What is XRP?
Ripple connects financial institutions, payment providers, exchanges, and corporations via RippleNet, an independent real-time gross settlement system, to provide one frictionless experience to send money globally. It is built on the most advanced blockchain technology that is scalable, secure, and interoperates different networks. Its native token XRP provides optional access to the world’s fastest and most scalable digital asset for payments. The total supply of XRP is capped at 100 billion, and its average transaction speed is 4 seconds.
A brief history of XRP
Created by US-based technology company Ripple Labs Inc., XRP is the native cryptocurrency of XRP Ledger (XRPL), a decentralised, public blockchain engineered by Jed McCaleb, Arthur Britto, and David Schwartz. The ledger was launched in June 2012 with the goal of creating a digital asset that was more sustainable and built specifically for payments. Today, XRP is one of the largest cryptocurrencies by market capitalisation.
How XRP works
XRP Ledger (XRPL) is the open-source distributed ledger created by Ripple. The native token of the XRP Ledger is XRP. XRP transactions are processed by a network of trusted validators on the XRP Ledger. For this, Ripple transactions are publicly recorded on its open-source distributed ledger. As it doesn’t use PoW, no mining is required in the Ripple network. XRP instead relies on a consensus algorithm, and XRPL’s integrity is maintained by a group of trusted nodes. Any Ripple transaction needs to be verified by at least 80% of the nodes on the network to be included in the ledger. Anyone can become a validator. However, Ripple maintains a given set of trusted validators. This trusted list of nodes is called the unique node list (UNL).
What is XRP used for?
Ripple is a privately-held fintech company, and its global payment solution behind XRP is a patented payment network called Ripple Network (also known as RippleNet). RippleNet is a payment network that is built on top of Ripple’s consensus ledger, called XRP Ledger (also known as XRPL). Unlike most cryptocurrencies that cater to peer-to-peer needs, Ripple was conceived to connect banks, payment providers, and digital asset exchanges, enabling real-time settlement expeditions and lower transaction fees.
As an expert in blockchain technology and cryptocurrencies, I can confidently delve into the details of the article on XRP and Ripple. My extensive knowledge is grounded in a deep understanding of blockchain protocols, decentralized systems, and the intricacies of various cryptocurrencies.
Now, let's dissect the key concepts used in the provided article:
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Ripple (Company):
- Ripple is a US-based technology company that created XRP.
- The company's focus is on connecting financial institutions, payment providers, exchanges, and corporations through RippleNet.
- RippleNet is an independent real-time gross settlement system that aims to provide a frictionless experience for global money transfers.
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XRP (Cryptocurrency):
- XRP is the native cryptocurrency of the XRP Ledger (XRPL).
- It is designed to be a fast and scalable digital asset for payments.
- The total supply of XRP is capped at 100 billion, and it boasts an average transaction speed of 4 seconds.
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XRP Ledger (XRPL):
- XRPL is an open-source distributed ledger created by Ripple.
- It was launched in June 2012 with the goal of creating a sustainable digital asset specifically for payments.
- The ledger operates without the need for Proof of Work (PoW) and instead relies on a consensus algorithm.
- Key figures behind XRPL include Jed McCaleb, Arthur Britto, and David Schwartz.
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How XRP Works:
- XRP transactions are processed by a network of trusted validators on XRPL.
- Unlike PoW-based networks, XRP doesn't involve mining; instead, it relies on a consensus algorithm.
- Ripple transactions are publicly recorded on the open-source distributed ledger.
- To be included in the ledger, a Ripple transaction needs verification from at least 80% of the nodes on the network.
- Validators play a crucial role in maintaining XRPL's integrity, and Ripple maintains a set of trusted validators known as the Unique Node List (UNL).
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XRP's Purpose:
- Ripple's global payment solution, driven by XRP, is facilitated by RippleNet.
- RippleNet is a payment network built on top of XRPL and is patented by Ripple.
- The primary purpose of XRP is to connect banks, payment providers, and digital asset exchanges, enabling real-time settlements and reducing transaction fees.
In summary, XRP and Ripple are integral components of a comprehensive global payment solution, emphasizing speed, scalability, and cost-effectiveness in cross-border transactions. The architecture of XRPL, its consensus mechanism, and the role of validators contribute to the reliability and efficiency of the Ripple ecosystem.
FAQs
XRP's price today is US$0.6083, with a 24-hour trading volume of $2.04 B. XRP is +2.53% in the last 24 hours. It is currently -4.59% from its 7-day all-time high of $0.6376, and 16.05% from its 7-day all-time low of $0.5242. XRP has a circulating supply of 55.91 B XRP and a max supply of 100 B XRP.
What is the price prediction for XRP to USD? ›
Experts forecast that Ripple (XRP) could vary significantly between now and 2030, with potential support at $0.37 and resistance up to $1.71. The average price is expected to stabilize around $1.11. Currently priced at $0.605, XRP may see an upward trend reaching these predicted highs.
