Welcome to XRP Price
Track the XRP Price LIVE and receive the latest XRP News and Updates
Welcome to XRP Price
Track the XRP Price LIVE and receive the latest XRP News and Updates
The Best Digital Asset for Global Payments
XRP is the third largest cryptocurrency by market cap, in the new asset class that is digital or crypto currencies. XRP has one of the strongest ‘used cases‘ and ‘real world‘ application. XRP is a digital asset that was built for fast, inexpensive payments.
XRP represents the native digital asset on the XRP Ledger, which is a revolutionary, permissionless, decentralized and open source blockchain, that allows any transaction to be settled within 3 – 5 seconds and at a fraction of the current standard transactional costs.
XRP can be sent directly without the need for a central intermediary, therefore making it a perfect bridge asset between two different currencies. XRP is significantly more scalable and faster than most other cryptocurrencies, and through this, XRP and the XRP Ledger create and have the ability to power forwarding looking innovation in the overall payments and financial settlements space.
XRP price, like other other cryptocurrencies, can change across the day, week, and month, based on trends, utility and general market impact factors. The LIVE XRP price gives you the latest available price, while historical data can also help you make decisions related to trading or investing in XRP.
XRP is primarily used to facilitate the transfer of other assets, with focus on cross borders remittances as well as other cryptocurrencies and fiat currencies. However, it is also becoming more popular for making payments with various merchants who are now accepting XRP in the same way as they accept currencies.
XRP and Ripple origin
XRP is the cryptocurrency that is native to the XRP ledger, designed to be fast, affordable, and scalable. Ripple is the fintech company from San Francisco, where XRP traces its roots, and is also used as the native currency by a number of Ripple’s financial tech products. XRP’s primary purpose is to be a mediator for other exchanges, including cryptocurrencies and fiat exchanges, as well as facilitating fast, frictionless, cross border payments at scale. The company Ripple was created in 2013 when Ripple Labs was founded by Jed McCaleb, and Chris Larsen and people were invited to invest in the company. However, the coin had its origins as far back as 2004, when it was implemented by Ryan Fugger. XRP is designed to make exchanges cheaper and fasterand only exists in its own system. One hundred billion XRP were initially issued, with the protocol rules prohibiting new emissions. The Ripple team is led by Brad Garlinghouse (CEO), Chris Larsen (EC) and David Schwartz (CTO).
How does XRP differ from other cryptocurrencies?
XRP offers something different compared to other cryptocurrencies. It offers functionality and benefits that other cryptocurrencies do not deliver. For example, a Bitcoin transaction can take minutes to complete, whereas a transaction with XRP can be completed in only a few seconds and can also be done at a low-cost. XRP is largely known for its digital payment network and protocol. In addition to XRP, Ripple also offers the benefit of its payment settlement, asset exchange, and remittance system. It is used by banks and financial intermediaries for secure transactions. On the other hand, Bitcoin and other currencies like it are based on the blockchain concept, which requires miners to verify transactions.
XRP consists of 100 billion pre-mined coins, whereas Bitcoin has a total supply of nearly 21 million coins and Ethereum has 110.5 million, as a comparison. Proof-of-work and mining are essential for validating Bitcoin transactions, but XRP tokens are pre-mined. A smart contract controls the release of XRP, allowing a maximum of one billion tokens to be released each month from escrow. Unused coins in any month are moved back to an escrow account. The amount of XRP available affects the XRP price; XRP is constantly “burned” as it is used, decreasing the supply as its use increases. A small amount of XRP is charged to the user with each transaction, similarly to processing fees for other cryptocurrencies. The small fee is significantly better value compared to other cryptocurrency options. Value in millions of dollars can be transferred in 3 to 5 seconds through XRP, costing only fractions of a cent.
The RippleNet payment system is being increasingly used by major banks as it helps to make cross-border payments easier. The key benefit is that RippleNet customers benefit from sourcing liquidity in cross border payments, moving away from pre-funding processes, and through this allowing for instant settlement. Some of the banks using Ripple include Santander, Westpac, and Axis Bank, amongst a number of various other global institutions.
As an example, someone who might want to send dollars from the US to another country can convert their dollars into XRP. The XRP can then be sent over the Ripple network in seconds for a low cost. After verification, the XRP tokens can be received and, if the recipient chooses, they can be converted back into dollars or into the currency of their choice. Compared to both traditional money transfer systems, such as SWIFT, and other cryptocurrencies, this offers a faster and cheaper transfer option. Of course,in addition to private transfers between friends, family, and customers and merchants, it isalso useful for currency trading.
The XRP Ledger & XRP as an investment
Independent validator nodes are maintained by independent participants across the globe, also known as the ‘XRP Community’, form the basis of validating transactions on the network. This ‘consensus’ agreement establishes the final and non-reversible settlement of a transaction. Becoming a validator is open to any one person, business or entity. These include big businesses, universities exchanges and Ripple themselves, who run 21% (6 validators) from the overall ledger.
Crypto projects often aim to oppose existing financial systems, whereasXRP and the related products Ripple as introduced, aim to become integrated into the system, working in synergy with banks, financial institutions and regulators.
Hardly a week goes by, when the news wires do not report a new partnership or collaboration Ripple has entered, where its fin-tech offering as well as XRP will be utilized.
XRP the currency, is independent to ripple to company. This is an important factor for investors, should Ripple cease to exist tomorrow, XRP as the cryptocurrency will continue to exist and function as it does now. XRP has utility and is designed to solve real world problems. It is a digital asset that has a strong track record and a bright future, specifically looking at its adoption into financial legacy systems.
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