San Francisco-based Ripple has captured 2nd spot on Forbes’ “The 10 Biggest Fintech Companies In America 2020.”
Founded by Chris Larsen and Jed McCaleb who also founded Mt. Gox and Stellar Lumens (XLM) is valued at $10 billion which facilitates cross border payments that also involve the digital asset XRP for its 300 clients.
“Ripple also had a stunning rise in value, hitting $10 billion and becoming the second-most valuable fintech startup,” states the author.
Led by Brad Garlinghouse, Ripple grabbed MoneyGram as its partner in 2019 and invested $50 million in the company by selling $500 million of XRP. One of the largest payment providers now uses XRP in 10% of its cross-border transactions in the US Mexico corridor.
This list also involved two other cryptocurrency-related companies, Coinbase and Robinhood.
At 3rd place is crypto exchange Coinbase valued at $8.1 billion that has branched out to offer crypto custodial service along with a personal wallet and new currencies.
The list notes that 2019 was a “boom time” for financial technology as $18 billion were raised in total venture capital funding for financial technology versus $13 billion in 2018.
Identical to 2017 before the ”massive rally”?
Meanwhile, the third largest digital asset is leading today’s rally, up 8% in the past 24 hours while trading at $0.324, up 67% YTD. These levels were last seen in July 2019.
Analyst Jacob Canfield notes that the digital asset is finally breaking the downtrend resistance and has found support on the 200 EMA. It hasn’t performed as well as other assets like Eth which is up 106% in 2020 so far, Bitcoin Cash 125%, BSV 272%, Cardano 104% Tezos 129% or even Litecoin which is up 88% but hopes that “this is the breakout move we were looking for.”
XRP bull Magic Poop Cannon also made an appearance on the Crypto Twitter (CT) to give a shout out to the digital asset which he says looks identical to 2017 before the ”massive rally” with resistance “thoroughly destroyed.”
Another trader feeling the same way is Crypto Michael who says having broken the two-year-old downtrend and retested, it is “still doing great.”
“Breaking above 3000 satoshis and likely continuation towards 3700 / 4400 and maybe even 6700 satoshis,” said the trader.