Ripple is a non-minable digital currency, meaning no new coins are introduced to the project. It’s marketed as a way to enable “banks to settle cross-border (global) payments in real time, with end-to-end transparency and at lower costs,” a previously timely, tedious task. Ripple transactions can be completed in just four seconds, according to the company
As of Jan. 3 at 11:51 a.m., ripple, or XRP, had a market capitalization of $116.7 billion and a value of $3.01, according to Coin Market Cap. This value is up from $0.26 one month prior, a nearly 1057.7 percent increase. More notable is ripple’s climb in one week: the cryptocurrency jumped to its current rate from $1.17, representing a 157 percent increase.
The digital coin is making waves as it conducts trials with financial institutions around the globe — including American Express and Santander — which is feeding its rally, according to CNBC.
But ripple’s commotion doesn’t come without a catch — ripple is difficult to buy or invest in on exchanges. That’s because it’s not yet available on popular apps, like Coinbase, and many platforms require users to purchase ripple with other cryptocurrencies, such as bitcoin or ether, as opposed to the U.S. dollar, CNBC reports separately.
Click here to learn more about ripple and six other major types of cryptocurrencies.
More articles on cybersecurity:
Survey: Americans trust healthcare industry with personal data more than government
McAfee: Healthcare tops Q3 security incidents — 3 things to know
17 healthcare privacy incidents in December
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.