What is Ripple XRP?
Ripple XRP is the 3rd biggest cryptocurrency while Bitcoin is at number one. Ripple has a circulating supply of nearly $38 Bn. Ripple has a maximum supply of $100 bn. But they itself holding $62 bn means there is only 38 percent of all circulating supply right now.
Ripple is really controversial, the main reason behind its controversy is that it is CENTRALISED. Yes, you read it right so unlike other cryptocurrencies which are decentralized ripple is centralized. But instead of this if you are naive in cryptocurrency and ask for investing in ripple most of the advice will come in its favor.
In one of his interview CEO of ripple, Mr. BRAD said it is still faster to take a bag of money, get on a plane and take a flight to Europe and give that bag of money to the person whom you want to transact with instead of doing it with the bank. Planes are still faster so, ripple made a solution to this problem.
Originally when one does the international transaction through bank there is a system called SWIFT. A SWIFT code is an international bank code that identifies particular banks worldwide. Suppose if one has to send money from the US to EUROPE then SWIFT convert this us dollar to euro. Now Ripple will replace it with a much better technology KNOWN AS BLOCKCHAIN which is a revolutionary technology, especially in the banking sector. So now a person of US convert US dollar into ripple then ripple to euro immediately. This is how Ripple works. Basically, it is doing transactions in different countries or can say that it is a cross-border payment protocol and will replace SWIFT in coming future.In comparison to SWIFT, Ripple will take 3-4 seconds in doing a transaction.
Ripple is also cheap in doing transaction compare to SWIFT. One important fact about ripple is that it can do nearly 1000 transactions per second like VISA.
Reason for success of Ripple XRP
When BANK OF TOKYO MITSUBISHI UFJ(BTMU) which is the 5th biggest bank in terms of asset globally joined hands with the ripple to use its blockchain for international transactions. After that, the price of ripple currency jumped incredibly. Till now many big banks and financial institutes like STANDARD CHARTERED, UBS, AMERICAN EXPRESS and much more are working with ripple. Recently in INDIA one of biggest private bank AXIS and US-based MONEYGRAM tied with Ripple to use its technology.
— MoneyGram (@MoneyGram) January 11, 2018
With many ups and downs in the journey of ripple, it still has a bright future in coming years according to many crypto traders. So if you are a crypto enthusiast ripple can be a good investment option so think wisely choose correctly. You can visit the official website here.