In this article, we will analyse and explain what is XRP, why it was created, and how it differentiates with other cryptocurrencies like Bitcoin. At the moment, XRP is one of the most important virtual currencies in the market and attracts several investors.
What is XRP
XRP (formerly known as Ripple) is one of the most important cryptocurrencies in the market. At the moment of writing this article, it is the third most important virtual currency by market capitalization.
Ripple Labs provides a frictionless experience to send money around the world using blockchain technology. With XRP, financial institutions can process payments from all over the world instantly, reliably, and cost-effectively.
Additionally, the virtual currency XRP can be used by banks and institutions to further reduce costs and access new markets.
The company has offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg. Moreover, Ripple Labs has partnered with more than 100 customers from all over the world.
If you want to know about XRP’s future, you can do it here.
According to Ripple’s website, XRP can process payments faster than ETH, BTC and traditional systems. While XRP, payments settle in 4 seconds, ETH payments take 2 or more minutes to settle, Bitcoin 1 or more hours and traditional systems between 3 to 5 days.
At the same time, Bitcoin is able to handle 1,500 transactions per second and is able to scale and handle the same throughput as VISA. At the same time, Ethereum is able to handle 15 transactions per second, while Bitcoin between 3 and 6.
Since five years with stable technology and responsible governance, Ripple is ready for institutional and enterprise use. Established in 2012, Ripple uses a tiny amount of energy compared to other virtual currencies, all the ledgers are closed without issue since inception and has a dedicated team of world-class engineers behind.
Ripple offers a wide variety of services and products that financial institutions find very effective. Currently, Ripple has more than 100 clients and the network keeps expanding all over the world.
RippleNet is the global payments network. This is the world’s only enterprise solution for global payments.
xCurrent is the name of the software solution that banks and other financial institutions use to send and receive cross-border payments with end-to-end tracking and bi-directional messaging across the RippleNet.
The Interledger Protocol (ILP) is the backbone of the product and it allows instant payments to be sent across a variety of different networks.
xRapid is one of the latest products released by Ripple and is being built for payments providers. The market was searching for a low-cost liquidity solution and this is what Ripple is offering with this xRapid product.
This is one of the latest Ripple products in the market. Indeed, it is currently being developed. xVia has been created for those who want to send international payments through a bank or payment provider on RippleNet.
Brad Garlinghouse is the CEO of Ripple and also a member of the Board of Directors. Mr Garlinghouse has been working in the past as CEO of file collaboration service Hightail. Between 2009 and 2012, he has President of Consumer Applications at AOL. Moreover, he held various positions at Yahoo!.
Asheesh Birla is the SVP of Product at Ripple. He joined back in 2013 in order to lead the development of their product suite. Asheesh is a blockchain expert and contributes and gives advice to the company. Before, he was working 15 years in Silicon Valley where he founded a content management company that he sold to Thomson-Reuters.
Patrick Griffin is the SVP of Strategic Growth at Ripple, he was an early employee of Jumio, an internet payment and identity company. He built out the business development team and sales strategy there.
Other important members are Cory Johnson, Chief Market Strategist, Kanaan, SVP of Engineering, Sandi Kochhar, VP of People, Brynly Llyr, General Counsel, Monica Long, SVP of Marketing and Communications, John Mitchell, SVP of Global Sales, Antoinette O’Gorman, Chief Compliance Officer, David Schwartz, Chief Cryptographer, Stefan Thomas, CTO, Marcus Treacher, SVP of Customer Success, Eric van Miltenburg, SVP of Business Operations, and Ron Will, Chief Financial Officer.
Where Can I Buy XRP
Ripple can be bought in many different exchanges including Bitstamp, Coinone, Bitso, Kraken, Gateib and Coincheck. Many other cryptocurrency exchanges are available to trade Ripple. Binance is also one of the crypto exchanges that allow users to purchase XRP.
XRP in the Market
As mentioned before, Ripple is now the third most important virtual currency by market capitalization ($32.7 billion dollars). At the moment, each Ripple coin can be bought for $0.8353 dollars. Its highest point has been reached at the beginning of January 2018, when each Ripple coin was traded around $3.8 dollars according to CoinMarketCap.
If Ripple keeps expanding its products, the future could bring great news for this virtual currency and the team behind it.
If you want to know more about other cryptocurrencies check our guides here:
Disclaimer: The information presented by www.CryptStorm.com and its writers is for informational purposes only. It should not be considered legal or financial advice. www.CryptStorm.com and its writers are not financial advisers. You should consult with a financial professional to determine what may be best for your individual needs.
www.CryptStorm.com and its writers do not make any guarantees or other promises as to any results that may be obtained from using their content. No one should make any investment decision without first consulting his or her own financial adviser and conducting his or her own research and due diligence.
Please always only invest within your means and do so responsibly.