Digital Currency Ripple Soars Nearly 56%, Becomes Second-largest Cryptocurrency (Fastest Bank Settlement Tool [2 Seconds])

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I am leary of a crypto-currency that has the same name as the “wine” preferred by potheads and hippies in the 60’s: Ripple.  (Ripple, like Thunderbird, was a fortified wine, meaning high alcohol content).

But unlike the other crypto-currencies of note (like Bitcoin, Litecoin and Ethereum), Ripple is still rising.

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Ripple is currently trading at $2.05.

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According to Yahoo, Ripple (Exchange: XRP.BS=) surged nearly 56 percent Friday to an all-time high, surpassing ethereum (Exchange: ETH=) as the second-largest cryptocurrency by market capitalization. Officially called XRP, Ripple is officially the name of a San Francisco-based start-up using blockchain technology to develop a payments network for banks, digital asset exchanges and other financial institutions. Network participants use a digital coin called XRP for transactions. The cryptocurrency has a four-second settlement time, versus more than two minutes for ethereum and over an hour for bitcoin, according to Ripple’s website. The company said more than 100 financial institutions use its network. In the last few weeks, some South Korean and Japanese banks have been testing Ripple’s systems for cross-border payments, according to the company. The start-up owns 61 percent of the 100 billion XRP in existence. At Friday’s record high prices, that gives Ripple about $136 billion worth of the digital currency.

Using blockchain techology to develop payment networks for banks with a FOUR SECOND SETTLEMENT TIME.

Ripple even has a song performed by The Grateful Dead (although the song was not about crypto-currencies).

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I am waiting for a digital currency that cuts bank settlement times to 2 seconds called Thunderbird. Have you heard, what’s the word, Thunderbird!

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Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I am a contractor for Money Map Press, publisher of Money Morning, Sure Money, and other information products. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases I receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

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