The live price of XRP is - per (XRP / USD) with a current market cap of $139.70B USD. 24-hour trading volume is - USD. XRP to USD price is updated in real-time. XRP is -% in the last 24 hours with a circulating supply of 58.62B.
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XRP is a digital asset built for payments. It is based on the XRP Ledger, an open source, permissionless and decentralized blockchain technology. XRP was created in 2012 specifically for payments, settling transactions on the ledger in just 3-5 seconds. Ripple is a separate company from XRP. Ripple uses XRP in its products and is one of many players built on the XRP Ledger.
Traditional payment transfer solutions, such as SWIFT, take several business days to settle international funds transfers and charge higher fees because SWIFT involves multiple banking partners. Ripple uses the XRP Ledger, an open source blockchain network, to simplify global payment infrastructure, allowing businesses to send and receive cross-border payments in 3 to 5 seconds. Ripple transactions are not only much faster than decentralized payment networks such as SWIFT or Bitcoin, but also much cheaper. More specifically, Ripple transactions cost only $0.0002.
Companies and financial institutions can use Ripple to send real-time cross-border payments, source cryptocurrency liquidity from global crypto markets, and create their own central bank digital currencies (CBDCs).
While payments were fundamental to Ripple’s operations in the early days, the protocol has been gradually reshaped into a more robust ecosystem in recent years due to the explosive growth of decentralized applications. Today, in addition to supporting lightning-fast and cheap payments, XRP also provides an environment where DeFi and NFT applications can thrive.
Ripple (XRP) is Ripple’s native cryptocurrency and is used to facilitate transactions on the Ripple network.
The Ripple network has three core components:
RippleNet: RippleNet is a network of financial institutions, including global banks, that helps users send and receive cryptocurrency transactions on the Ripple network. Just like HTTPS provides a public protocol for sending information on the web, Ripplenet allows for value transfer using a unified set of rules called the Ripple Transaction Protocol (RTXP).
Ripple: Ripple is a core platform powered by XRPL (Ripple distributed ledger) that provides three functions, namely real-time gross settlement system (RTGS), currency exchange, and remittance transfer.
Gateways: Gateways are banks that act as trusted intermediaries between two transacting parties. These Gateways are responsible for transferring funds in fiat and cryptocurrencies using the Ripple network.
Ripple is popular among businesses because it offers a plethora of business opportunities. After adding support for XRP in 2018, crypto Visa card company Wirex received a deposit of 12 million XRP.
In 2019, Ripple invested $100 million in blockchain-based gaming startup Forte to expand into new markets.
In addition, the network gained traction after the launch of the Ripple ETF on the Swiss SIX exchange. Ripple was also included in the Nasdaq cryptocurrency index. Subsequently, Germany's second-largest stock exchange launched a Ripple exchange-traded note.
Ripple announced at the end of 2019 that it had raised $200 million from Tetragon, SBI Holdings and Route 66 Ventures.
Ripple issued a total of 100 billion XRP coins at launch. Of the 100 billion XRP coins, 20% was given to XRP founders Chris Larsen and Jed McCaleb, 77.8% was allocated to XRP, and 0.2% was airdropped to users.
In 2017, Ripple sent 55 billion XRP coins from the allocated supply to an escrow account. The company decided to issue up to 1 billion XRP per month to support Ripple's operations. Unused funds will be sent back to the escrow account at the end of the month. Messari said that nearly 300 million XRP enters circulation from the escrow account every month. According to Ripple statistics, as of May 2022, a total of 45 billion XRP are held in the escrow account.
All XRP coins are pre-mined by Ripple when they are issued. Therefore, you cannot mine new XRP tokens. To mitigate inflation, Ripple has implemented a deflationary mechanism for XRP coins, in which all fees collected on the network are destroyed.
When XRP coins (XPR) are sold on the open market, they will enter circulation. During the programmatic sale, Ripple cannot sell more than 0.25% of the average daily trading volume of cryptocurrency exchanges from the reserve. XRP sales also come from direct sales from institutions that work with Ripple.
Blockchain networks such as Bitcoin or Ethereum are decentralized and rely on a trustless consensus mechanism in which users do not need to trust each other to send value. In contrast, Ripple relies on a trust-based consensus mechanism using the XRP Ledger consensus protocol, where transactions are verified by trusted validators.
The Ripple distributed ledger (XRPL) includes servers that collect transactions from client applications (such as financial institutions) and process them. Participants using the Ripple network select a set of servers that participate in the consensus mechanism from the Unique Node List (UNL) maintained by Ripple. These servers are trusted to operate honestly to verify transactions. As long as 80% of the servers on the UNL agree on a set of transactions, those transactions will be verified. If a majority consensus is not reached, the validators will modify their proposals in several rounds until the UNL servers deem the transition valid.
Ripple distributed ledger servers are operated by companies and financial institutions. Ripple, the XRP Ledger Foundation, and Coil (a platform funded by Ripple) have released a list of recommended validators based on metrics such as past performance, verified identity, and IT strategy.
Ryan Fugge founded a peer-to-peer payment network called RipplePay in 2004, which later became Ripple. In 2011, Jed McCaleb and a team of developers began developing a new consensus mechanism for the digital currency, which later became known as the XRP distributed ledger. Joining McCaleb were Chris Larsen, David Schwartz, and Arthur Britto.
A year later, Jed McCaleb and Chris Larsen approached Ryan Fugger to acquire RipplePay, and Ryan decided to hand the project over to them. After integrating RipplePay, Larsen and McCaleb launched Opencoin (now Ripple Labs) in September 2012.
Ripple Labs released the XRP cryptocurrency in 2012 and raised more than $7.5 million in 2013 to fund the development of the Ripple project. Since then, Ripple has focused on gaining the trust of financial institutions to join their network and process payments, whether it is implementing stricter anti-money laundering policies or obtaining a BitLicense from the State of New York.
Ripple (XRP) is a peer-to-peer blockchain network that provides a permissionless way to perform transactions. Since then, Ripple has leveraged this capability by building an infrastructure based on XRP that specifically supports nearly instant cross-border payments at negligible costs. Over time, Ripple has slowly evolved into a blockchain network compatible with DeFi and NFT applications.
The current circulating supply of XRP (XRP) is 58.69B.
What is the difference between XRP and Bitcoin? XRP and Bitcoin use different methods to reach network consensus. XRP uses an iterative consensus process, while Bitcoin uses proof of work (mining). Therefore, XRP transactions are faster than Bitcoin. Transactions can be completed in just a few seconds.
XRP runs on the XRP Ledger, which uses a federated consensus mechanism instead of mining. Independent validators across the network work together to verify transactions and agree on their order. This approach allows for fast settlements without relying on a central authority. The XRP Ledger remains permissionless, allowing anyone to run a validator node and participate in network operations.
You can store XRP on an exchange, in which case the exchange is responsible for the security of your assets, or you can store XRP in a cold or hot wallet.
Ripple is a for-profit technology company that provides financial solutions such as instant payments, cryptocurrency liquidity, and CBDC management. XRP, on the other hand, is the native cryptocurrency of the Ripple (XRP) Ledger, which Ripple uses to power its financial products. XRP is independent of the Ripple network.
No, the XRP Ledger is a decentralized public account. Ripple is a contributor to the XRP Ledger; the blockchain network is not part of the device.
The XRP to other currencies exchange rate?
