Ever since the inception of our digital wallet app, BCMY (Blockchains.my), we have been staying true to the idea of developing a practical, easy-to-use wallet that helps facilitate easy and safe transactions for our users – and we have kept our promise: aside from implementing the most sophisticated technologies to ensure safety, we are also working on making it better, including adding support for more cryptocurrencies. As of this moment, there are 6 cryptocurrencies that you can store in our wallet app – they are Bitcoin, Ethereum, Ripple, Zcash, DinarCoins, and Gold Smart Contracts. In this series of “Cryptos In Our Wallet,” we will go through them one by one, starting with Ripple (XRP).

The Story Behind Ripple

Born as a crypto asset from the womb of a company (which is the polar opposite of Bitcoin, that had no central figure giving birth to it), XRP was first  envisioned by Ryan Fugger in 2004. Fugger, who was – and still is – a web and decentralized systems developer and consultant, wanted to create a decentralized monetary system to be able to effectively empower individuals and communities so that they could create their own money. At the same time that Ryan was actively developing his brainchild, Jed McCaleb, who was the co-founder and CTO of Stellar.org (and ex-owner of the infamous Mt. Gox exchange), began developing his own digital currency, where verifications and confirmations were done by consensus – as opposed to the mining system implemented by Bitcoin.

One thing led to another, then McCaleb reached out to Fugger, with the latter then handing over his reigns of RipplePay.com to the former. Along with Chris Larsen, Jed began the development of what is now being known as the Ripple protocol. Ripple as a protocol operates on an open source decentralized platform. This platform enables its users to transfer money in any form – thus, what Ripple is creating is actually a real-time gross settlement system (RTGS). Aside from transferring money, Ripple also offers a currency exchange and remittance network for its users.

XRP Adoption

Since Ripple creates an RTGS system, there is quite a demand for their technology, even from banks and traditional financial institutions, who normally are not so fond of cryptocurrencies. Despite some loss in value, as many other cryptocurrencies, there are at least six major financial institutions that have made it public that they would be using XRapid – which is a liquidity system made by Ripple. And several companies and banks have done testing rounds with Ripple.

It’s also widely popular among retail investors, especially with Forbes having an article saying that XRP would give higher returns than Bitcoin. All in all, the total market cap for XRP at the moment of this writing (July 2nd, 2018) was $17,973,245,867, according to CoinMarketCap. Ripple is also one of the coins that are most-widely accepted as a payment method, as proven by BitStickers.

How It’s Been Coping

Along with its arguably good adoption rate, some of the world’s top 100 banks are listed as Ripple’s customers. Major institutions such as American Express and Moneygram are also conducting test runs of Ripple’s technologies. It is then no wonder that when combined with the adoption of XRP, the fact that Ripple has been welcomed with open arms by the masses has made it see gains that outperformed Bitcoin in 2017. During last year, XRP recorded a 36,018% gain, while Bitcoin “only” managed to successfully reach the 1,318% mark.

Price Movements

As of July 2nd, 2018, XRP sat comfortably at the third spot in terms of worldwide market caps, with its token listed at $0.457776. It’s still quite a decline from its opening price of $0.623462/XRP at the beginning of June. Mid June saw it in the $0.5 area, only to have it plunged back down to the $0.4 area starting on June 23rd, 2018.

XRP’s record all time low would be at the price of $0.002802 on July 7th, 2014, while it reached the stars at $3.49 on January 7th, 2018.

The total last 24-hour volume was $232,973,000 which shows that it is still one of the most sought-after crypto assets.

Judging on the volume and the fact that Ripple has been holding its number 3 spot pretty strongly, we could expect a short-term gain as Bitcoin – the mother crypto – is still dominantly influencing the prices of other crypto assets, and it has recently broken the $6,300 test mark. When BTC starts to head up, the norm is for it to bring with it other crypto assets, heading and going up. If this happens as we predict it, then chances are high that XRP could very well see the $0.5-$0.6 area again by mid-July.


Please do note, however, this is only our quick analysis for speculative and entertainment purposes. Do not blindly follow our analysis as a financial and/or investment advice/suggestion. We cannot be held responsible for any loss that might occur from basing your investment decisions on our analysis in this article.

One thing that is more of a surety would be the fact that Ripple has already established some strong partnerships with banks, financial institutions, and big companies all around the world. It is by this notion that we can continue to be optimistic about the future of Ripple. To learn more about our wallet, and our other accepted cryptocurrencies, check out our website here. We’re sure you’ll be more than happy to learn that it’s one of the best and safest wallets around!

Stay tuned for our next “Cryptos In Our Wallet” article as we go highlight all of our accepted crypto assets. Happy investing and saving!