Cryptocurrencies including bitcoin and ethereum saw steep price drops over the last couple of days. But an alternative from a company called Ripple touched an all-time high price of $1.30 Thursday, Coindesk reports.
Some of that price jump is likely due to rumors that Coinbase, the popular San Francisco cryptocurrency exchange that’s seen a surge of downloads recently, might start offering transactions in Ripple’s coin, according to BuzzFeed, making it available to a wider audience of retail investors.
Ripple’s coin, called XRP by the company and often simply itself referred to as ripple, was created in 2012 to facilitate quick and inexpensive international funds transfers between financial institutions. Ripple runs its own blockchain called RippleNet, and American Express and Santander announced a pilot program last month to use that network for instant funds transfers from the United States to the U.K., CNBC reported.
XRP is now trading at about $0.98, off from its high but still up more than 300% from a value of just $0.23 a month ago. Read more about XRP, and Ripple’s efforts to improve the global money transfer system, here.SM