Ripple, another virtual currency surging ahead, 100 percent value increase in last week

Ripple, another virtual currency surging ahead, 100 percent value increase in last week
Click for full image

San Francisco: The popularity of virtual currencies has become so wide that it is creating new billionaires. Usually, when we speak about Virtual currencies, most of them think it’s about bitcoins but there are other virtual currencies too which are creating buzz.

As per the news published in Economic Times, One such virtual currencies is Ripple, whose co-founder, Chris Larsen is the largest holder of Ripple tokens with worth more than $59 billion. The figures are latest as per the Forbes. That would have briefly vaulted Larsen ahead of Facebook chief executive Mark Zuckerberg into fifth place on the Forbes list of the world’s richest people.

The value of Ripple has increased abruptly more than 100 percent last week. During the last year, its value has increased more than 30,000 percent.

With such a huge increase in its value, Ripple has become second largest virtual currency. One Ripple token is now worth $2.89, which on paper seems like a paltry sum compared to the $15,334 price of a single bitcoin.

As per the information provided on inverse.com, in the U.S., only Amazon’s Jeff Bezos, Microsoft founder Bill Gates, Berkshire Hathaway’s Warren Buffett, and Facebook’s Mark Zuckerberg are comfortably ahead of him.

Most of the currencies were nothing during the last year but now they are creating new billionaires.

Jeremy Gardner, an investor who previously worked at the virtual currency hedge fund Blockchain Capital, which invested in Ripple said that “This is beyond insane.”

He further added that “There’s absolutely nothing driving this rally except rampant fear of missing out (FOMO), misinformation, and speculation.”