The XRP (XRP) price is currently $0.346185 in USD, with a circulating supply of 39.37B XRP. Its market capitalization (market cap) is $13.63B. $534.62M worth of XRP has been traded in the last 24 hours, with its price changing by +15.89% over this period.
About Ripple XRP
Ripple (XRP) is a blockchain network designed to facilitate a real-time gross settlement system (RTGS), currency exchange, and remittance network.
At its core, Ripple is designed to fulfill fast, seamless transactions between financial institutions. XRP, the blockchain’s native currency is used as a liquidity instrument on the Ripple network, acting as a bridge currency to allow for transactions between two ordinarily unrelated currency pairs.
Ripple eliminates the need for nostro accounts, accounts in which banks hold foreign currencies to maintain liquidity. Banks using Ripple could instead hold sums of XRP to complete foreign exchange transactions as needed.
The main selling point of Ripple is its near instantaneous rate of transaction. Most people have experienced the inconvenience of waiting for a check to clear, waiting days for money to appear in your account is not uncommon. Ripple could potentially eliminate the need for lengthy check clearing processes.
Despite the blockchain network’s popularity among investors, Ripple remains one of the most polarizing cryptocurrencies. Unlike some of the other major digital currencies like Bitcoin and Ethereum, XRP tokens are pre-mined, meaning that the entire supply of XRP has already been created, much of which is held by the company that created it. This has led to the criticism of being overly centralized, a harsh claim as most blockchain systems are built on the fundamental idea of decentralization.
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