August 6, 2018

Coin Profile: Ripple (XRP)

ripple xrp

A blockchain solution for global payments

Coin Market Cap Rank: 3
Current Market Cap: $16,930,246,895


Ripple, otherwise known as ‘XRP’, was co-founded by Jed McCaleb and Chris Larsen who led up the Ripple Company in 2012. XRP ranks second to ETH (Ethereum); boasting a market capitalisation of $16,930,246,895 at the time of writing.

What is Ripple? Why should I buy Ripple?

Coining themselves as “the world’s only enterprise blockchain solution for global payments”- RippleNet – it’s essentially an open-source, XRP ledger with a currency exchange, real-time gross settlement system (RTGS) and remittance network.

Unlike Bitcoin which relies on energy and proof of work (PoW), Ripple is managed by an independently-validating network of servers that compare transaction records. These servers can belong to anyone, from individuals to banks.

Built as an open-source cryptocurrency, Ripple is based on a public database. RippleNet connects cryptocurrency exchanges, corporates, banks and payment providers to give users the power to choose a fast, scalable way of sending money around the world. The Ripple software removes the need for traditional SWIFT systems, as banks can now use the Ripple software to shift money between different foreign currencies. Large financial services such as American Express (Amex) have signed up to integrate Ripple’s software into its banking system.

Ripple security

The cryptocurrency market is volatile. Hackers have tapped into weak crypto security systems. While crypto scammers are constantly reaching out through phishing sites.

To prevent the dark web from entering Ripple’s blockchain, Ripple has integrated a trusted Unique Node List (UNL). UNL’s are essentially present to protect against malicious ‘validating servers’ and control the rules of the Ripple network. Since its 2013 levy, the cryptocurrency has also gone through a policy update to only recognise gateways compliant with financial regulations.

This is where XRP comes in

XRP is the Ripple protocol which allows transactions between two parties to occur. Using XRP, any type of currency transaction can be made; from exchanging cryptocurrency to fiat and back, for example, XRP to USD, or simply buying, selling, sending and receiving XRP using an XRP wallet.

While large cryptocurrency exchanges like Coinbase do not support Ripple XRP, Coindirect offers a comprehensive end-to-end offering which includes:

  • A cryptocurrency wallet supporting XRP and over 40 additional digital currencies.
  • A peer-to-peer marketplace where buyers and sellers can buy and sell directly from local buyers and sellers in 25 different countries across the globe and at 0% fees.
  • A cryptocurrency exchange where traders can trade 15 USDT, BTC, ETH, XRP, LTC and BCH trading pairs.
  • Direct integration into the exchange through a world-class API.

Although Ripple initially issued 100-billion XRP tokens to the world of crypto users, nothing stops the Ripple Company from issuing more. Here’s what you can expect from XRP:

  1. Access and connect across payments networks.
  2. Payment settlement in just 4-seconds.
  3. Trace XRP prices and your digital assets in real-time.
  4. Low liquidity and operational costs.

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Disclaimer: This article should not be taken as financial advice. Never invest what you can’t afford to lose as the cryptocurrency market is volatile. Always research as much as possible before buying any coin.