Bitcoin and Ethereum receive most of the attention in the cryptocurrency world, but the Ripple price has quietly skyrocketed over the last three months.
Since April 13, 2017, the price of Ripple has climbed from $0.03 to $0.19 on July 13, 2017. That's an increase of 533.33%.
And there are two reasons why analysts believe the cryptocurrency is surging…
Ripple Price Climbs as Investors Fear Missing Out
According to a May 16 CoinDesk.com report, some investors are buying Ripple because of a "fear of missing out," or "FOMO."
Marouane Garcon, founder of blockchain investment firm Loch Loyal, told CoinDesk that FOMO created a "snowball effect" in terms of the Ripple price climbing.
Some investors became more interested in owning Ripple as they saw prices climb, not wanting to miss any additional gains. Then, the increased demand helped send the Ripple price higher, as investors were willing to pay more to own the digital currency.
The Ripple price climbs have continued to attract more investors, which has helped send the Ripple price skyrocketing 533% over a three-month span.
Also, recent Ripple partnerships with global banks have given some investors more confidence in the digital currency…
Ripple Partners with the Bank of England
In January 2016, the Bank of England (BoE) announced it would draw up plans for a new generation of Real-Time Gross Settlement (RTGS) systems. Through RTGS, money or securities are transferred from one bank to another in real time.
Transactions are settled as soon as they are processed.
As part of its trials, the BoE used Ripple's Interledger protocol to test two different simulated RTGS systems.
Interledger protocol is designed to "route" packets of money across independent payment platforms. For example, a payment service provider could accept any type of payment through the protocol, including payments from international banks and customers sending digital currencies. In a July 10 report, the bank reported it had learned "a great deal" through its proof of concept test with FinTech.
As news about Ripple breaks, we will send Money Morning readers free updates through our cryptocurrency Profit Alerts service.
Until then, we want to make sure our readers are aware of this bold Bitcoin price prediction. From today's opening price of $2,423.16, the Bitcoin price could climb to $1 million.
That's a potential gain of 41,168%.