Ripple and XRP - Revolution or Revolutionary Scam?
Ripple has been booming lately as more and more financial institutions have started to use the service for its fast transactions and extremely low fees. As banks seek to move away from the somewhat outdated SWIFT system, the Ripple protocol and it's token XRP has risen up as a viable alternative. Ripple is also a very controversial coin, with proponents talking about interest from banks and opponents worried about centralization and lack of real world adoption.
Will there be a demand for Ripple and XRP
Previously, there were concerns about the use of the token. In theory, it is possible to use the Ripple payment protocol without the XRP token and people were left to wonder about it's worth. However, Ripple has recently tweeted that, "3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018".
https://twitter.com/Ripple/status/949131179797626880
Furthermore, the CEO of Ripple, Brad Garlinghouse, has also confirmed that banks and payment providers plan to use xRapid (the XRP liquidity product) in a serious way.
Future outlook for Ripple - serious challenger to bitcoin or scam?
Ripple, currently second in market capitalization, has been continuing on an upward trend. At press time, the altcoin was trading at an average of $3.36. With a market cap of over $131 billion, it is over half that of bitcoin.
One thing to take note of though is the high supply of Ripple. Bitcoin will only ever have at most, 21 million coins in circulation. Ripple currently has over 38 billion XRP issued. If we set the supply of Ripple to 21 million, using its current market cap, each coin would be over $6,200. And looking at it that way might ward off potential investors.
The success of Ripple and other altcoins have led to an all time low for bitcoin dominance at 33.3 percent. With this recent news, will we finally be seeing a challenger to bitcoin for the top of the crypto throne or is just another flash in pan? One thing for certain is that 2018 is sure to bring much more exciting news for crypto.
Ripple Total supply vs Circulating Supply
The XRP token was created with a significant portion of it reserved for development of the coin. Unlike mining, these coins can be issued out by the owners (either the founders of ripple or Ripple Labs). This is a large difference between the circulating supply and the total supply as well, with almost 60% of XRP left to be distributed.
If XRP had the same supply as Bitcoin the Price would be walloping $18,953!
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The math in your table is wrong. If ripple had the same supply as BTC it's price would be $7732.
I think the table relies on the max supply of XRP, not the circulating supply.
WANCHAIN will be better I guess.
I have a feeling ripple will get hacked soon and send a panic through the crypto n00bs
unlikely the hack is that 100% of the supply has been premined making the developers very rich
yeah but the nodes are centralized so a hack is a lot more probable....
Really? It's open source code and anyone can become a validator i.e. node
https://ripple.com/build/rippled-setup/#validator-setup
Thanks for the information. In my opinion Ripple has a bright future - regardless of it being fully decentralised or not, banks, institutions and big companies are supporting it. It is a great coin in the sense that it will really help to accelerate mass adoption, but the problem Of The amount of coins being controlled is an issue. Regardless of whether we like Ripple or not, it is a serious contender in the market that I do not think is going anywhere. What are your thoughts in this?
Ripple known as the bankers coin.
Controlled by two people (bankers) who own 50% of the coin (pre mined by them and their friends ) no mining by the masses allowed , and their banker friends have some coin too.
Centralized and owned by the few for the few, no consensus, no control by the masses just bankers using the coin to fool the masses and make the tiny few bankers richer.
Want to run a node ? You have to ask their (bankers) permission!
Your funds you buy the coin with can be locked and frozen by them at anytime, read the whitepaper read the ripple website, shocking.
Bankers pumping the price saying they will use Ripple for xyz when the technology will not allow them to do xyz.
Ordinary people are going to lose a lot of money when this shitecoin goes down.
Like i said, it is not decentralised but it has use cases for large companies and large transfers which can't be denied. As well as that, it's underlying infrastructure is very impressive from a tech perspective, albeit not entirely decentralised. Coins with massive institutional and bank supports will do well due to the money in them, unfortunately.
Thx, Keep up the great work boxmining :D
Keep up the great work
Thanks for another well done article and analysis!
I'm just hearing about ripple. I've been ignorant of it. Wow.
Thanks for sharing @boxmining
Please post more about ripple.
I'm looking forward to your next post about ripple
Considering that Ripple are keeping 80% of the XRP themselves, and can freeze anyone's funds, it's way too sketchy for me. https://news.bitcoin.com/ripple-gateways-can-freeze-users-funds-time/