pay off.

While bitcoin remains the big name when discussing cryptocurrency, Ripple's XRP price surge proves that there's still a lot of attention on up and coming currencies.

The Ripple cryptocurrency is a product of a startup called Ripple Labs, which began life in San Francisco in 2012 and was originally called OpenCoin. Our mission is to be the most trusted and easy-to-use digital currency exchange.

And, again unlike bitcoin, there is no energy-intensive "mining" involved in Ripple's creation. Bitcoin transactions can now take up to an hour to complete. But while Bitcoin is the dominant cryptocurrency, there are others snapping at its heels and one has nearly caught up.

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The start-up owns 61 percent of the 100 billion XRP in existence. Bitcoin, however, is constantly being created until it reaches a pre-set limit of 21 million coins; this limit is not expected to be reached until around the year 2140. The statement may have been responsible for the quick decline in Ripple from about $3.30 to $2.50 (it's now at $2.78).

Will Ripple continue to increase in value?

Ripple's XRP cryptocurrency is surging off previous intraday low prices, down just 4% Friday afternoon, following an anonymous and unconfirmed report that said Western Union planned to use its blockchain technology for money transfers. In the last few weeks, for cross-border payments, according to the company.

De Jong adds: "2016 and 2017 saw banks trialling the product, with this year likely to see some major implementations - which means we could see some very quick short-term growth".

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