The price of Ripple, one of the largest coins in the cryptocurrency space has continued to surge in recent times, changing the entirety of the cryptocurrency world as we know it. The company that owns XRP, Ripple, has recently sold around $91 million worth of the coin, taking advantage of the coins almost 30,000% rise as of last year. Volume for the coin increased by a staggering 35,000% to an average of around $800 million per day. This number is up from around $2 million only a year prior.
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The company recently stated that “XRP markets ended the year with a statement – one that will likely be remembered as a defending milestone in XRP’s history.” Ripple currently owns about 60% of the existing XRP, which means that they do have a majority stake in the coin, signaling their possible confidence in the price and use of the coin in the near future. Ripple has reportedly been able to use XRP sales to bring in around $180 million in revenue just last year, without having to give up any equity in the company itself. The increasing price of the coin allows the company Ripple to have a sufficient cash cushion, as it works on selling its software across the financial industry.
If the coin crashes for some reason in the near future, the company would have enough free-flowing cash to be able to sustain itself for quite some time. According to a report on the price of the coin “After starting the year at $2.30, XRP quickly shot up to a high of $3.84 on Jan. 4, before tumbling below $1.12 days later. The currency currently sits at $1.35, which translates into about $81 billion worth of holdings for Ripple.” The hopes are high that the coin can continue to break records in the crypto world.