What is Ripple XRP cryptocurrency?
What is ripple XRP cryptocurrency? XRP is a symbol of a cryptocurrency named Ripple. Ripple is currently ranked third based on ratings on Coinmarketcap.
The cryptocurrency XRP ripple is under Ethereum which is now ranked second, and above Thether which is ranked fourth.
The price of the Ripple currently written is $ 0.214505 with a market capitalization of $ 9,462,437,146. And a circulating supply of 44,112,853,111 XRP.
If we look at the price, this XRP is much cheaper with Bitcoin and Ethereum. Where Bitcoin’s current price at $ 8,750.68, while Ethereum’s price $ 205.83 and it will always fluctuate following changes in market volume.
Compared to Bitcoin Cash which ranks 6th is also much different, BCH is currently at $ 244.44.
But what’s interesting is the amount of market capitalization that is bigger than BCH and Thether, this seems to be the rating of Coinmarketcap.
So What is ripple XRP cryptocurrency? Well, we will present more detailed information about this Ripple or XRP cryptocurrency. But before we going to go, I will introduce our big sponsor.
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Who is the founder of Ripple?
Ripple was created by the company Ripple Labs which was pioneered by Jeb McCaleb in 2012.
Like other cryptocurrencies, XRP adopts Blockchain technology.
But Jeb McCaleb created Ripple for a different purpose than Bitcoin.
The thing that distinguishes Ripple XRP cryptocurrency from Bitcoin and Ethereum is Bitcoin and Ethereum, as well as other digital currencies that we know first, utilizing decentralized blockchain technology.
While Ripple is NOT decentralized. Ripple is a “centralized blockchain”.
Mining Ripple is impossible
Because Ripple cryptocurrency is a “centralized blockchain”.
Therefore no one can mine Ripple, and the only way to add XRP coins is to buy them, or you trade them by looking for opportunities to rise and fall in prices.
If you want to mine XRP, the way is to mine another cryptocurrency, then convert with XRP via an exchange.
For security, the same as a cryptocurrency that uses other blockchain technology, XRP will be difficult to hack because hackers must hack all Ripple networks around the world.
The plus point is that the closed ecosystem of Ripple increases efficiency.
Around the world, XRP there will be 100 billion coins issued. different with BTC limited to 21 million BTC which will circulate throughout the world.
So for this reason, Ripple has the possibility to be more usable than bitcoin because the price is cheaper.
What is ripple XRP cryptocurrency?
Now to be more specific, What is ripple XRP cryptocurrency?. Ripple is a network that allows sending currencies between two parties with a very fast time.
If we look at this edge more or less is the same function as Bitcoin or other cryptocurrencies.
While XRP is a symbol or token name used on the Ripple network. You can exchange fiat money, gold, in the form of XRP.
But the difference is If Bitcoin uses proof of work while not on Ripple.
There is a statement that by converting into XRP, it is allegedly going to reduce the costs needed when transferring money.
It also makes time transfer faster. The reason that makes XRP more attractive is that at present, XRP is the only cryptocurrency that has the support of the banking sector.
Banks support Ripple
This is not fake news, and Ripple was targeted by many banks. The reason is the fact that Ripple has created several products that are very useful and very needed.
For example xCurrent or xRapid, it is very useful to increase the speed of financial transactions.
The technology used by banks until now is getting old and unable to meet the increasingly high demand. This is a reason banks need to improve their technology.
And, because Ripple is much more stable than most other coins. In fact, the recent price spike is a direct consequence of this decision, because many believe that banks are finally getting ready to actually implement Ripple products.
This will provide coins with a unique use case that will make it important for the future of making transactions.
The easiest way to imagine what Ripple is is a network of electronic payment systems such as Visa, MasterCard, PayPal, and so on.
The main difference Ripple offers is the speed and cheapness of transaction costs with global coverage. In one second. Ripple able to handle up to 1500 transactions.
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What is Ripplenet?
Speaking of Ripple, this is inseparable with Ripplenet, this is the payment network used by Ripple.
What is RippleNet? RippleNet is a special network for payments by certain institutions such as banks and money service businesses that use solutions developed by Ripple to send money globally.
In addition, RippleNet makes it possible to make payments on more than 40+ currencies including Bitcoin which has a minimum internal transaction commission of US $ 0.00001.
There are more than 300 financial institutions worldwide that use RippleNet to enable faster and cheaper payments worldwide.
Who uses Ripple?
Ripple has received support from banking institutions because this can be a solution to better technology updates.
Some companies that have used Ripple mentioned at the official website are American Express, Moneygram, PNC, Santander, SBI Remit, NIUM, Banco Rendimento, Beetech, Interbank, Pontual, and RIA.
According to Daily Hodl, there are 37 companies that have used XRP, either as a way to receive payments or for international money transfers.
A total of 24 companies have adopted the XRP cross-border payment platform on the Ripple network under the name On-Demand Liquidity (ODL), formerly known as xRapid.
According to the Daily Hodl, there are 19 companies known to use ODL because there has been not yet release from Ripple.
