Ripple (translated into Russian – pulsation, ripple) is a peer-to-peer ecosystem with a differentiated ledger (a system of gateways or gates), which, unlike Bitcoin, does not use Blockchain technology. At the same time, Ripple’s cryptocurrency resembles Bitcoin in many ways – it is the absolute decentralization of the virtual architecture, the presence of an intra-system coin.
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According to the developers themselves, the project was created as a kind of addition to the “cue ball”, but in no case as a competitor to Bitcoin. The fundamental goal of the project is to create a global “web” within which clients of the ecosystem can actively exchange digitized assets. At the same time, the task of increasing the processing speed and throughput of transactions with a radical reduction in commission fees for each financial transaction in the interbank sphere is a priority. Let’s take a closer look at this digital “miracle”: let’s dwell on the main parameters of the Ripple project, get acquainted with the history of creation, pay attention to mining, and also talk about investment prospects.
|Name||Price||Market Cap||Supply||Change % (7D)||Performance|
Information about the XRP cryptocurrency as of 12/11/2021:
|Name||Ripple (in Russian рипл)|
|Capitalization market||$55 573 025 515|
|Number of transactions per second||1500|
|One block confirmation time||0,06 с|
|Current issue||47 158 974 920 XRP|
|Maximum emission||100,000,000,000 XRP|
|Consensus Algorithm||Ripple Protocol consensus algorithm|
|Mining algorithm||XRP Ledger Consensus Protocol|
|Exchanges for buying / selling cryptocurrency||EXMO, Binance, Bitmex, Bybit, Crex24, BTC-alpha, Livecoin, Currency, Bitforex, Kucoin, Okex, Cex io, Huobi, BitMax, Gate, etc.|
Historical background of Ripple. Despite the fact that the year 2012 is considered to be the date of the founding of the Ripple cryptocurrency, in fairness it should be noted: at the beginning of the 2000s (2004) Ryan Fugger (a Canadian programmer from Vancouver) announced a new project for its development, which in 2005 took the form of an electronic payment system called “RipplePay”. The project developed “sluggishly” due to almost zero public interest.
7 years later, the project was noticed by Jed McCaleb (founder of the MtGox exchange) and other investors. After a financial injection and modification of the existing platform, an updated ecosystem appeared, literally breaking into the top three cryptocurrency leaders in terms of capitalization.
The internal token of the Ripple platform has an XRP ticker. Let’s consider in detail the main characteristics: scalability, transaction speed, emission, commission and other parameters.
|Parameters||Meanings / explanations|
|Эмиссия||One-time release of 100 billion Ripple tokens. Of the total, 65% belongs to the development team, which somewhat undermines the concept of decentralization. To remove the doubts of users, the developers have released smart (smart) contracts that limit the use of the entire “frozen” volume of XRP tokens, except for small amounts. These funds are used to develop the ecosystem. In addition, in order to exclude inflationary processes, the developers decided to permanently throw into the market a part of the digital coins controlled by them.|
|Token trading ticker||XRP. Moreover, the role of the intrasystem coin differs from the classical understanding of the cryptocurrency as a whole. In the described ecosystem, XRP cryptocurrency is the “fuel” for payments. For example, when it is not possible to build an ideal chain of transactions from one user to another, a virtual design client who has a certain asset and wants to receive something else instead, acquires XRP. At the moment the desired asset appears, the client exchanges his own XRP for what he originally needed.|
|Protocol||RTXP or Ripple Transaction Protocol. The bottom line is to ensure consensus by a validator – an independent node (node), determined by the participants of the virtual structure by voting. The more votes a node has collected, the more authoritative its status in digital architecture.|
|Scalability||The throughput of a virtual payment system is lower than that of VISA, but significantly higher than any other cryptocurrency – 1,500 financial transactions take place in 1 second.|
|Transaction speed||Ripple cryptocurrency transfers come instantly to anywhere in the world. Average time is 4 seconds.|
|Commission fees||We can safely say that they are practically absent: with each transaction 0.00001 XRP is “burned out”, ensuring the safety of financial transactions. In the case of DDoS attacks, the commission grows like an avalanche. As a result, a hacker will have to pay a huge sum in order to cause at least minimal damage to the ecosystem as a whole, so the game is not worth the trouble. Ripple cryptocurrency transfers arrive instantly anywhere in the world. Average time is 4 seconds.|
Important! As of September 25, 2018, the Ripple cryptocurrency is ranked 3rd in the ranking of digital coins by capitalization. The ecosystem assets are valued at N $ 19,637,647,469. For 1 XRP, they give 0.464 USD or 0.00007184 BTC.
Features of Ripple
Ripple cryptocurrency is a classic P2P structure that allows exchanging values within its borders without the presence of funds and third parties. For example, 2 ecosystem participants want to exchange, but do not have the funds. But one has a pear, costing 5 “bucks”, and the other is the owner of a ticket to the theater, the price of which is $ 10. One is interested in the pear, the other is ready to get rid of it for a ticket. The lack of funds neutralizes such an exchange in the traditional EPS (electronic payment system). However, in Ripple, it is as easy as shelling pears to perform such an operation: the ticket holder gives a countermark to the owner of the pear, and in return receives a fruit and an IOU for 5 “bucks”.
