Categories: Ripple

Asians ‘Going Mad’ For Ripple Coin

Click here to view original web page at
Ripple coin symbol. The payments system company uses blockchain technology and has its own digital token to allow for users to pay for its services. Japan and South Korea are running a pilot program using their system, known as RippleNet. (Shutterstock image)

The Asians have discovered a new cryptocurrency you've probably never heard of.

Ripple (XRP), a top five cryptocurrency with a whopping $46.2 billion market cap, is up 57.2% on Thursday, beating every major crypto coin out there and surpassing $1 for the first time, based on Coin Market Cap data.

"Asians are going mad for Ripple," says Alexey Ivanov, CEO and co-founder of Polynom Crypto Capital, a Moscow-based cryptocurrency and blockchain investment fund manager.

Today's price gains are largely driven by Asian crypto gamblers. Ripple has seen trading volumes increase over the last 24 hours by nearly 25% at South Korean exchange Bithumb and 10% on Bitfinex in Hong Kong. Ripple is like a Western Union using blockchain technology. It is a digital payment system that allows for discounts for its service for those who pay to use it in the Ripple coin. The company is run by CEO Brad Garlinghouse, who has held midlevel executive positions at AOL and Yahoo! between 2003 and 2012.

The company said last week that a coalition of 61 banks in Japan, organized by SBI Ripple Asia in Tokyo, will launch a new digital payments systems pilot program with Woori Bank and Shinhan Bank of South Korea using the Ripple blockchain network.

Cryptocurrency investors believe that Asia accounts for at least a third of all cryptocurrency trading volume, with the main adopters coming from Japan, South Korea and China via Hong Kong. While Ripple has a service, its large valuation is dependent on that service actually becoming a payments system companies will want to use. Nearly all startups issuing their own cryptocurrencies are massively overvalued, but investors are pouring into these new coins anyway. Those who are not worried about losing all of their investment capital believe they have nothing but upside once they get over the fact that their investment may become worthless. For those with serious money to burn, the upside is hard to ignore.

Investors who put $15 to work to buy just one bitcoin in Dec. 2012 now have over $15,000. Investors believe that if they put the same amount of money into ripple, or other lower priced coins, they might get a similar outcome. For traditional investors, none of this makes much sense, but in these early innings of the bitcoin hype, fundamentals don't matter.

Investors in these companies have to be prepared to lose their entire investment.

"Ripple started the year worth about one cent and is now at a dollar because of banks in Japan and South Korea testing the use of Ripple's technology for flash-transactions," says Ivanov. He does not hold XRP in any of his five blockchain-focused funds.

Japan and South Korean banks are expected to start test driving RippleNet in the first quarter. Ripple's San Francisco office was not yet open for immediate comment. The coin will primarily be used or institutions and not for retail transactions like Western Union or PayPal.

Ripple beating all major cryptocurrencies as Japanese and South Korean banks test drive the startups RippleNet blockchain-based payment system.

For fresh insights and blockchain thought leaders, subscribe to the Forbes podcast Unchained, hosted by senior editor Laura Shin.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Who’s Trading Bitcoin? A Look at Trading Volume by Country in 2019

If you look for statistics on bitcoin trading volume by country, you may be surprised to learn that there is… Read More

38 mins ago

PR: Kinesis Partners With Hardware Wallet Provider CoolbitX

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material.… Read More

38 mins ago

FT Compares Bitcoin Salaries to De Facto Slave Labor

Getting paid in bitcoin? You should be offended, apparently. | Source: Shutterstock; Edited by CCN By CCN Markets : In… Read More

38 mins ago

How blockchain is revolutionizing recruitment

There is no denying that blockchain technology has the potential to completely revolutionize most – if not all – industries… Read More

39 mins ago

Bitcoin Price ‘Will Struggle’ in Big Financial Crisis, Says Investor

Spencer Bogart, a general partner at venture capital firm Blockchain Capital, thinks that Bitcoin ( BTC ) will be a… Read More

40 mins ago

Pompliano: Bitcoin Will Be In Every Institutional Investor’s Portfolio

American investor and Morgan Creek Digital Assets co-founder Anthony Pompliano says that Bitcoin will end up in every institutional investor’s… Read More

40 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More