The following company is
- Euro Exim Bank
- Nium (formerly InstaReM)
- Mercury FX
- SBI Virtual Currencies
While 13 other companies use XRP digital assets as a means of payment or to improve their platforms that move values from one location to another.
The following company is
- Arrington Capital
- XRP Tip Bot
The main goal of Ripple Creation (XRP)
The main goal of Ripple is a global payment instrument based on Internet Protocol, such as HTTP and TCP / IP which is used in website and data settings.
However, Ripple is specifically designed to be able to send and receive Universal Cross-Chain payments.
It’s mean, Ripple can act as an exchanger of the country’s currencies (MYR, Dollar, Pound Sterling, and others), Cryptocurrencies (BTC, ETH, LTC, and others), even to Commodities (Gold and Silver).
Simply put that Ripple is a solution for exchanging currencies with one to another.
How Ripple Work?
How Ripple works is to use a consensus protocol to validate account balances and transactions on the system.
This is different from Bitcoin which relies on Proof of work or proof of stake on NXT. Ripple Consensus serves to improve system integrity to prevent double expenses.
This will prevent user sneaky transactions.
For example, there is a Ripple user who deals with multiple gateways. And he trickily sent $ 100 to the same gateway, so the system would delete all transactions except the first.
Each node distributed in the network will decide by consensus which transaction is done first by taking a poll to determine the most votes.
Usually, the confirmation process takes about 5 seconds. There is no central authority who decides who can manage the node and confirm the transaction.
Ripple will track all transactions in the given currency for each user or gateway. While the Ripple consensus ledger records all transactions that are available to the public.
However, even though transaction history is publicly available and available on the blockchain, the data is not linked to any individual or business ID or account.
Indeed, this public record is susceptible to deanonymization.
Ripple growth chart
If we look at the growth of Ripple prices from the beginning until now. The changes in prices seem to be flat from 2013 to 2017 we can see a flat chart on the price of XRP against the USD.
While the price of Bitcoin has tended to be more volatile compared to XRP, the chart below is taken from Coinmarketcap
The price of XRP on Monday 5 August 2013 was 0.005899 and price changes tend to be flat or unchanged from the price range until March 2017.
So it can be said here that the value of XRP tends to be stable compared to Bitcoin. The image above shows a green line is XRP’s price, while the yellow line represents Bitcoin’s price.
While the highest peak of XRP prices occurred in 2018 which reached a value of $ 3.58, this occurred in January. But after that, the price gradually dropped and until now the price of XRP is still in the range of $ 0.1- $ 0.4.
Compare with charts from Tradingview, below.
On the Tradingview chart, which takes data from Coinbase. And we can conclude that the change in prices on the Ripple in 2019 until now only ranges in the range of $ 0.1- $ 05, obviously, the price fluctuations are higher in Bitcoin.
This could be due to the higher volume of Bitcoin trading that more traders use for short-term speculation.
Some analysts say that the sudden increase in a number of cryptocurrencies including Ripple is a Bubble phenomenon. This will at any time explode, and sure enough, prices then tend to decrease in 2019 which is a bleak year of cryptocurrency.
In 2020 crypto lovers are still optimistic about the future growth of Ripple prices, some even believe it will reach a price of $ 14.
How to buy Ripple
You already know. What is Ripple XRP cryptocurrency? Since it is not possible to get a Ripple by mining, the only way is to buy a Ripple where the exchanger provides an XRP token as one of its trading assets.
Not all exchangers provide Ripple in their platform, so before making a purchase, cross-check whether the exchanger provides Ripple.
Another important thing is the wallet to place the XRP token if you don’t use it to trade, then putting it in the wallet will be safer. One popular wallet XRP is Toast wallet.
Where can I Buy Ripples?.
To be able to buy XRP, we have to find exchangers that provide XRP on their platforms, below are some exchangers that provide XRP.
Buy Ripple with Coinbase
Currently, you can buy XRP through Coinbase, a few steps that you must go through are
- Create an account, it only takes an easy step.
- Verify your identity, this has the purpose of ensuring that this is you, because the company fulfilling the KYC rules.
- Deposit with some funds to start buying XRP, you can use a debit card or bank account.
With the availability of XRP on the Coinbase platform, it is easy for users to get Ripple. Because before this to get Ripple through Coinbase, users must have a Binance account first.
While the steps to get XRP is to buy Bitcoin through Coinbase, then send Bitcoin from Coinbase to the address of the Bitcoin Binance wallet.
When Bitcoin is available in the Binance account, then users can use it to get Ripple by searching for pair XRP/BTC. After getting Ripple eventually you can withdraw to your wallet.
Buy Ripple with Bitstamp
Other exchanges that can be used are Bitstamp, how to buy cryptocurrency through Bistamp?
The required procedure is the same as how to register at Coinbase, you need an ID to get account verification.
You must have some money to buy a Ripple. therefore you can make a deposit via bank wire transfer and if funds are available you can immediately buy XRP.
Buy Ripple with Kraken
Another exchange is Kraken, you can buy XRP through their platform. Kraken is one of the exchangers that is quite famous for Cryptopers.
