Today Ripple has become the second largest crypto asset. They are worth $2.50(time 1640 3/1/18) each and there are 39 billion in circulation as they are not mined they are just being released by the company that own it! So this is very different from Bitcoin and the crypto community are going crazy and not because of the 1,000% rise in less than a month but because this could upset the whole market.
Ripple has been around for sometime and is supported today by over 100 banks who want to use this blockchain tech to speed up international payments. This is of course exactly what block chain has always been about but with mining issues, hard forks the current dream of instantaneous payment processing has meant that Ripple unencumbered by these issues is a hot... so hot.
To many whales swimming in a tsunami?
Cofounder and former CEO Chris Larsen owns 5.19 billion XRP, around 13% of the total circulating supply. Forbes reports that this makes ripple’s executive chairman the 15th richest man in America.
Add that together and you get a whole lot of ripples, with as much as 35% of the total circulating supply in the hands of just three people. Realistically, Larsen, Garlinghouse, and McCaleb aren’t about to offload 20 billion ripples onto the market. It is not in Larsen’s or Garlinghouse’s interests to do so, while McCaleb, who now runs Stellar (and owns one billion XLM) is unable to do so.
But Ripple goes against the big idea of not having the ability to manipulate a crypto currency. Ripple can release more coins as and when and restrict the supply or put a costs on transactions. But everyone is diving in for profit... this could swamp everyone...
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