What is Ripple (XRP)?
Ripple is a payments protocol and a cryptocurrency that were created by San Francisco-based Ripple Labs in 2012. an open payment network within which that currency is transferred. Ripple Labs has created a real-time gross settlement system (RTGS), a currency exchange, and a payment network called RippleNet. It is a distributed, open-source payments system.
According to Ripple Labs, “Ripple connects banks, payment providers, digital asset exchanges and corporate via RippleNet to provide one friction less experience to send money globally,” and all of its transactions are recorded on the decentralized XRP Ledger. Ripple carries the ticker XRP, is currently the fourth largest cryptocurrency in the market with a market capitalization of over $5.8 billion.
According to Ripple website “Ripple connects banks, payment providers, digital asset exchanges and corporate via RippleNet to provide one friction less experience to send money globally.” During the time of writing this article, the price of one ripple is at $0.201040. Ripple has been one of the better performing digital assets in 2017. In May, ripple hit it’s all-time high when it peaked at around $0.40.
“Ripple is designed to connect different payment systems together.” says Ripple’s chief cryptographer, David Schwartz, also he says “Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other.” Ripple connects banks around the world and allows them to offer real-time and cross border payment services to their customers. Ripple enables cross border payments to execute directly between banks within seconds. And reduces the traditional cross border transactions time which takes several days.
Ripple connects banks, payment providers, digital asset exchanges and corporate via RippleNet to provide one friction less experience to send money globally.
Connectivity across payments networks
Instant, on-demand settlement
Real-time traceability of funds
Low operational and liquidity costs
Ripple is better than any blockchain
Built on the most advanced blockchain technology that is scalable, secure and interoperates different networks.
Provides optional access to the world’s fastest and most scalable digital asset for payments, XRP. With Ripple banks around the world are already developing new payment products and services for real time cross border transactions