Ripple (XRP)
4.3

Ripple (XRP)

XRP: Best Digital Asset for 
 Global Payments + Popular

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Home » Ripple (XRP)

Pros
  • Faster than other blockchain networks with the ability for 1500 transactions per second.
  • Transaction fees are burned leading to scarcity of the XRP token.
  • Super cheap to use with the fee fixed at 0.00001 XRP.
  • Strong partnerships with many leading financial institutions.
  • Supports issuance of stablecoins on the XRP Ledger.
Cons
  • Even though Ripple claims to be a decentralized network, much of the supply is still with the parent company making it a centralized cryptocurrency network.
  • Faces strong competition from crypto rivals such as Stellar and traditional fiat payment providers such as VISA and SWIFT.
  • No official wallet support.

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Ripple Token (XRP) in a nutshell

The Ripple token (XRP) is the native currency of the RippleNet ecosystem that seeks to provide an easy, quick and cheaper mechanism to send cross-border payments. XRP has become a mainstream cryptocurrency and has been the currency of choice where quick transfers are necessary. XRP has managed to establish its place among the top ten cryptocurrencies by marketcap for a long time. 

Many financial institutions have adopted the RippleNet payment technology for processing payments.

Tokenomics

The initial total supply of XRP was 100 billion tokens but it has reduced since then as tokens get burned during transactions. The Ripple token has a finite supply and never had a public sale. It cannot be mined either. The total supply is thus fixed at 100 billion as new coins cannot be created. The distribution mechanism is explained below. 

80 billion- Gifted to the parent company, Ripple. The firm can release 1 billion per month and this keeps adding to the total circulating supply. 

20 billion- formed initial circulating supply.

Has Ripple Token been audited and doxxed?

The XRP token has not been audited but is doxxed properly. Ripple publishes regular documentation via press releases and is active on social media channels. 

Trust & Fairness: 4

Exchanges & Swaps: 5

Tokenomics: 3

Community: 5

Overall Rating: 4.25

Detailed Review of Ripple Token (XRP)

Ripple was born way back in 2012 when the three founders (David Schwartz, Jed McCaleb, and Arthur Britto) formed the XRP Ledger (XRPL). The company launched was early on known as NewCoin, then rebranded as OpenCoin and finally renamed to the current name, Ripple. In 2020, the XRPL Foundation was launched to promote the development and adoption of the XRP ledger. It also funds sustainable and social community projects. 

The Ripple company was launched to allow quick and cheaper cross-border transfers. Traditional fiat transfers are time-consuming with many layers and intermediaries involved which makes the process too complicated. Ripple set out to solve this dilemma and provide a quicker way to transfer money. So at its core, the Ripple company is nothing but a payment and cross-border solutions provider. It is a direct competitor of the Stellar (XLM) network. XRP solves the frequent issues faced by medium and low-earning migrant workers across the globe. It could potentially also solve issues faced by millions of unbanked people who do not have access to traditional banking channels. 

Ripple was launched with the hope that it would ultimately replace traditional fiat transfer methods such as the outdated SWIFT model that is widely sued across the globe. Ripple works with major financial institutions across the world to facilitate cross-border transactions. 

It is common for people to get confused between the names but for clarity, Ripple is the company behind the cryptocurrency called XRP. The cryptocurrency XRP is used as a bridge between two fiat currencies and is burned during transactions. For example, to transfer two fiat currencies such as the US dollar and Euro, XRP will be used as a bridge. Ripple Net is the payment provider solution developed by Ripple. The earlier solutions proposed by Ripple such as xRapid, xCurrent, and xVi were all merged to form RippleNet. 

The Ripple network works by using validators to approve transactions. The XRP Ledger consensus system relies upon validators to identify and approve transactions. However, unlike other Proof of Work models such as Bitcoin or Proof of Stake models, the XRP Ledger does not provide any benefit to validators. It banks on the hope that more financial institutions will join the validation system as the network is adopted.  Each new ledger or the next block is generated if agreed upon by a minimum of 80% validators. 

The XRP Ledger boasts impressive speeds and can process 1500 transactions per second. In comparison, Bitcoin processes just 4-5 average transactions per second. Ripple Protocol Consensus Algorithm (RPCA), the basic technology behind RippleNet is used to process near-instant transactions on a daily basis. 

The fee to use the Ripple network is in terms of XRP and is very low, currently at 0.00001 XRP. This is a big relief for frequent remitters as it costs almost nothing to transfer XRP. It explains why the Ripple cryptocurrency is used so widely among crypto enthusiasts for transfers and payments. 

