Ripple is currently the hottest crypto coin the cryptocurrency markets right now. Its altcoin the XRP token has rallied by over 90% in the past week attracting much attention to the already famous Ripple Labs blockchain project. At some point in the week, XRP had overtaken Ethereum in market cap position although it later slid back to position 3. The margin between these two digital assets at the moments is only $2billion.
Crypto analysts in the market have tried to join the pieces together to find the factors causing a spike in XRP’s price. Most of the analysis points to fundamental factors attributed to the Ripple blockchain platform since its first trading date back in August 2013. According to crypto news sources, Ripple is set to unveil a new Xrapid feature to further enhance the inter-bank transaction speeds.
The XRP token might be looking at a long-term bullish price action after sources within the industry revealed its token is now compatible with popular internet platforms. Users within these networks will be able to leverage the XRP technology to tip, reward or receive payments for well created tokens. In order to complete this ecosystem, Ripple has partnered with Coil whose founder is a former executive of Ripple Labs.
However, we cannot say the XRP token is at its peak performance given a high of $3 when the crypto markets rallied back in November 2017. It later reduced this value to below $0.5 for the better part of the year until recently. As it stands, the XRP tokens exchanges for $0.5272 against the dollar while its value for BTC is 0.00007958. The altcoin’s market cap is slightly below the $21 million mark translating to an approximate 2.36% of the total cryptocurrency markets.
The Coil Partnership
The Coil partnership involves the integration of 3 popular internet platforms with its network & XRP native tokens; Wikipedia, Twitch & YouTube. Content creators within these networks will be able to use the Coil browser extension app to be tipped by the consumers. This brings crypto coins closer to the world while increasing value for content as opposed to the current system where revenue is mostly generated via Ads.
At the moment, the Coil network monthly charges are $5 while its test phase is tailored for invites only. This is expected to soon change once the projects implements a protocol facilitate anyone’s registration. The former Ripple Labs employee and Coil founder, Stefan Thomas, started this project earlier in 2018 with the aim of adding value to the internet. According to a medium post by Thomas,
“For decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web,”
“Others have created subscription services that bundle content. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.”
The idea by Coil has been tried before in the market by Changetip which had developed an app for tipping content creators in various social media platforms back in 2016. However, the project was not successful following a misuse of funds close to $3.5 million.
Other players that might be a threat to the XRP Coil project include web browser Brave, the network also offers tipping services but with BAT integrated tokens. Its competitive edge is in a private & ad-block enabled ecosystem.
Sagar Sarbhai, Asia-Pacific’s & Middle East regulatory relations head, informed the CNBC that Ripple is set to launch an important feature whose functionality will improve transaction speeds between banks. This may have been some of the news causing the huge rally in this digital currency at the moment. Its blockchain practicality with real-world financial institutions is something that has earned XRP favor in the US & Asia markets.