Ripple is ledger technology for a digital payment network that performs financial transactions, known as the Ripple payment protocol and a cryptocurrency. Chris Larsen and Jed McCaleb co-founded the Ripple company, which entered the market in 2012. The Ripple price is closely tied to the ledger technology on which the system was built, so in that way, it’s very similar to other Altcoins like Ethereum, EOS or others.
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Since the writing of this article, the Ripple price has been fluctuating for the best part of the last couple of years, For now, it has recovered 70 percent since the lows in mid-April 2018. One billion XRP was released in January, February and March 2018. This release came from a cryptographically secured escrow account.
Ripple is one of the promising new Altcoins on the virtual exchange market and also, one of the more prominent ledger technology projects in the last few years. As of the first week of March 2018, XRP is the third leading crypto-coin by market capitalisation.
“A distributed ledger is basically a shared database that allows institutions to directly send and receive money in a trustworthy fashion without a middleman. As a result, we have the capacity to connect the world’s payment systems for the first time. That’s a big deal.”
– Chris Larsen, Co-founder of Ripple
What is Ripple?
Before we continue with the topic, we have to answer a few fundamental questions about this cryptocurrency/ledger technology.
What is Ripple?
As we mentioned above, Ripple is a digital payment protocol called the Ripple Transaction Protocol (RTXP) or the Ripple protocol. Ripple functions on an open source, which is a decentralised peer-to-peer platform that performs the continuous transfer of money in any form. This means that you can transfer fiat currencies (AUD, USD and EUR) and cryptocurrency ( Bitcoin, Ether and Litecoin) on the same platform.
The Ripple protocol is so convenient and accessible because it allows banks and other financial service companies to incorporate it into their systems so the customers of those organisations can freely use it. The simplest way to understand Ripple is to see it as a combination of the open-source ledger technology contributing to the bank’s function. Ripple managed to incorporate itself into the banks to reach a wider audience.
The “consensus” is a big part of the Ripple protocol. Because in reality, Ripple is based on a shared, public database or ledger where every “actor” has to reach a consensus to participate, which allows for payments and exchanges in the distribution process. As we mentioned above, every organisation can register as a “middleman” and start authorising exchanges for currencies, maintain liquidity or transfer transactions on the network.
Some of the most famous banks in the world have started adopting the Ripple protocol, like MUFG ($2.6 trillion), Credit Agricole ($1.82 trillion), Bank of America, Mizuho Financial Group, Santander, Bank of Australia and others.
What is XRP?
XRP is the ticker symbol for Ripple’s native cryptocurrency or its native digital asset. You can trade XPR or Ripples on virtual exchanges just like any other cryptocurrency. One of the prominent characteristics of the Ripples is that they are used as a bridge currency, and they can be exchanged for crypto-coins or fiat currencies with no restrictions.
The Ripple value
Ripple value is mostly concentrated in the technology, rather than the crypto-coin itself. The Ripple protocol provided banks and other organisations with the ability to move assets around the world quickly, and their acceptance of the ledger technology is what truly makes Ripple valuable.
However, as with any cryptocurrency, there are some negative sides, and Ripple has received criticism from other cryptocurrency “rivals.” The fact that the Ripple protocol tends to have a more centralised nature than the other Blockchain platforms (Bitcoin, Ethereum and EOS) is in direct disparity to the archetypes and benefits of decentralised Blockchains.
The end goal for the Ripple technology is the implementation of the ledger by the big financial institutions, which would change the way we transfer money, fiat or crypto. It will not make a difference.es the process of buying and selling any crypto-coin easier and safer.
The Ripple XRP price
The Ripple XRP price, as of the writing of this article, is 1.17 AUD, with a market capitalisation of 45,950,573,461 AUD. It has a current circulating supply of 39.2 Billion coins and a total exchange volume of 790,127,747 AUD.
Exchange Ripple to AUD on Blockbid
If you are thinking about exchanging Ripple to AUD, Ethereum to AUD, Bitcoin to AUD, or some other famous Altcoins, you should consider using the Blockbid exchange.
Blockbid is a secure, verified, cryptocurrency exchange platform based in Melbourne, which facilitates the trading of more crypto-coins on a single platform than any other exchange in the world. This feature of Blockbid enables traders to buy and sell with the mainstream fiat currencies and popular cryptocurrencies on the same platform, without losing time or money on transferring between exchanges.
Every level trader can understand the user-friendly interface without too many complications. The design of the exchange is straightforward and sophisticated, so previous trading experience is not required for you to participate on the exchange. Blockbid offers flat 0.1 percent transaction fees, which are the lowest rates available for transactions.
Another essential feature of the Blockbid exchange is that it can perform up to 1 million transactions per second because the system was built from the ground up to withstand high traffic. Moreover, if you are worried about the security of your crypto-assets, you should know that 95 percent of them are stored in an offline multi-signature hardware vault.
Blockbid is also one of the first virtual exchange platforms with complete cybersecurity insurance coverage. Because it’s based in Australia, it is fully compliant with Australian cryptocurrency law and AML/CTF guidelines, and it’s registered with AUSTRAC. You can trade Ripples on the exchange, along with other crypto-coins.
The Ripple price has been varying since it first came out in 2012, and the all-time high so far was recorded on Saturday, 30 December 2017, when it reached 2.44 USD.