Ripple is a popular blockchain-based cryptocurrency, and if you’re debating on how to get involved, this guide is for you. We have another guide on the basics of cryptocurrency to check out if you’re new to industry as a whole. This guide is specifically geared toward ripple.
What Is Ripple?
Ripple is a blockchain company created by Chris Larsen and Jed McCaleb. It then developed the Ripple Transaction Protocol, a distributed open source internet protocol, consensus ledger, and native cryptocurrency called ripples (XRP). Arthur Britto, David Schwartz, and Ryan Fugger are credited with creating this technology.
Unlike bitcoin, ripple is designed to be centralized and more focused on payment processing than actual currency. Its servers are centralized and limited to Ripple-approved organizations, typically ISPs and academic institutions. There are currently over 50 Ripple validators, including the Massachusetts Institute of Technology (MIT), WorldLink, Bahnhof, Microsoft, and CGI.
Ripple does not focus on creating an investment asset, instead investing in creating a strong blockchain to support enterprise usage. It is not a consumer-focused crypto, but its payment network is among the fastest on the market, outpacing both bitcoin and ethereum.
How Much Is Ripple Worth?
Ripple has a market cap of $25,497,129,561, as of March 22, 2018. This is based on a circulating supply of 39,094,094,840 XRP, with each ripple token being worth $0.652199. Over $454 million ripple is traded each day.
The peak price of ripple so far occurred on January 4, 2018, at a price of $3.74.
Ripple can not be mined, and is centralized to the Ripple Foundation‘s approved servers. Although over 39 billion XRP are circulating on the open market, there are currently 100 billion in existence, and the Ripple Foundation (along with its founders) retain the bulk of the tokens. It can also create more ripple at any time.
Who Supports Ripple?
Ripple has widespread enterprise support, specifically in the financial industry. Bank of America, Sandanter, UniCredit, UBS, Royal Bank of Canada, BBVA, IDT, and American Express all support or utilize the Ripple platform in one way or another.
In January 2018, MoneyGram announced a partnership to allow XRP for payments and money transfers. The program, called xRapid, is designed to created lower-cost transfers to compete with internet-based services.
RippleNet is quickly gaining ground in international markets, with support in the U.S., U.K., Mexico, United Arab Emirates, and more. It is poised to create an international currency exchange market that’s much more valuable than the currency itself.
Where Can I Buy/Sell Ripple?
Because of its integration into global currency exchanges, converting ripple into fiat currency should be relatively easy.
If you have any other questions about Ripple’s cryptocurrency, standards, or blockchain not covered above, please feel free to leave a comment below.