The Crypto currency XRP, about 60% owned by Ripple Labs, based in California, has been in the news very recently, mainly due to wild variations in its market price.
After a September roller coaster, XRP returned to grow over the weekend to become the second most valuable crypt in the world in terms of market capitalization or "market capitalization". The recent increase brings its capital market to 24.291 billion dollars, just before Ethereum. Even though it is still far behind Bitcoin, at around $ 120 billion, the gap is closing.
Last month, Bitcoin's share of total cryptographic market capitalization was 60%. Now it is just over 50%, with the change caused by the so-called altcoin increases, which are driven by XRP, Bitcoin Cash and Litecoin. The XRP has seen a market increase of over 100 percent only in September.
Ripple Labs has also been in the news in Asia due to a partnership with the local financial services company SBI Holdings.
On September 26, the Japanese company announced that it had obtained a license from the regulators to create, in collaboration with Ripple, a joint transaction of money transfer. Ripple Labs specializes in creating bank payment networks whose main advantage is to accelerate transactions. The Ripple tag tag promises "A frictionless experience to send money globally" and SBI Ripple Asia, a joint venture, will now manage Japanese electronic payments via an app called Money Tap.
SBI is already active in the Japanese digital money market after the launch of Crypto currency exchange VCTRADE at the start of the year. The financial services group also supported the launch of "S Coin", an encrypted currency for mobile retail payments.
"The encrypted currencies are the future of money and, clearly, XRP is proving to be one of the most useful crypts for companies, organizations and individuals." The use of XRP is bound to increase and, of course, this will have a positive impact on its price, I think we will see it hit the $ 1.00 price level before the end of the year, and it could even double that in the 12 months after the adoption and the 39, using XRP, "Nigel Green, founder and CEO of deVere Group investment advisor, told Forbes.
Although Japan has embraced cryptography, it has not been immune to jokes, especially after falling victim to some of the most high-profile hacks in the world. The country's Financial Services Agency (FSA) is currently questioning Zaif's encrypted currency exchange after an attack last month.
The Japanese media reported that the theft of 14 September on Zaif led to the loss of 5,966 Bitcoins valued at the time of 39 million dollars. The robbery also saw the loss of Bitcoin Cash and Monacoin, a Japanese cryptographic currency, which means that the total loss was 7 billion yen or $ 60 million.