5 Things You Didn’t Know About Ripple
We have all seen the Ellen show where Ashton Kutcher donated from Ripple to Ellen’s charity and we have all heard about how Ripple is going to outperform Bitcoin. There is a lot of hype around this extremely accessible and cheap cryptocurrency, so we decided to pin down 5 things that you probably don’t know about Ripple. Some good – some not so good, but knowledge all the same and in the world of crypto trading, knowledge is everything.
One – Ripple Doesn’t Depend on Bitcoin
You might be thinking well of course not, they are separate currencies, but you would be wrong to flat out assume that. In the world of cryptocurrency, a lot of success is dictated by the performance of Bitcoin and by and large, most cryptos mirror the price trends of Bitcoin. If Bitcoin does well, the market tends to do well.
Don’t believe me? Look at the historic price charts to see the pattern. Ripple however is the master of its own destiny and has typically forged its own path in the crypto world – this is playing out at the moment with a surging Ripple and a very sluggish Bitcoin.
Two – Ripple Can’t Be Mined
This is one of the most common questions I get asked, “how do I mine Ripple?” The answer is you can’t, the control of Ripple is at the discretion of its creators and Ripple is made available as and when the developers want to release more. It is for this reason that the price is low because the market is currently flooded with Ripple and unlike other cryptocurrencies it isn’t rare or a commodity.
Three – Ripple Has No Supply Limit
Unlike minable cryptocurrencies, Ripple has no supply limit meaning that the developers can introduce as much Ripple to the market as needed. This gives it added scalability and real-world currency function compared to other cryptocurrencies and allows Ripple to adjust supply in accordance with the wider global economy.
Four – At Current Growth Rate, Ripple Should Surpass Bitcoin in the Next Two Years
This is in terms of market capitalisation rather than coin value. Bitcoin should be dearer than Ripple for a long time to come, perhaps even decades or forever. That is because Bitcoin is getting harder to mine and is rare in comparison to Ripple which has around 28,000 XRP for every Bitcoin.
But, because of the sheer volume of Ripple out there, it is already closing Bitcoin for total market capitalisation.
Five – Ripple Isn’t All Roses – They Are Being Sued
In the first major case of its kind against a crypto developer, Ripple is being sued by its users believe it or not. This is because ordinary users who bought up Ripple to make a profit are constantly battling against developers who are concerned with Ripple overall rather than investor profit. The creators of Ripple constantly give away Ripple to big financial institutions which is very unfair considering that ordinary users must pay for it. Currently a class action lawsuit is underway and if it succeeds and Ripple has employed unfair market practices, it could be the end of the cryptocurrency altogether – depending on how deep Ripple’s pockets are to pay the compensation.