RippleNet has seen a lot of adoption and more than 300 financial institutions have already joined the Ripple network and are using it currently. These include some heavyweights such as American Express, IndusInd Bank, moneytint, TransferGo, MoneyGram, and SBI. Ripple has also received backing and support from major financial companies such as Santander, SBI, CME ventures, and Standard Chartered group. 

The XRP Ledger has an integrated decentralized exchange that can be used to quickly interchange currencies using XRP as a bridge currency. 

The Ripple Net network possesses some advanced features such as an escrow service where the user can choose to select the time interval or the specific time when the payment will be released. This is a helpful feature and helps users who wish to pay only after the product or service has been delivered to them and not before. It can also be programmed cryptographically and the payment can be released once the coding requirement is fulfilled. 

The RippleNet ecosystem is not very energy-intensive and is thus a better green alternative to traditional mining-based cryptos. 

Ripple recently partnered with the Republic of Palau to explore the possibility of a digital currency in the country. Ripple has also partnered with Bhutan to explore the launch of a central bank digital currency (CBDC). Ripple has also expanded its services by acquiring 40% stake in Asia’s Leading Cross-Border Payments Specialist, Tranglo.

However, Ripple was sued by the SEC for offering unregistered securities via a public sale. The case is currently pending. 

Where to Buy Ripple Token?

The XRP token is available on most exchanges. It is a popular cryptocurrency and you can buy XRP on some leading exchanges including Gate.io, LBank, BitMart, Binance, Coinbase, OKEx, Kraken, BitStamp, Woonetwork, TokoCrypto, WazirX, Bittrex, CoinDCX, Bitbns, eToro, Crypto.Com, and HotBit.  

You can buy XRP either through cash via P2P (peer to peer), credit or debit cards or through other cryptocurrencies. 

If you already hold some crypto, then you can use the coins to purchase XRP directly through a supported decentralized exchange known as PancakeSwap. All you need to do is connect your wallet such as metamask and select the appropriate coin pair that you wish to use for purchasing XRP (for example BTC/XRP or BNB/XRP). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Ripple Token. You can also use XRP for purchasing other altcoins through the decentralized route as explained above. 

What Can you do With the Ripple Token? 

Hodl as a long term investor: You could simply hodl it and gain from its price appreciation in the long term. The token can also be used for deposits on supported wallets and exchanges to generate an interest yield. 

Use XRP to pay for goods and services: The XRP cryptocurrency is supported by many payment carriers and can be used to pay directly for goods and services. It provides a quick and near-instant method for settling payments. XRP is supported by Santander that provides payment services for retail customers in 6 countries. Same-day transactions have become a reality with the partnership between Santander and Ripple. 

Swap XRP to other BSC/ETH tokens: You can use XRP and directly swap to other altcoins on a decentralized exchange. The process is quick and simple and is described below. 

How to Swap XRP to other altcoins

Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of XRP you wish to spend (factoring in transaction fees) and swap for another crypto token. You will receive the tokens in the same wallet. 

How to Buy XRP?

In order to buy XRP, you will need to use a centralized exchange or a decentralized exchange. Decentralized exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above.

For purchasing XRP on a centralized exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy XRP. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralized exchange.

Steps to open an account on a centralized exchange:

1. Go to the exchange site where XRP is listed and click on the Register button. 

2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account. 

3. Click on the agree to terms and conditions button and wait for the verification mail or message. 

4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport, or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users. 

5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy XRP. 

6. Most exchanges support multiple payment methods including credit/debit cards, bank transfers, third-party payment processors, and P2P transfers. 

Upcoming Events/Launches 

The XRP token holders will receive a free airdrop from the Solo team. The SOLOn token will be airdropped to all eligible XRP holders on January 20, 2022. The Sologenic ecosystem is being hostel as a decentralized exchange on the XRP ledger. 

Ripple has also recently announced the launch of a $250 Million Creator Fund to explore NFT utility and has plans to venture into the NFT marketplace ecosystem. 

Token Price

The all-time high price of one XRP was $3.40 on January 7, 2018. It is currently trading at $0.83 at the time of writing (Source: CoinGecko). The all-time low price was $0.00268621 on May 22, 2014. Comparing the all-time low and the all-time high price, we get returns of about 31196% which are very impressive returns. The XRP token has established its position as a leading cryptocurrency. The XRP price can be checked on sites like CoinGecko and CoinMarketCap.

Ripple (XRP) Details

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Ripple
Blockchain
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GET XRP
T&Cs Apply
Crypto Token

Investing in crypto coins is always a risk! Proceed with extreme Caution!

*Reviews, articles and content on AltCoinReviews.org website are NOT financial advices!
4.0
Trust & Fairness
5.0
Exchanges & Swaps
3.0
Tokenomics
5.0
Community
4.3 Overall Rating