To start buying XRP with Kraken, the steps are the same as in other exchangers.
- First, you have to register via the form provided for registration.
- Second, you must verify ID, like most exchangers, to comply with KYC rules.
- Third, you deposit some money, whether it’s flat or cryptocurrency, whatever you have.
- Fourth, you can buy XRP immediately through the Kraken market.
Buy Ripple with CEX.IO
CEX.IO, maybe this exchange is not too famous because the user base is England. But if you use a credit card, you can buy XRP through this exchanger.
Launched in 2013 the CEX.IO platform is considered suitable for beginners. They offer a feature to store user funds in an offline storage area, this serves as an additional layer of security.
For the process of using the service is also more or less the same as other exchangers, register, verify ID, deposit funds, and buy Ripple.
What is Xpring Ripple?
Xpring supports Ripple services, this is Ripple’s initiative.
This service is to help every entrepreneur who uses XRP and Ledger XRP digital assets, open-source technology, decentralized behind XRP, to solve customer problems in a transformative way.
So if there is a problem when entrepreneurs use Ripple, then with this Xpring will get help in solving the problem at hand.
Rippe created a developer platform for money, built software for financial, to facilitate global transactions and Xpring provided support to achieve that goal.
And to develop that, they brought Ethan Beard as a Senior Vice President where he had served as Director of the Facebook Developer Network.
Besides to providing solutions to entrepreneurs who will utilize Ripple, Xpring also wants to develop a ‘bridge’ between Ethereum and Ripple XRP without having to transfer XRP to the ERC-20 standard.
In this case, the developer Ethereum has joined the company Ripple who welcomed them all to build a bridge between these two competing cryptocurrencies.
How is Ripple different from Bitcoin?
How is Ripple different from Bitcoin? This is a classic question but many crypto investors will pay attention to this issue. after one question gets an answer. What is ripple XRP cryptocurrency? now the difference Rippe VS Bitcoin.
Like two different types of fruit shape and taste, Ripple VS Bitcoin has a number of differences, it is all summarized in the explanation below.
Development goals, Bitcoin VS Ripple
The purpose of Bitcoin is to become a currency without intermediaries (banks) needed. This is more focused on paying for goods.
Whereas Ripple has the goal of users at financial institutions to facilitate payments in all fiat currencies. Money transfer system, with real-time and low fees. Develop how to transfer money from one country to another faster and safer.
The developer behind it, Bitcoin VS Ripple
Bitcoin was developed by enthusiastic people who adopted the mind of an anonymous Satoshi Nakamoto.
Ripple was developed by the Ripple company, this is an official company that was founded in 2012. And has offices in Australia, Luxembourg, and the UK in 2015-2016.
The technology used, Bitcoin VS Ripple
Bitcoin uses Blockchain-based technology which validates transactions using proof-of-work mining.
Whereas Ripple adopted a recurring consensus ledger and validated a shared server network with XRP cryptocurrency tokens. Various independent servers manage the network, where each server will compare their transaction records constantly. The new Ripple ledger is created every second.
Mining reward, Bitcoin VS Ripple
Bitcoin networks are decentralized, and one can get Bitcoin through mining, he will get a reward when he successfully completes a complex mathematical algorithm.
Whereas Ripple mining is impossible. Because Ripple was not designed to be mined, that is why these two currencies are very different from each other.
The XRP token is 100 billion, and only 38 billion is available on the market. The rest are in the Ripple laboratory and will be released periodically.
Bitcoin is not pre-mined at all, and the maximum inventory is only 21 million, it is estimated that it will be depleted until 2040.
Transaction speed, Bitcoin VS Ripple
In terms of transaction speed, Ripple is superior to bitcoin, confirmation of a Bitcoin transaction takes 10 minutes, whereas XRP transaction confirmation only takes 5 seconds.
The difference in usage, Bitcoin VS Ripple
Bitcoin is generally used in the capacity of money, meaning to replace the benefits of money in general flat money.
While the use of Ripple is for currency transfers or transfers of other commodities such as oil or gold through a network.
On the Ripple network, users can exchange currencies in the network without having to go through a third party.
It’s mean if someone wants to sell their XRP for USD, they can do it online without needing a third party.
Is Ripple a good investment?
After get understand. What is Ripple XRP cryptocurrency? Then the next question, is Ripple a good investment?
And yes, there are several reasons whether Ripple is good for investment. The first is that Ripple is a transaction protocol, one that can exchange currencies in a network, sending quickly to all parts of the world at a low cost.
The second reason is that Ripple is a good friend of banks. We know that the purpose of making Ripple is for financial institutions, so it is not surprising that many banks have adopted Ripple technology.
The third reason is the investor and the Team, many investors who have been involved in developing Ripple, of course, this will make the reason why Ripple is worthy of investment.
Although Ripple is currently the top three rankings based on Coinmarketcap, it looks at the purpose of use on a global scale that has received a lot of support from banks.
This is something interesting about Ripple, which enables the growth of users to reach more and more financial institutions in the world.
Especially with a solid team developing the network very well, this will help Ripple’s growth in the future.
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