Ripple is a real-time gross settlement system, currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP.
What is Ripple? [ XRP]
Ripple is the fourth largest cryptocurrency in the world, even though which is not familiar to everyone as much of the bitcoin. The platform makes it easy to transfer almost any currency to nearly any other currency in the world in no longer than four seconds. When we compare it to other cryptocurrencies, Ethereum can take more than two minutes, and on Bitcoin payments can take more than an hour to be processed. Ripple claims banks can save an average of $3.76 per pay using their network. XRP consistently handles 1,500 transactions per second, 24×7, and can scale to handle the same throughput as Visa. The price of XRP today is $1.32. It has a current circulating supply as 38,739,144,847 XRP and volume of $2,864,310,000. The market cap value has been marked as $554,337,518,809.
Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally. According to its website the goal of the ripple system is to enable people to break free of the “walled gardens” of financial networks that is, credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays. Most of the banks are already joined with RippleNet for global payments.
What is Ripple and Why should you invest Ripple?
How do the Ripple works?
Using Ripple, one can transfer currency directly from China to the USA, they can trade CNY to XRP (Ripples currency), and then send XRP to the recipient who will have an online Ripple wallet or a bank in the USA. From there, they can trade the XRP back into USD. Since XRP only works directly with banks, the growing cryptocurrency is set to focus on developing networks to benefit finance corporations. Ripple doesn’t collect transaction fees the way PayPal, banks and credit cards do. However, it does take a small portion of a ripple from each transaction. That amount is destroyed rather than retained.
Why do banks need Ripple (XRP) and Blockchain Technology?
The liquidity needs of banks today is managed with literally ten trillion of the float that sits in these Nostro and Vostro accounts. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalise on that. It has been said that it uses less electricity than that of other cryptocurrencies.
Built on the most advanced blockchain technology that is scalable, secure and interoperates different networks. It provides free access to the world’s fastest and most scalable digital asset for payments, XRP.
Ripple (XRP) Wallets
The Ledger Nano S is a hardware wallet that has been designed for the digital currency and has recently added support for XRP, which is portable. The Ledger Nano Scan automatically make the backup of your account to keep it safe for you. CoinPayments is a cryptocurrency payment website that allows you to store your digital currency online in their wallet, and it works in same way as your physical bank works. Gatehub is a popular website that deals with several popular digital currencies including XRP and BTC. Investors trust on Gatehub most because Ripple coin has mentioned it in the list of their wallet. Poloniex is another way to get XRP wallet.
Ripple (XRP) – Coin Market Cap and Price Chart
Today, the value of Ripple XRP is being increased day by day. In past few weeks, it has been valued hundreds of times higher than the value it starts trading online. There are many reasons behind the popularity of Ripple coin, one of them is its investors which includes Google and many other popular names. This brings the trust factor in the eyes of investors for Ripple XRP.
Ripple (XRP): How to Buy XRP
Ripple can be easily purchased using other cryptocurrencies like Bitcoin. It is available on Bitstamp, where users can buy them with their local currency.
Using an online wallet like Gate Hub, XRP can be stored in an online wallet. This will allow the users to make purchases and even send XRP to other Ripple users. After creating an account with Gate Hub, you have to connect a gateway to deposit funds. Then you will be free to buy XRP on the exchange page. Because Ripple is still in its infancy, learning from other cryptocurrencies, its always better to use money that you can afford to lose.
Ripple (XRP) Price Prediction 2018
Ripple is competing with bitcoin cash to be the third-largest cryptocurrency by market value.
According to CoinMarketCap, Ripple surpassed the market value of Litecoin on last Wednesday after starting the week in fifth place by cryptocurrency market capitalisation. Built on the most advanced blockchain technology that is scalable, secure and interoperates different networks.
They have introduced two new features Escrow and Payment Channels, which increase RCL’s scalability and performance. Escrow allows Ripple Consensus Ledger (RCL) to communicate with the Inter ledger Protocol (ILP) to lock up payments until a determined time.