Ripple(XRP) is trying to solve the problem of cross-platform payments. It is an enterprise blockchain solution which aims to make global payments possible. The coins associated with the ecosystem are known as XRP.
So, how does it all line up?
According to the company, the current payment infrastructure fails to meet the current demand. The current infrastructure doesn’t enable banks to transfer funds instantly as it can easily take it to 3-5 days. This is highly unreliable, expensive and slow.
Ripple is solving the problem by providing an infrastructure that is fast, reliable and cost-effective.
The Ripple infrastructure can be used by both banks and anyone related to banks directly or indirectly. Yes, this means, you and me!
Key aspects of Ripple
- Circulating Supply: 38,739,144,847 XRP
- Total Supply: 99,993,093,880 XRP
- Max Supply: 100,000,000,000 XRP\
- Method: Proof of Correctness. Uses Ripple Protocol consensus algorithm (RPCA).
- Ripple Whitepaper: https://ripple.com/files/ripple_solutions_guide.pdf
Team Behind Ripple
Ripple has a strong team backing the project. The CEO is Brad Garlinghouse. His past experience is outstanding. He held various position including being Senior Vice President at Yahoo! The other team members are also highly qualified with skills to make Ripple a reality. Other key members include David Schwartz as Chief Cryptographer. Ron Will as CFO, Stefan Thomas as CTO, and so on. You can read more about their team here.
Their board of directors also look strong. CEO Brad Garlinghouse is also part of the board of directors. Other key entities include Chris Larsen with experience of the peer-to-peer lending marketplace. Read more about their board of director here.
XRP - The currency enabling Ripple network
Until now, we have discussed Ripple. It is an infrastructure. However, the coin that makes transactions possible is XRP. According to their official website, XRP is the “Digital Asset” for payments.
XRP scales according to the network and offers fast payments. According to the site, it takes only 4 seconds for one payment to complete. In comparison, ETH takes more than 2+ min, whereas BTC takes more than 1+ hours.
In terms of transactions per second, XRP can handle 1500 transactions per second which are significantly higher compared to ETH’s 15 TPS and BTC’s 6 TPS.
If we take all the factors mentioned above, Ripple significantly improves the blockchain and removes the limitation of the first generation of cryptocurrency, i.e., BTC.
Why should you buy Ripple?
Ripple has shown great promise lately. The price jump of Ripple has been 400% growth in the last month. Right now, the price is now correcting, and it is now a good time to get some Ripple. Ripple tech is strong and the current partnership with banks is also adding to its value. The rally that happened in the last week of December 2017 made some room for correction (which was bound to happen). Also, Ripple at the time of writing has more than 100+ customers with over 75+ are implementing their tech and make it a reality.
You can see the growth yourself.
Note: This is not financial advice, do your own research (#DYOR) before investing.
How to buy Ripple(XRP)?
By now, you should have a clear understanding of Ripple and how it can change how banks or financial institute interact with each other. Now, you might be thinking how to get Ripple, right?
First thing first, it can only be bought using BTC or ETH. More pairs might come in future, but right now only BTC and ETH are supported to get it.
The best place to buy Ripple is Binance. Binance is an HK exchange has grown extraordinarily in the past few months. It also offers low transaction fees.
To buy Ripple(XRP), you need to follow the below mentioned steps.
- Buy BTC/ETH using USD. Use exchange like Gdax or Coinbase or your local exchange.
- Create an account on Binance.
- Transfer the BTC/ETH to Binance.
- Now, buy the XRP using either BTC or ETH.
How can you store Ripple?
If you are thinking of holding Ripple for a short-term and make a profit, you may want to keep the Ripple balance on exchange and trade. For long-term holders, it is advised to move their Ripple to hardware wallet such as Ledger wallet.
You can also choose Gatehub, an online wallet that is backed by Ripple. It is simple to use! When you signup, it will generate an address that you need to use to store Ripple.
Current and Expect Growth
As the market cap of Ripple is high, it is very hard for it to reach more than $10 per coin. The target for Ripple for the next six months is 5-7$.
XRP seems to be a great technological achievement designed for the financial institutions. The only complaint about it is, that its centralized nature which is the complete opposite of the decentralized nature of cryptocurrency, in general. This has also started debates in the community about how Ripple is hampering the cryptocurrency ecosystem.
Overall, it is a healthy debate and I would recommend buying it at your comfortable entry point. Ripple is fueling the future with the easy cross-border platform, improved efficiency, scalability, and availability.
So, what do you think about Ripple? Comment below and let us know! We are listening.