{"id":22729,"date":"2018-01-01T22:44:34","date_gmt":"2018-01-02T06:44:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=22729"},"modified":"2026-04-20T10:26:38","modified_gmt":"2026-04-20T09:26:38","slug":"ripple-surge-2017","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ripple-surge-2017\/","title":{"rendered":"Why did Ripple (XRP) surge 35,334% in 2017?"},"content":{"rendered":"<p>Cryptocurrencies and their accompanying blockchain technology are full of promise. Even as they soared in value this year, there is an underlying exuberance for their promised use cases that transcend speculative investment, purchasing cheap goods on Overstock or <a href=\"https:\/\/cryptoslate.com\/wont-believe-can-buy-bitcoin-nowadays\/\">luxury apartments in Dubai<\/a>. So far, the fulfillment of that promise is mostly relegated to the crypto-space itself.<\/p>\n<p>For example, <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> is a blockchain juggernaut that provides the technical prowess for so many successful ICO launches this year.<\/p>\n<p>It\u2019s native currency, Ether, soared in value as its platform rose to prominence. However, while consortiums like the Enterprise Ethereum Alliance and others are heavily investing in industry-wide applications, Ethereum largely remains a product for crypto enthusiasts (see <a href=\"https:\/\/cryptoslate.com\/millions-dollars-worth-cats-infesting-ethereum-network\/\">CryptoKitties<\/a>, for example).<\/p>\n<p>Perhaps that\u2019s why Ripple\u2019s recent rise is so noteworthy. Unlike cryptocurrencies like Bitcoin or Ethereum, Ripple is an enterprise-initiated blockchain and cryptocurrency that\u2019s designed with businesses and banks in mind.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">Ripple<\/a> is a blockchain-based platform, aptly named RippleNet, that facilitates transactions between \u201cbanks, payment providers, digital asset exchanges and corporations\u2026to provide one frictionless experience to send money globally.\u201d The platform embraces a wide variety of cryptocurrencies, but it runs on its native currency, XRP. Also known as Ripples, XRP is growing in notoriety.<\/p>\n<p>More importantly, Ripple\u2019s promise is more than just lip service. In October,\u00a0<a href=\"https:\/\/www.cnbc.com\/2017\/10\/10\/ripple-has-over-100-clients-as-mainstream-finance-warms-to-blockchain.html\">CNBC<\/a> reported that:<\/p>\n<blockquote><p>\u201cRipple has signed up more several new financial institutions to its blockchain network, bringing its clientele to more than 100.\u201d<\/p><\/blockquote>\n<p>In other words, Ripple looks like more than just another alt-coin making that boasts of disruption while actually achieving very little. Ripple just might be the real deal.<\/p>\n<p>It appears that investors feel the same way. Here's some perspective: On January 1st, 2017, the price of XRP was $0.0064.<\/p>\n<p>Fast forward 11 months later and at the beginning of December 2017, Ripple was valued at less than $0.25. By mid-December, Ripple broke the $1 barrier, and it briefly surpassed $2 before barely slipping back under that threshold.<\/p>\n<figure id=\"attachment_22824\" aria-describedby=\"caption-attachment-22824\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-22824\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-price-chart-2017-1024x447.jpg\" alt=\"Ripple Price Chart 2017\" width=\"1024\" height=\"447\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-price-chart-2017-1024x447.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-price-chart-2017-300x131.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-price-chart-2017-768x335.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-price-chart-2017.jpg 1472w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-22824\" class=\"wp-caption-text\">Ripple's end-of-year price surge made it the highest percentage increase for a cryptocurrency in 2017 &#8212; representing\u00a0<strong>35,334% growth<\/strong>, which far outpaces other notable currencies from 2017 including Bitcoin, Ethereum, and Litecoin.<\/figcaption><\/figure>\n<p>Ripple boasts a market cap of more than $85 billion. By that measurement, <a href=\"https:\/\/cryptoslate.com\/coins\/\">Ripple is now the second-largest cryptocurrency<\/a>, edging out third-place Ethereum.<\/p>\n<p>Not only that, but Ripple\u2019s ascension also places it above some of the most notable tech giants in the world. Uber, once lauded as the most valuable private company in the world, has seen its value decrease because of<a href=\"https:\/\/www.wsj.com\/articles\/ubers-really-bad-year-1498042091\"> a series of embarrassing scandals<\/a>. At the end of November, <a href=\"https:\/\/www.wsj.com\/articles\/softbank-to-offer-to-buy-uber-shares-at-roughly-30-discount-1511833483\">The Wall Street Journal<\/a> reported that SoftBank was purchasing Uber shares at a discount based on Uber\u2019s estimated value of $48 billion.<\/p>\n<p>With such prolific comparisons, it\u2019s worth wondering: what makes Ripple different than other cryptocurrencies?<\/p>\n<h2>What Makes Ripple Different?<\/h2>\n<p>For starters, Ripple is old. Relatively speaking.<\/p>\n<p>Ripple\u2019s first iteration appeared in 2004 as the brainchild of Ryan Fugger. The vision was to &#8220;create a monetary system that was decentralized and that could effectively empower individuals and communities to create their own money.\u201d This is astonishing foresight into an industry that would truly develop for another decade.