What will 1 XRP be worth in 2025? ›
Is XRP bullish or bearish? ›
XRP Overview
| XRP Price | $0.53 |
|---|
| XRP Sentiment | Bullish |
| XRP Volatility | 11.49% |
| XRP Green Days | 20/30 (67%) |
| XRP 50-Day SMA | $0.497404 |
11 more rowsCreate a free Kraken account to instantly convert XRP to USD or trade XRP/USD markets today.
How high can XRP go realistically? ›
David Cox, writing on the CryptoNewZ platform, anticipated that XRP could reach a high of of $1.53 by 2025, with a low of $1.06 for the same year. Another Ripple price forecast by AMBCrypto estimated the XRP price could hit a high of $2.01 in 2030, with a short term prediction of a high of $0.61 in 2024.
Which coin will boom in 2024? ›
Top 10 Cryptos in 2024
| Coin | Market Capitalization | Current Price |
|---|
| Bitcoin (BTC) | $1.12 trillion | $56,899 |
| Ethereum (ETH) | $367 billion | $3057 |
| Binance Coin (BNB) | $76 billion | $519.05 |
| Solana (SOL) | $62 billion | $134 |
6 more rowsXRP Price Predictions 2024-2034
| Year | Potential Low (ROI) | Average Price (ROI) |
|---|
| 2028 | $1.01 (69.84%) | $1.09 (83.31%) |
| 2029 | $1.00 (68.47%) | $1.10 (84.34%) |
| 2030 | $0.984 (65.54%) | $1.10 (85.37%) |
| 2031 | $0.977 (64.40%) | $1.11 (86.40%) |
6 more rowsIn other words, XRP's current price of $0.381 would increase by 2,171% to $8.65 in 2050. XRP's price prediction for 2050 based on Bitcoin's 5 yr. average annual return rate. If we take Bitcoin's historical ROI as a basis instead, we see that XRP could increase by 27,746% to roughly $106 by 2050.
What will XRP be at in 5 years? ›
Long-term XRP price prediction for 2025, 2026, 2027, 2028, 2029 and 2030. Based on the historical price movements of XRP and the BTC halving cycles, the yearly low XRP price prediction for 2025 is estimated at $ 0.370467. Meanwhile, the price of XRP is predicted to reach as high as $ 1.852686 next year.
If the project were to reform significantly to drive value to the XRP token, there is every chance that XRP could soar to new highs. However, like any investment, there are risks that every investor should consider before making a decision to invest.
How promising is XRP? ›
With most XRP future Ripple price predictions however, It's generally expected that Ripple should be worth more in 2024 than it is now, with some pundits suggesting that it could be worth as high as a maximum price of $4.
Which coin is best to buy now? ›
Best Crypto To Buy Now
- Bitcoin (BTC) Market cap: $1.3 trillion. ...
- Ethereum (ETH) Market cap: $421.0 billion. ...
- Tether (USDT) Market cap: $114.3 billion. ...
- Binance Coin (BNB) Market cap: $85.3 billion. ...
- Solana (SOL) Market cap: $81.2 billion. ...
- U.S. Dollar Coin (USDC) Market cap: $34.1 billion. ...
- XRP (XRP) ...
- Dogecoin (DOGE)
You can buy XRP on several exchanges, such as Bitstamp, Kraken, Huobi Global, and Coinbase. XRP is a cryptocurrency that can be used as a payment method or as a way to speculate on price movements. Here are some crypto exchange and app options that allow you to purchase XRP.
What is the best US exchange for XRP? ›
Coinbase is the most trusted place for people and businesses to buy, sell, and manage XRP. It's quick and easy.
Is XRP worth buying? ›
This is an innovative cryptocurrency. But investors should temper expectations. There's a lot of risk with owning XRP, so it's best to avoid buying it, even though it is below $1.
How much will XRP be worth in next 10 years? ›
Long-term XRP price prediction for 2025, 2026, 2027, 2028, 2029 and 2030. Based on the historical price movements of XRP and the BTC halving cycles, the yearly low XRP price prediction for 2025 is estimated at $ 0.387151. Meanwhile, the price of XRP is predicted to reach as high as $ 1.90677 next year.
Is XRP worth buying now? ›
CRYPTO: XRP
After a painful down year in 2022, the cryptocurrency market is back in investors' good graces, as its valuation currently sits at $2.3 trillion (as of May 16). That's up considerably from about $800 billion at the start of 2023. Even with the benefit of the bull run, Ripple (XRP -0.03%) hasn't gained much.
How much will 1 bitcoin be worth in 2025? ›
Bitcoin (BTC) Price Prediction 2030
| Year | Price |
|---|
| 2025 | $ 69,185.83 |
| 2026 | $ 72,645.12 |
| 2027 | $ 76,277.38 |
| 2030 | $ 88,300.60 |
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