In reality, the given example is a simplified algorithm, the Ripple cryptocurrency carries out multi-stage exchanges from one user to another until the last one in the chain (ring) receives the desired asset from the previous client and does not give the necessary “value” to the first user. At the same time, the entire multi-stage transaction is carried out with lightning speed, there is no need to look for applicants for an exchange, since the system does it automatically. As a result, all participants in the “ring” receive the necessary assets without the intervention of intermediaries, that is, without commission fees.
In addition, the virtual structure of RippleNet operates within the XPR cryptocurrency, uniting transaction providers, banking structures, corporations. Finances sent in this network are tracked from anywhere in the world, and for each category of users an individual interface has been developed that allows you to solve specific tasks:
- This software was created for interbank relations.
- The resource provides liquidity for transaction providers.
- XVia is a service for all clients of the ecosystem that makes payments with the possibility of subsequent tracking of financial transactions and confirmation of the transaction. For a more comfortable use of the resource, you can add an invoice or other payment transaction documents to its interface.
The final feature of XRP cryptocurrency is an open API, thanks to which developers of decentralized applications (DApp) can connect to the ecosystem, receiving all the information of the virtual architecture. One of the first to use this option was Magento (a service that monitors the activity of virtual trading platforms) and Ripple Wallet – an electronic wallet for paying for XRP goods and services.
Important! Mining XRP cryptocurrency is not embedded in the concept of the ecosystem, it does not need “miners” to maintain the effective functionality of the digital architecture and the security of the virtual structure as a whole. You can buy a coin on any cryptocurrency exchange: Gate, Bitmax, Bibox, BitForex, ABCC and other platforms. For margin trading, the Bitmex exchange is perfect.
Ripple cryptocurrency rate
Today (September 27, 2018) Ripple is trading at 0.52 USD. For 5 years since the beginning of trading, the cost has increased 88 times or 8783%. The original XRP value was $ 0.0059. Recall that the first coin auction took place in August 2013.
The maximum price for Ripple cryptocurrency was observed in January 2018. The value of the token has reached $ 3.65. During the January-September period, Ripple quotes “fell” by more than 85% from their maximum values.
The largest price increase (806%) was recorded in December 2017, the maximum drawdown (-68%) – in January 2018.
On December 13, 2018, the exchange rate rose by a record 78% per day. Maximum fall (-26%) – January 16, 2018
Ripple storage wallet
There is no official wallet for the Ripple cryptocurrency. The developers didn’t bother to create it. To store the crypto coin, the Ripple Trade platform was previously used, on which it was possible to hold the cryptocurrency. Since 2016, the trading service has closed down and officials have suggested using other storage facilities.
Ripple’s official website answered the question “where to store XRP and which wallet to use”:
The developers are not responsible for the operation of third-party storage services and recommend conducting a reliability check before starting operations.
Let’s make a list of Ripple wallets:
- Local: Toast Wallet is an open source wallet for Windows, Mac, Linux.
- Online: Exarpy, Guarda, Toast (Chrome only), Bitpanda.
- Android, iOS applications: Toast Wallet, Zebpay, CoolWallet.
- Hardware wallets: Ledger, Trezor, Keepkey, CoolWallet S.
Continuing: Review of cryptocurrency wallets.
Ripple exchanges for trading
Today, the main trading volume of Ripple cryptocurrency falls on the following exchanges:
- Binance. XRP / USDT pair – 12.52% of total trading volume.
- Bitbank. XRP / JPY – 11.65%.
- Upbit. XRP / KRW – 10.94%.
The most popular Ripple exchanges (Ripple) for fiat (you can deposit / withdraw in US dollars, rubles, etc.):
On crypto exchanges, you can get an XRP storage wallet for free with no 20 XRP fee. Choose a reliable site that has been operating for more than one year and has a good reputation.
How to buy, sell XRP cryptocurrency
There are two main ways to buy or sell Ripple cryptocurrency:
Before starting the operation, an analysis of commissions and rates should be carried out in order to understand where to buy Ripple or sell a coin is more profitable. On the exchanges, the cryptocurrency rate will be better, but do not forget that you need to pay a commission for input / output. When exchanged for fiat, its value can be significant. Another nuance, not all crypto-exchanges work with ordinary money: rubles, dollars, etc.
In the exchanger, you can sell Ripple much faster, and the number of payment systems and directions is wider: bank cards, Yandex.Money, Qiwi and others. Now cryptocurrency exchangers create real competition with exchanges and exchange in them is profitable. Minus – to purchase, you must already have a wallet address to receive Ripple.
Prospects for the Ripple crypto coin
A few words about the investment prospects of the Ripple token, which are more than rosy. Analysts almost unanimously believe that Ripple’s cryptocurrency will squeeze such “monsters” as SWIFT and Western Union from the market in the short term. There is no need to talk about Bitcoin: token # 1 has become “bulky” and “unwieldy”. The surrender of positions in favor of Ripple is a matter of the near future.
More than 40 international financial organizations actively cooperate with the ecosystem: Union Credit, UBS, NBAD, American Express, Mitsubishi UFJ Financial Group, and other corporations. From official sources it became known that the banking structures that joined Ripple save USD 3.76 on each financial transaction. There is something to think about for any investor.