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Ripple is a network for real-time gross settlement, currency exchange, and remittances developed by the US-based technology company Ripple Labs Inc. The 2012-released Ripple platform enables tokens that represent fiat currency, cryptocurrencies, commodities, or other types of value like frequent flyer miles or mobile minutes. It is based on a distributed open source protocol. With no chargebacks, Ripple claims to offer “secure, fast, and almost free worldwide financial transactions of any size.” The ledger makes use of the XRP coin, which is used locally.
Ripple is a money transfer network aimed at the financial services industry. XRP is the Ripple network’s native cryptocurrency, and it is consistently ranked among the top ten cryptocurrencies in terms of market capitalization.
Although XRP is frequently referred to as Ripple, it is important to note that XRP is an open-source digital asset that is unrelated to Ripple, a technology company. XRP is the technology that Ripple uses in its solutions to help customers stay compliant because it is fast, efficient, reliable, carbon-neutral, and fast delivery.
XRP runs on the XRP ledger (XRPL), a decentralized, open-source blockchain, and transactions are facilitated by the Ripple transaction protocol (RTXP). Unlike most cryptocurrencies, XRP has a premined token supply of 100 billion. The total supply of the token was distributed in two ways:
First, Ripple, the parent company, received 80 billion XRP tokens. To ensure a steady supply of XRP, the company placed 55 billion in an escrow account.
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The remaining 20 billion XRP were then distributed to Ripple co-founders and the core team.
Positioned as a bitcoin substitute, XRP has received widespread adoption throughout the years from numerous communities, driving up its price.
Most notably, XRP reached an all-time high of $3.40 during the crypto bull market’s peak from 2017 to early 2018. From the beginning of 2017, when it was first listed, this price has increased by 51,709%. Since then, its value has decreased exponentially while still holding a strong position as a large coin in terms of market capitalization. On the cap table, it is now in position seven.
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