XRP current price is $0.805 with a marketcap of $37.66 B. Its price is -5.03% down in last 24 hours.
- XRP (XRP)
- Live Price $0.805
- 24h % -5.03%
- Market Cap$37.66 B
- Volume$2.05 B
- Available Supply46.21 B XRP
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Ripple, commonly known as XRP is currently one of the most popular widely accepted cryptocurrencies in the market.
At the time of writing this article, it is the fourth-largest digital coin by market capitalization with a value of $11,459,801,895 and a Market Cap dominance of 2.93%.
Like most other cryptocurrencies, it is global, decentralized, and purely virtual.
Ripple is one of the coins that were created to complement Bitcoin's shortcomings, has gathered a significant amount of interest from investors, governments, and financial institutions because it holds a lot of potentials.
Ripple is both a currency and a platform.
The Ripple platform which is responsible for the coin is an open-source protocol designed for faster and cheaper transactions.
The platform allows everyone to create the XRP coin via Ripple net and then use it on and off the platform.
The following is an introduction to the coin.
What is XRP (Ripple)?
Think of XRP as a mediator for both cryptocurrencies and fiat exchanges. It represents transfers of value across the Ripple network.
The Ripple protocol as a working prototype was created back in 2004.
However, it was not until 2013 that Jed McCaleb (EDonkey creator) invited several world-class investors to invest in Ripple Labs.
Ripple Lab Founders
- Chris Larsen
He is an angel investor business, privacy activist, and business executive considered to be one of the richest people in the crypto-sphere. He is popular for co-founding several startups in the field of online financial services, starting with E-loan an online mortgage lender back in 1996.
- Jed McCaleb
He is a well-known programmer and entrepreneur responsible for cofounding many crypto-startups including Overnet, eDonkey, Stellar, Mt.Gox, and Ripple.
Some of these world-class investors include Google Ventures, IDG Capital Partners, Core Innovation Capital, AME Cloud Venture, RRE ventures, and Lightspeed Ventures Partners.
Unlike Bitcoin and Ethereum, it uses the Ripple Protocol Consensus Algorithm (RPCA) instead of a Blockchain. All the code has to be in total agreement for a transaction to occur.
Some of the banks that support Ripple include UBS, Sentander, NBAD, Axis Bank, Union Credit, Yes Bank, and Westpac among others.
Ripple Pros and Cons
- It is not just another Blockchain company from a non-existent company but an official organization with the trust of many.
- Ripple tokens are initially mined and already exist hence eliminating the issue of inflation.
- Its value keeps increasing as more banks adopt it for transactions
- It is highly centralized - the tokens are mined before Ripple developers dictating their release.
- It is highly monopolized with Ripple Labs owning 61% of the coins
- 3 Being open-source makes it susceptible to hacks
Uses of Ripple
- High-speed international transactions
- Payment Ecosystem
- Low commission currency exchange
Why is Ripple Criticized?
Even though several banks are continuing to accept Ripple, most that plan to use it is still in the testing stage.
The few who are transacting real money use the platform but not the token, therefore, they are not that into Ripple.
The other reason why Ripple is criticized is that it can freeze your transactions.
The biggest instance of this is when Jed McCaleb tried to sell more than a million dollars' worth of Ripple and the transaction was reversed.
There are rumors that he breached the contract even though freezing a transaction is against basic cryptocurrency principles.