<\/p>\n<p>Under professional management by a team that included Chris Larsen and Jed McCaleb, respective founders of E-Loan and Mt. Gox, Ripple\u2019s current expression launched in 2012. Even under its later launch date, Ripple is a veteran in the crypto space.<\/p>\n<p>In the past twelve months, there were hundreds of ICOs and each made unique promises about their product\u2019s ability to transform the world.<\/p>\n<p>While most cryptocurrencies have at least some merit to their claims, Ripple is one of the few to have actual industry support. In December, American Express became the latest to join Ripple\u2019s ranks. They joined other large companies including Accenture, Visa, Citi, and Nasdaq.<\/p>\n<p>In total, <a href=\"https:\/\/finance.yahoo.com\/news\/75-banks-now-ripples-blockchain-network-162939601.html\">Yahoo Finance<\/a> estimates more than 75 banks have partnered with Ripple.<\/p>\n<figure id=\"attachment_22834\" aria-describedby=\"caption-attachment-22834\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-22834\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-supported-banks-1024x835.jpg\" alt=\"\" width=\"1024\" height=\"835\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-supported-banks.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-supported-banks-300x245.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-supported-banks-768x626.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-22834\" class=\"wp-caption-text\">Ripple has an impressive list of banks which are using its technology.<\/figcaption><\/figure>\n<p>Of course, the market performance of real-world value does not always correlate. Ripple established a bona fide client-base long before its XRP token price began accelerating.<\/p>\n<p>Ultimately, it\u2019s rising because it\u2019s a cryptocurrency and there is massive speculation its price will continue to increase. On December 15th, there was a <a href=\"https:\/\/xrpcharts.ripple.com\/#\/transactions\/49E7719C7A53FC1561A539A4D1C0923352B395870095A29659B0352A97C1C101\">transaction<\/a> of a single purchase of over 900,000 XRP. When there is that much demand for anything, that price is guaranteed to go up.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Ethereum<\/a> have done the heavy lifting to bring cryptocurrencies into the mainstream. As a result, dozens of different digital currencies have seen tremendous growth this year, and, at least to some extent, Ripple is benefiting from that exposure.<\/p>\n<figure id=\"attachment_22873\" aria-describedby=\"caption-attachment-22873\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-22873\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-graph-market-cap-1024x365.jpg\" alt=\"Ripple Market Cap - Dec 2017\" width=\"1024\" height=\"365\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-graph-market-cap-1024x365.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-graph-market-cap-1536x548.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-graph-market-cap-300x107.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-graph-market-cap-768x274.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/ripple-graph-market-cap.jpg 1648w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-22873\" class=\"wp-caption-text\">On December 29, <a href=\"http:\/\/cryptoslate.com\/coins\/ripple\">Ripple<\/a> overtook <a href=\"http:\/\/cryptoslate.com\/coins\/ripple\">Ethereum<\/a> in total market cap to become the number two cryptocurrency.<\/figcaption><\/figure>\n<p>Ripple has also benefited from positive news for most of 2017, from the partnership with Japanese banks to use XRP for settlements, to the <a href=\"https:\/\/ripple.com\/insights\/ripple-escrows-55-billion-xrp-for-supply-predictability\/\">escrow of 55 billion Ripple<\/a> for supply predictability, to the <a href=\"https:\/\/www.forbes.com\/sites\/kenrapoza\/2017\/12\/21\/asians-going-mad-for-ripple-coin\/#6e6f24f76422\">incredible demand<\/a> coming from Asian markets. There has also been a long-standing rumor that Coinbase may Ripple to the platform in 2018.<\/p>\n<p>However, Bitcoin began surging at the beginning of 2017, and Ripple\u2019s late ascension feels more like a buzzer-beater than a complete game dominance, so this can\u2019t be the only factor.<\/p>\n<p>One of Ripple\u2019s most compelling aspects is its established client base and the market demand for its products. Investors may be beginning to pay heed to concerns about an inflated crypto-market predicated on nonviable use cases that are more hype than substance.<\/p>\n<p>As a result, it\u2019s possible that 2018 will see a market correction in which the most money flows to the most realistically viable, business-impacting crypto platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrencies and their accompanying blockchain technology are full of promise. Even as they soared in value this year, there is an underlying exuberance for their promised use cases that transcend speculative investment, purchasing cheap goods on Overstock or luxury apartments in Dubai. So far, the fulfillment of that promise is mostly relegated to the crypto-space [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":121602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why did Ripple (XRP) surge 35,334% in 2017?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ripple-surge-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Did Ripple Surge 35,334% In 2017?\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrencies and their accompanying blockchain technology are full of promise. 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