Ripple Coin or XRP, one of the top five cryptocurrencies with a whopping $46.2 billion market cap, is on the rise as it surpassed $1 for the first time, and people in Asia are going mad for it.
“Asians are going mad for Ripple,” says Alexey Ivanov, CEO and co-founder of Polynom Crypto Capital, a cryptocurrency and blockchain investment fund manager.
At the time when all the other digital currencies are going down because of Christmas and New Year, Ripple is on the rise and that is largely driven by Asian investors. Ripple has seen trading volumes increase nearly 25% at South Korean exchanges and 10% on Bitfinex in Hong Kong over the last 48 hours.
“People feel comfortable with its name and the technology behind Ripple,” says Trevor Koverko, CEO of Polymath. “A lot of people are beginning to realize how big of an opportunity there is between business and the blockchain, and that’s making Ripple the early winner here.”
With the main adopters coming from Japan, South Korea and China, Asia accounts for at least a third of all cryptocurrency trading volume.
Investors who put $15 to work to buy just one bitcoin back in 2012, now have over $15,000 and they believe that if they put the same amount into ripple today, might get a similar outcome.
“The entire cryptocurrency industry is exploding and ripple has done a great job positioning itself as one of the key entry points for institutional investors,” says Rob Viglione, co-founder behind ZenCash.