Ripple (XRP) is an open-source platform that can be used by developers to create applications for international payments and remittances. The XRP Ledger (XRPL) is the name of the blockchain architecture that underpins Ripple, and XRP is the network's native currency. XRP cryptocurrency aims to make money transfers between financial institutions, payment providers, exchanges, and corporations faster (3–5 seconds), less expensive ($0.0002 to transact), more scalable (1,500 transactions per second), and more energy efficient via RippleNet’s On Demand Liquidity (ODL) service. The XRP Ledger technology features the first decentralised exchange (DEX) and custom tokenisation functionalities built into the protocol. As one of the largest cryptos based on market cap, XRP is one of the most popular digital assets for investment among crypto traders.
Ripple’s blockchain performs consensus operations and verifies all transactions by using validator nodes throughout the network. After a validator examines and approves a transaction, a new block of that transaction is published to the public ledger. New blocks within the XRPL are created every 3–5 seconds (the time taken to confirm a new set of transactions). Based on Ripple’s official website, the XRP Ledger has 36 validators. Six of them are operated by the business itself, making up 16% of the validators.
Deployed in 2012, the XRPL supports enterprises and Python, Java, and JavaScript developers with powerful utility and flexibility. When it comes to facilitating blockchain-based international payment transfers, conventional financial institutions find XRP one of the most exciting possibilities, because it has a significantly higher throughput than many of its competitors, including Bitcoin, Ethereum, and Litecoin. With 1,500 TPS, XRP can equal Visa, one of the market leaders in payments. It also operates at a much higher level of energy efficiency than the top proof-of-work (PoW) blockchains, which is another clear advantage in widespread adoption. On the XRP Ledger, settlements take place in 3.90 seconds and have incredibly low transaction costs of less than $0.00020.
The XRP Ledger offers a wide range of payment-related applications and use cases, including micropayments, DeFi, and soon, NFTs. Developers use the XRP Ledger along with its native coin, XRP, to build remittance and asset tokenisation solutions that address inefficiencies. The XRP Ledger now has five main uses: payments, tokenisation, DeFi, CBDCs, and stablecoins.
Ryan Fugger established 2004 in a financial technology business with the goal of developing a peer-to-peer payments network. Separately, a group led by Jed McCaleb started working on the XRP Ledger, a new consensus network for virtual currencies, in 2011. Ryan was approached about RipplePay in 2012 by Chris Larsen, David Schwartz, and Arthur Britto, who would later join the project. After consulting with the RipplePay community, Ryan handed the project to McCaleb and Larsen. In September 2012, Chris Larsen and Jed McCaleb founded Opencoin (re-branded to Ripple Labs in 2013).
XRP is available to buy from Clanz' digital currency exchange, with some of the lowest industry fees. Clanz offers investors and traders a secure, simple way to buy or trade Ripple XRP.
You can hold your XRP in your Clanz wallet as a long-term investment, exchange it for Australian dollars or another cryptocurrency, or send it to another Ripple XRP wallet.
XRP is the native token and has the ticker symbol for the XRP Ledger. XRP Ledger is the only distributed consensus ledger. Ripple is the company behind Ripple Network. Ripple Network is a worldwide network payment built on the XRP Ledger.
Like Bitcoin, Ripple does not use a proof-of-work consensus model, hence its token, XRP, cannot be mined like BTC. At the time of launch, the developers of Ripple created 100 billion XRP tokens.
Ripple controls the supply of tokens in circulation, with the exception of the 20 billion XRP provided to the company's founders and the tokens already sold on the market. To preserve liquidity and the price of XRP, the business periodically distributes XRP tokens from its supply (escrow account).
However, if you wish to own the XRP coin, you can buy the crypto from crypto exchanges and trading platforms like Clanz. Ensure you check the current price and perform some analysis of the Ripple token before making your trade.
Practising safe investing to minimise risk is crucial when buying XRP or any cryptocurrency. The first step to safely buy cryptos is to choose a safe digital currency exchange like Clanz. We’re a licenced Digital Currency Exchange with AUSTRAC (DCE100639664-001) and hold an Australian Financial Services Licence (518031). For more information, visit clanz.com/security
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