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by Hideo Nakamura
Rank #8
XRP (XRP)

XRP XRP

$ 0.503966
0.00000791 BTC
Marketcap
$ 27,764,860,031
Volume (24h)
$ 1,412,765,361
Circulating Supply
55,129,144,019 XRP
Total Supply
99,987,674,482 XRP
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All time high price: $ 3.40 85.18%
All time high date: January 7, 2018
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    Historical Price for XRP
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    XRP (XRP) price has increased 1.86% today!

    XRP (XRP) is a cryptocurrency that operates on a blockchain. Currently, it is trading at $ 0.503966 and a market capitalization of $ 27,764,860,031. The price of XRP has increased 1.86% in the last 24 hours. Currently, XRP ranks #8 among all cryptocurrencies by market capitalization and has a daily trading volume of $ 1,412,765,361.

    Understanding Ripple

    Ripple is a digital payment protocol and a technology company that provides a decentralized solution for global money transfers via its patented payment network, RippleNet. Launched in 2012 by Ripple Labs Inc., RippleNet is constructed atop Ripple’s consensus ledger known as the XRP Ledger (XRPL).

    Ripple diverges from most cryptocurrencies, which are primarily designed for peer-to-peer transactions. Instead, Ripple was engineered to connect banks, payment providers, and digital asset exchanges to enable real-time, cross-border transactions with lower fees.

    Deciphering the XRP Ledger

    The XRP Ledger is an open-source, decentralized blockchain technology built by Ripple. The native cryptocurrency of the XRP Ledger is XRP, which is used primarily for liquidity and transfer fees within the network.

    Unlike Bitcoin (BTC), which relies on proof-of-work mining for transaction processing and security, XRP transactions are verified by a network of trusted validators on the XRP Ledger.

    How Does XRPL Process Transactions?

    XRPL transactions are recorded publicly on its open-source distributed consensus ledger, possessing a similar data structure to a traditional blockchain. Each successive data block includes the hash of the previous block, forming a chain of blocks.

    XRPL diverges from cryptocurrencies like Bitcoin or Ethereum in its consensus mechanism—it does not use Proof of Work (PoW), and therefore, XRP mining doesn’t occur.

    Instead, XRPL employs a unique consensus algorithm known as the Ripple Protocol Consensus Algorithm (RPCA). To maintain the integrity of the XRP Ledger, a group of trusted nodes is relied upon. To be included in the XRPL, each transaction must be agreed upon by a supermajority of these nodes.

    Consensus Without Mining: The Ripple Consensus Protocol Algorithm (RPCA)

    The RPCA governs how the XRPL is managed by a network of independent Ripple validator nodes. To be verified, any Ripple transaction must receive approval from at least 80% of the nodes on the network.

    Although anyone can become a validator, Ripple maintains a unique set of trusted validators, known as the Unique Node List (UNL).

    Unraveling Ripple and its Components

    • XRP: The native cryptocurrency of the XRP Ledger.
    • XRP Ledger (XRPL): The open-source, decentralized consensus ledger where XRP transactions occur.
    • Ripple: Originally known as Ripple Labs, Ripple is the technology company behind the Ripple Network.
    • Ripple Network (RippleNet): A global payments network developed by Ripple, built atop the XRP Ledger.

    The Founders of Ripple

    The original concept of Ripple was conceived in 2004 by Ryan Fugger, who developed the first version, RipplePay. In 2012, Fugger passed on the reins to Jed McCaleb and Chris Larsen, co-founders of OpenCoin. OpenCoin rebranded to Ripple Labs Incorporated in 2013, before simplifying its name to Ripple in 2016. Chris Larsen currently serves as the Executive Chairman of Ripple.

    Jed McCaleb, a former founder of the first Bitcoin exchange, Mt. Gox, parted ways with the Ripple team due to differences and forked the Ripple codebase to initiate Stellar, where he is the current CTO.

    Brad Garlinghouse is currently serving as the CEO of Ripple.

    The Purpose and Advantages of Ripple

    Currency Mediation

    In many cases, currencies cannot be converted directly to each other. For example, converting currency A to currency B often requires a double conversion: Currency A to USD and USD to Currency B. In this case, USD serves as a mediator or bridge. XRP fulfills a similar role but at a significantly lower cost. With a transaction fee of about 0.00001 XRP (approx. $0.0000015 as of June 2023), Ripple transactions are exceptionally affordable.

    Speedy Remittance

    Traditional international money transfers can take up to 48 hours to process. In stark contrast, the average transaction time on the Ripple network using XRP is just 4 seconds.

    Ripple’s Token Supply

    Ripple’s XRP token has a fixed supply of 100 billion tokens, all of which were pre-mined. No additional XRP can be created.

    Ripple Versus Bitcoin: Key Differences

    • Total Supply: XRP has a maximum supply of 100 billion tokens, while Bitcoin has a cap of 21 million.
    • Transaction Speed: XRP transactions typically settle in about 4 seconds, whereas Bitcoin transactions can take approximately 10 minutes.
    • Transaction Throughput: The XRP Ledger can handle 1,500 transactions per second, whereas Bitcoin’s transaction rate is around 2.5 transactions per second.
    • Transaction Costs: XRP’s transaction fee is 0.00001 XRP (about $0.000001), while Bitcoin’s transaction fee averages between $0.50 and $1.00 per transaction.

    While XRP outperforms Bitcoin in terms of transaction speed and cost, it should be noted that their differing underlying consensus mechanisms (trusted validators on XRPL vs. distributed miners on Bitcoin) lead to differences in security profiles.

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