What is Ripple XRP How does it work?
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Cryptocurrency has been reigning in the market since its inception as an alternate currency. To name to top cryptos, Bitcoin and Ethereum are the two most valuable cryptocurrencies in the world by market capitalization. Other cryptocurrencies sprang up in its aftermath to try to dethrone bitcoin after it proved itself as a legitimate currency with staying power. Ripple is one of the most valuable digital currencies that stands out. If you want to learn its significance and the reason behind people’s acceptance of Ripple, here is a comprehensive guide for you. Bitcoin and Ethereum are worth so much more but still, Ripple has managed to grab people’s attention and it is worth knowing why if you are a crypto enthusiast. Let us start with the most fundamental question.
Ripple XRP Overview
Ripple in a conventional sense is not a cryptocurrency. Rather, it’s a peer-to-peer digital payment online network system built on a decentralized platform. This is what distinguishes Ripple from other digital currencies. Instead of the traditional approach of blockchain mining, the Ripple network employs a novel distributed consensus technique. To legitimize the transactions, the nodes that are participating conduct a poll. This progression is almost instant, allowing for quick confirmations without the need for a centralized authority.
XRP is the digital coin for Ripple based on the XRP ledger. It is similar to other cryptocurrencies and can serve a similar purpose with few exceptions. You can invest or you can exchange Ripple for other fiat currencies (or other cryptocurrencies), or make online transactions.
The XRP Ledger (XRPL) does not use a proof-of-work (PoW) or proof-of-stake (PoS) algorithm like the Bitcoin blockchain or the Ethereum 2.0 blockchain. Instead, the XRP Ledger uses the XRP Ledger Consensus Protocol to validate account balances and complete transactions. The XRP Ledger Consensus Protocol is more efficient than other methods of blockchain consensus.
History of XRP
Ripple began as a money transfer podium known as RipplePay in 2004 and was founded by software developer Ryan Fugger. Jed McCaleb, Arthur Britto, and David Schwartz are just a few of the persons who were impacted by the journey of the formation of Ripple. Following Bitcoin’s introduction in 2009, the trio of programmers decided to build their own solution outside of Bitcoin (BTC) without the involvement of mining. After the successful attempt, the XRP Ledger went live in 2012.
McCaleb departed Ripple in 2014 to co-found another organization. Chris Larsen, who was previously the CEO of Ripple, is now the executive chairman of the company’s board of directors. After Larsen announced his intention to leave the position in 2016, Brad Garlinghouse took over as Ripple’s CEO in 2017.
In early 2018, the XRP coin reached significant price highs of around $3 per coin, up from trading below the $0.05 level in early 2017. In 2019, the Ripple company received $200 million in Series C funding for its endeavors.
Is there a Ripple mining?
While all 21 million bitcoins must be mined, all 100 billion XRP coins are already in existence and do not need to be mined. The circulating supply of ripple is currently around 39 billion XRP. Those interested in owning any must do so through a cryptocurrency exchange, which is significantly less expensive than buying crypto mining machines.
How to buy XRP?
Purchasing ripple is not as simple as purchasing bitcoin. There are several ways to obtain XRP if you are a US citizen. Our favorites include:
Other ripple exchanges, such as Coinbase and Binance, will require you to trade a different cryptocurrency, such as bitcoin or ether, in order to obtain XRP. You’ll need an account on the exchange and a ripple wallet to transmit your XRP, regardless of the currency you’re exchanging for XRP. Because XRP is known for its speed, you should receive your XRP relatively quickly once you have everything in order and make the transaction.
XRP Price Prediction 2022
Ripple price prediction has gained support level from some of the investment tycoons. The number of partnerships & events with the crypto market shows that many believe in the currency. As per the recent XRP price predictions and its price action, it might mark a tremendous improvement by the end of the year. The price is likely to cross its previous price of $3.84 which was the highest price until now. The price hike might also take over other major coins such as Bitcoin and ETH.
We hope our article about What is Ripple XRP How Does it Work was beneficial for you and will assist you in making wise investment decisions.