What is Ripple’s XRP cryptocurrency about?

what is XRP coin

Ripple’s XRP is a peer-to-peer, private, centralized cryptocurrency based on the blockchain, which makes it drastically different from Bitcoin. 

Ripple is the only corporate blockchain solution in the world for global payments. Some argue that Ripple can not even be called a cryptocurrency, while others are confident that this is the most promising digital asset and it will become number one, while Bitcoin will simply disappear.


Read our Ripple (XRP) Price Prediction for 2019


How did this coin come close to the market leaders Ethereum and Bitcoin, and is it worth investing money in it? Let’s dig into the Ripple (XRP) cryptocurrency with the review by Changelly!

Ripple’s XRP Coin Value

Ripple was created and controlled by a San Francisco-based company of the same name. Unlike conventional cryptocurrencies, Ripple is not mine. Initially, 100 billion XRP coins were immediately issued, each of which is divided into a million fractional parts, called “drops”. 

The main function of Ripple is to use as a bridge currency for cross-border transfers when it is necessary to convert one currency to another, and therefore it quickly attracted the attention of large banks as investors. Today more than 100 financial companies around the world use this coin. The main advantage of XRP is the speed and cost of transactions. 

The cost of XRP, like any other cryptocurrency, mainly depends on the release of important news: about concluding a partnership agreement with a large bank, speaking at a conference, and implementing some of the tasks stated in the roadmap.

If you look at the tasks assigned to the developers and at the pace of implementation, it can be assumed with great confidence that the cryptocurrency has very positive prospects.

Technical analysis of XRP, as well as for other cryptocurrencies, will not be able to tell a lot about the price movement. So nobody can say what will Ripple’s XRP be worth in 5 years.

Ripple XRP Price chart

Today Ripple (XRP) cryptocurrency worth $0.313807. XRP is the third-largest market capitalization, which is $13,357,682,937. 

  • The highest point of the Ripple (XRP) price was $3.84 on 4 January 2018. 
  • The lowest point was tested on 4 July 2014. Ripple was worth only $0.002802. 

?️ You can check out the price-list formation and more details about the coin on BitcoinWiki.org.

Ripple XRP Blockchain review

The Ripple Network is powered by Consensus Registry Technology or Ledger. The bottom line is to provide a consensus validator to certain participants of the virtual design by voting. The validator is an independent node. The more votes a node has collected, the more authoritative is its status in digital architecture.

All XRP tokens were issued and distributed at the time the network was launched. Or rather, just put on the wallets of the management company and its founders. The capacity of the virtual payment system is lower than that of VISA but significantly higher than any other cryptocurrencies. 1,500 financial transactions per 1 second. Ripple cryptocurrency transfers come instantly to anywhere in the world. The average time is 4 seconds. 

The xVia allows you to make payments between companies. The xRapid application is also made for quick and cheap transaction processing.

XRP transaction speed

There is no mining in this network. Validation nodes that are assigned by Ripple are responsible for confirming transactions. These are their partners from among banks and cryptocurrency exchanges.

The XRP cryptocurrency feature is an open API, thanks to which developers of decentralized applications (DApp) can connect to the ecosystem, getting all the information of the virtual architecture. One of the first to use this option was Magento (a service that tracks the activities of virtual trading platforms) and Ripple Wallet, an electronic wallet for paying for XRP goods and services.

ripple network

Let’s sum up all the features of Ripple private blockchain:

  • High speed (no more than 10 seconds per transaction);
  • Low fees (0.00001 XRP per transaction);
  • High level of trust in nodes;
  • Scalability (Ripple is able to process 1,500 transactions per second);
  • XRP cannot be mined because the confirmation is provided by trusted nodes.

The Ripple network has the ability to cancel or adjust the transaction in case of entering афдыу data. Classic networks are not capable of this. Ledger provides not only fast and cheap operations but also allows you to use a customer database, marketing software and even seller logistics. In other words, on this blockchain you can completely build the entire work of the company, from small details to key features.

There is an opinion that Ripple and XRP Ledger are not a blockchain at all, because they work through gateways. However, the functionality is still based on the blockchain principles. There are transactions that require confirmation, as well as nodes that do this. The developers saw many flaws in the classic blockchain, so they simply created a better version.

Explore all the technical details in the Ripple White Paper!

Ripple History

Jed McCaleb Ripple XRP

In 2004, Canadian programmer Ryan Fugger and Jed McCaleb founded Ripplepay, a payment system based on a trusted peer-to-peer financial network.

In 2011, in the wake of the success of Bitcoin, the creators of Ripple decide to decentralize the network without using mining. Chris Larsen joins the team.

Ryan Fugger

In January 2013, the company released its XRP token. The coin could be transferred directly from user to user without gateways. 

In April 2013, the company received investments from Google Ventures, Andreessen Horowitz, IDG Capital Partners, FF Angel, Lightspeed Venture Partners, Bitcoin Opportunity Fund and Vast Ventures for $1.5 million.

Due to the increase in the number of partners, the value of the coin and its capitalization increased, and in early 2014 it briefly bypassed Litecoin.

In June 2016, Ripple received a BitLicense from the New York State Financial Services Department.

In February 2017, the partnership was signed with the largest bank in the United Arab Emirates, the National Bank of Abu Dhabi.

Now the possibility of integration into their systems is considered by such market giants as Skype, Mercury FX, etc.

Ripple & XRP Latest News

California startup Ripple has signed an agreement with technology company Coinfirm to monitor the use of the XRP token. Data will be collected to counter money laundering using a Ripple coin. 

Coinfirm will report whether transactions are tangled with the help of mixer-services, whether they belong to the same cluster when small amounts are sent to different addresses to disguise the size of large transactions, and whether they are related to burglary or theft. 

The information collected by Coinfirm will not include the identification data associated with the public addresses where the cryptocurrency is stored. Nevertheless, data will be collected on whether the address belongs to the exchange that allows anonymous trading, or whether the owner of the address is registered in a “high-risk country”.

A good wallet to store XRP

For storage of XRP, you can use quite a wide range of wallets. Choose any you want: desktop, mobile or hardware wallet. Let’s consider all of them!

Desktop wallets

  • Exarpy is a web-browser wallet which takes 0.025 XRP per transaction.
  • CoinPayments is a web-browser wallet which takes 0.5% fiat fee.

All the following mobile wallets are free and compatible with both iOS and Android:

You can also use hardware wallet Ledger Nano S (approx. $85) to make your funds more secure. Remember that it is always right to use a paper wallet. No one but you will know the private key. 

Where to trade XRP?

It’s easy to exchange XRP coin due to a significant number of platforms accepting this cryptocurrency. 

ExchangeUSDEURBTCETHLTCUSDT
Kraken
Coinfield
CoinBase
Bittrex
Bitrue
HitBTC

Buy XRP at Changelly

Changelly platform offers you a way to buy XRP with your banking card swiftly, safely, and with minimal authentication procedure. The fiat payment process is powered by our partner Indacoin and takes just a few simple steps to take.

The purchase option is open both via our website and the Exchange Widget that can be found at our partners’ resources.

Summary

Given the low cost of Ripple’s cryptocurrency, its capitalization is supported by institutional investors and large bank capital. Joining 10 financial institutions to the Ripple network in 2017 made it possible to expand the scope of currency in the Japanese market, thanks to MUFG, as well as in Spain through a partnership with BBVA.

The lack of government supervision makes virtual money independent of economic and political events in the world. This factor also contributes to the popularization of the entire cryptocurrency market, on the general growth of which XRP cryptocurrency grows.

Disclaimer: This article about Ripple’s XRP cryptocurrency should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.

Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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