. 1 min read

Ripple Ranks 123rd Among 5000 U.S Fastest Growing Firms

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

Ripple, an American blockchain company focusing on payments technologies, has been recognized as one of the fastest-growing companies in the United States by a major American business magazine, Inc.

Source: Adobe/ilolab

Of the 5,000 companies profiled, the company affiliated with the XRP token ranked in the 123rd place ahead of some other blockchain-based companies. This high position was earned based on the magazine’s estimates that the company saw a 3,039% growth in the past three years.

While the list was topped by privacy startup OneTrust, other notable blockchain companies ranked by Inc. include BitPay, a cryptocurrency payment service provider that emerged in the 1519th place.

As previously reported, Ripple’s growth took a new leap in Q2 2020, a period marred by the global COVID-19 pandemic. Per its Q2 earnings report, Ripple recorded an 18x increase in its XRP sales pegged at USD 32.55 million for the quarter, compared to the USD 1.75 million recorded in the first quarter. Ripple attributed this growth to increased patronage from financial institutions that relied on its payment network RippleNet.

CEO Brad Garlinghouse noted back in March that the company’s profitability was driven both by its software provisions as well as by the sales of the XRP coin.

Just a few days ago, Garlinghouse stated that the company has no plans to ‘reset’ its strategy, seeing that its products are gaining traction as its ODL (product that uses XRP) has accounted for more than USD 2 billion in transactions to date.

The price of XRP is currently (13:56 UTC) USD 0.30, having dropped 2% in the past 24 hours. The coin has seen a nearly 5% gain in the past week. Its market capitalization is USD 13.84 billion, making it the third-largest digital currency.