Ripple is currently involved in a dispute with R3 but lost the chance of having a home-court hearing after the San Francisco’s state appeals court denied Ripple’s request.
XRP has accused R3 of misleading representation while R3 is accusing the crypto company of failing to pay 5billion in XRP coins under a partnership agreement.
Ripple’s price was trading at $0.83 before falling over 1 per cent to $0.7760 on the day.
Since the loss, XRP has climbed back up and is currently worth $0.79.
Ripple appears to be in free fall – the cryptocurrency was trading at $0.96 a week ago but has since plummeted.
Despite the lacklustre market value – Craig Cole, from CryptoMap, explained that the cryptocurrency still has the technology to “disrupt the industry”.
He stated that the cryptocurrency’s ability to manage a vast number of transactions at once could differentiate it from other crypto offerings on the market.
He said: “Its faster transaction speeds and lower fees make it easier for financial systems to embrace the virtual currency, which is partly why Ripple’s value has increased dramatically just this year.
“Ripple is helping financial institutions save money and it is only expected to become even more prevalent in payment flows.
“The virtual currency is certainly on the rise and has the potential to be the first token to truly disrupt an industry, and if it does, expect XRP to reach Bitcoin-like levels of ubiquity in the near future.”
Transactions can take place in as little as 10 seconds using XRP, however, a fee of 0.00001 Ripple coin is charged to those that make payments.
However, the transaction costs are likely to stay the same, even if the value of Ripple rises.
Low transaction fees could make XRP more appealing than other cryptocurrencies on the market like Bitcoin.
Unlike the highest-valued virtual currency, Ripple is not limited to 21million coins.
Instead, 100billion XRP tokens are able to exist – making it greater in supply than Bitcoin by 4700 times.
Following Amazon’s decision to register the domains of amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com, rumours have been swirling that Ripple could be used on an exchange created by the commerce giant.
If Ripple became a part of an exchange that was developed, it could find its prices rising exponentially.
Despite the incredible potential of Ripple, it is worth noting that cryptocurrencies are extremely volatile and are susceptible to extreme spikes and troughs in short periods of time.