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XRP Cryptocurrency Review

XRP Cryptocurrency Review
Cryptocurrency exchanges have a large number of payment assets, tokens, which have different characteristics. And when choosing currencies, problems can arise, and even more so if you are a beginner in this business, you will not be able to find the right coin at all. Particular attention should be paid to the digital asset XRP or Ripple Coins. In July 2021, the cryptocurrency had a market value of over $ 30.5 billion and was ranked sixth in the world ranking. But, despite this, experts have mixed opinions about this currency.

Ripple Description

XRP is the cryptocurrency used on the Ripple platform. This system is open source, and it was created for the quick exchange of assets (digital, fiat money, precious metals, etc.).

Initially, the creators had a goal to create a special system that would be able to unite exchanges, banks, private users within a platform that provides fast and cheap payment transactions.

XRP cryptocurrency has the main difference from other currencies, and it is that banks are involved in its circulation. And the main reason for its adoption by payment systems is the initial focus on harmonious cooperation with banking institutions.

Creation history

In 2004, developer Ryan Fudger created the Ripplepay payment protocol. It is a decentralized system, but it does not use blockchain. In 2011, Fudger donated the rights to his idea to Jed McCaleb (he is the founder Ripple as it stands). McCaleb and his team planned to create a special cryptocurrency that could become more efficient than bitcoin by eliminating mining.

Initially the company was named OpenCoin, but in 2012 it was renamed Ripple Labs, Inc. And the cryptocurrency asset XRP was launched in January 2013.

Difference between Ripple and XRP

The two concepts Ripple and XRP cannot be called synonyms when compared to Bitcoin and the BTC ticker.

There are 3 concepts:

  • Ripple Labs is the company that developed the technology;
  • Ripple Net is a payment system created by Ripple Labs; < / li>
  • XRP is the cryptocurrency used in this system.

The Ripple platform is not only suitable for XRP, it can be used for other digital assets as well. It is possible to carry out cross-currency transactions on it, and the algorithm is configured to find the cheapest conversion path. The operation is performed within 3-5 seconds.

You can buy XRP assets on the platform’s official website. The cryptocurrency is also available on popular exchanges:

  • Binance;
  • Exmo;
  • Bitfinex and others.

Ripple’s forecast indicates that this platform will be able to expand in the future, it will increase its income. Experts and analysts say that you can invest in it, acquire assets, and you can make a good profit on them.