Those who keep track of the crypto market, definitely know the leading crypto assets on all rankings. One of the most popular coins ranked 6th in the Coinmarketcap ranking is XRP. In this article, we will discuss this coin and touch on the topic of its history.
What is Ripple?
Ripple is a payment settlements network that allows fast and cheap currency conversion and transfer worldwide. The RipplePay protocol was created even before the world heard the word “Bitcoin” for the first time. The protocol underwent modification and improvements, and the company rolled out a renewed Ripple network with XRP tokens in 2012. As of autumn 2022, the company has over 200 partnerships worldwide, successfully implementing the Ripple system into their work processes.
XRP is crypto Ripple acting as an intermediary for currency conversions and transfers. As of September 2022, the Ripple token price is $0,4312. The daily trade volume exceeds $3,6 billion, and the Ripple market cap is $21,2 billion.
Ripple is an excellent alternative to modern banks and financial institutions, which often take a long time to process transactions from one point in the world to another and charge high fees for such transfers.
Key points about Ripple:
- Transactions on the Ripple network are executed much faster and cheaper than transactions on the Bitcoin network, for example.
- Ripple is a centralized network.
- Ripple is developed for financial systems to simplify their work.
Ripple’s Problems
Although the crypto Ripple project has undergone modifications and evolutions, becoming a groundbreaking system that can receive widespread use worldwide, the company has some problems that slow down its development. The fact is that SEC sued Ripple Labs, demanding it to recognise the XRP token as a security. The judicial proceedings are ongoing, and you can find much information on this topic on the Internet. However, when all the issues with SEC are solved, the Ripple project has a big chance to expand and grow.