XRP is a crypto asset that is made in order to improve and increase the speed thus reducing the cost of transfers between financial institutions. XRP is a digital asset found in XRPL. It is designed to serve as a bridge value, with the goal of "empowering new technologies across the payment space" and enabling global payments "seamless, real-time, last, and affordable". XRPL was first released in 2012 and is maintained by community participants, most notably among them the company Ripple, which holds XRP that are heavily closed and tied for a purpose.
Ripple, a technology company that makes Ripple payment protocol was founded in 2012 by Chris Larsen and Jed McCaleb. Ripple enables banks, payment providers, digital asset exchanges, and companies to send money worldwide using blockchain technology. Using Ryan Fugger's previous work, in 2012 Ripple created the XRP Ledger (formerly known as the Ripple Consensus Ledger), an open cryptographic book that enabled a peer-to-peer network of notes.
The reason to build XRP was to reduce the ongoing costs incurred while changing one currency to another, which were sometimes very costly depending on market rates and financial institutions, many times the processing of transactions took so much time, sometimes even taking several days to complete. In order to remove all such obstacles, XRP was created thus removing all these hindrances and making the process efficient at every step. "Bitcoin verification can take many minutes or hours and is often associated with higher transaction costs," whereas "XRP operations are guaranteed for about four to five seconds at very low cost."
· Bitgo: Bitgo-level business security enables businesses to integrate digital currencies such as XRP into new and existing financial systems.
· Gatehub: Gatehub is an online value platform, built on the XRP Ledger protocol. It allows everyone to send, receive, trade, and carry any kind of goods.
· Bitpay: Bitpay builds powerful, enterprise-class tools for accepting and sending cryptocurrency, including XRP.
· XRPL Labs: From cold storage to transaction signing applications, XRPL Labs is dedicated to software development in XRP Ledger.
The use cases of XRP are:
· Speed: Payments across the XRP ledger take 3–5 seconds to complete.
· Scalable: The XRP Ledger is technically capable of handling more than 1,500 transactions per second. As XRPL supports payment channels, this ceiling may be even more elevated.
· Distributed: XRPL has more than 140 certificates distributed worldwide.
· Eco-friendly: Since XRPL is not built on a proof-of-work (PoW) compliant approach, it uses fewer resources in its operations than Bitcoin and other PoW currencies.
· Transparency: Like other spreadsheets, XRPL statistics are updated in real-time to get information about payment speed, network costs, and number of transactions per second.
| DATE | NEWS/EVENTS | IMPACT |
| 19/09/2022 | Ripple Labs has filed a move for summary judgment, which requires the court to rule definitively on whether XRP is a security | +25% Increase
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| 07/05/2022 | TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath | -35% Decrease |
| 07/02/2022 | XRP rises after Ripple gets approval to explain "fair notice defense" vs SEC | +30% Increase |
| 26/01/2022 | Crypto company Ripple Labs buys back its Series C investment | +33% Increase |
| 13/04/2021 | The court denied the allegations by the US Securities and Exchange Commission against Ripple of raising more than 1.3 billion through an unregistered digital-asset securities offering using XRP | +100% Increase |
| 08/01/2018 | CoinMarketCap has decided to remove the XRP price from Korean exchange desks from the full scale - making it appear that the total price has dropped | -42% Decrease |
| 10/12/2017 | Cboe Global Markets Inc launched their future bitcoin contract on December 10, just over a week ahead of rival CME Group Inc, as the exchange operator takes the next step in launching a digital currency-based trading platform | +270% Increase |
Ripple is a highly efficient money transfer network that allows for very fast and inexpensive transactions. Its main goal is to provide more efficient means of sending cross-border payments in the financial sector and especially in the banking sector, by reducing costs and working hours by removing consultants. It has already partnered with many top regional payment centers in Japan, the Philippines etc.
Clearly, the concept is ambitious, and it deserves attention. But its ongoing legal challenges probably make it too early to call for a brighter future. Having said that, the basic technology behind it is solid, and XRP has a large community and loyal shareholders which is still one of the most popular and widely used currencies in the world.
XRP