Ripple is a decentralized global settlement network that offers instant, certain, and low-cost international payments. ripple’s distributed financial technology enables banks to communicate information about the state of their accounts so they can settle transactions between themselves without the need for a central counterparty. ripple provides these services through an open-source protocol and consensus ledger rather than relying on closed systems or intermediaries.
What is Ripple and a little story on it?
Ripple is an open payment system built on the most advanced blockchain technology that is scalable, secure, and interoperates with different networks. integrated across silos, ripple’s distributed financial technology provides a unified experience for users to send money globally with the certainty of settlement.
Ripple is a real-time gross settlement system (RTGS), currency exchange, and remittance network created by the ripple company. Ripple was released in 2012, a purely digital form of cryptocurrency that is built upon open-source internet protocol, consensus ledger along with its own currency called ripples or XRP.
ripple xrp is the native currency of the Ripple platform that allows users to send/receive money globally, convert currencies seamlessly, and exchange ripples into other digital tokens. it is based on a shared, public database or ledger that uses a consensus process that allows for payments, exchanges, and remittance in a distributed process.
Ripple provides one frictionless experience to send money globally using the power of blockchain. XRP is the fastest & most scalable digital asset, enabling real-time global payments anywhere in the world.
ripple is available in all countries of the world to any person who has access to an internet connection. registration for ripple, however, is not mandatory. you can just buy or sell your ripples online through various exchanges that support this digital currency.
ripple is a secure, open-source payment network that exists to facilitate the seamless exchange of value.
Because of its popularity, many industries start considering accepting ripple xrp as payment options. there are even some which already use ripple xrp as a payment option such as betting sites or betting platforms. This can be proved by the increase in ripple betting sites number in recent years.
Other cases which boosted Ripple value in recent years are mostly the story of the well-known companies which start to collaborating with Ripple :
- Moneygram using xRapid for Payment
For those who don’t know, Moneygram partnering with Ripple Labs to use XRP as a payment option for their money transfer services will bring fast and secure-payment anywhere in the world. This partnership is still in the trial stage but once it is fully launched, the number of Moneygram users will increase substantially which causes an increase in xRapid or XRP users.
- SBI Virtual Currencies exchange using XRP as the base currency
SBI Holdings has recently announced that they are planning to release a new cryptocurrency exchange that only deals with XRP as the base currency for all transactions. This will give XRP price more stable and supply reduction due to less XRP being traded on exchanges, which is the main reason for the current price drop.
- Santander Bank using xCurrent
Another Ripple used case that brings benefits to its owner is Santander bank partnership with Ripple for Money Transfer Service based on current. It is expected to launch in Q1 2018 and this partnership will make Santander the first bank that uses blockchain technology for money transfer services.
- Remittance industry to adopt XRP
According to recent research, many remittance companies are considering using XRP as their payment option because XRP has very low cost, fast transaction speed, and no volatility. This will cause a huge increase in investors, traders, and all cryptocurrency market cap.
- XRP Payment System
Ripple is working on its own payment system that uses XRP as currency for payment transfer. The announcement was done by Ripple CEO Brad Garlinghouse at the International Money Transfer Conference 2018 in Singapore. The system will enable users to transact money through Ripple payment service and going cash out through local stores that support XRP, eliminating the need for foreign exchange services.
- Coil using XRP as a way to pay the creator
Recently, Tomas van der Wansem announced his project named Coil which enables users to donate their favorite content creator using XRP. This will give a tremendous boost for content creators that publish their content on media such as Youtube, Twitch, and many more.
The future of Ripple or XRP
XRP is one of the most popular cryptocurrencies for many reasons. it has a strong technology behind it and its transaction speed, scalability, and cost are unbeatable.
The team behind XRP has been working very hard to ensure that they provide real-world solution use cases with their product xRapid which going to be used by everyone as a payment method.
The number of companies who are working on using XRP as a payment option is increasing every day which will bring even more value to XRP in the future.
With this development, ripple surely holds a very bright future. It will continue to grow in the coming years following the shifting of investor belief in cryptocurrency as a whole.
The only thing stopping ripple from reaching its potential is government regulations on cryptocurrency and banks that are not yet fully supportive of Ripple Technology.
As long as these factors do not change and the company continues to work actively on their product, XRP will reach new all-time highs in the future.
Ripple is a valuable cryptocurrency that can be used for various purposes.
Ripple is available in all countries of the world to anyone who has access to an internet connection. There is no registration required; you can buy or sell your Ripple using various exchanges that support this digital currency.
Ripple will continue to rise in the future since there is a significant user base that supports this cryptocurrency. It is currently being used by banks which has led to an increase in the price of XRP.