XRP Price, Chart and Data | XRP to USD Live

About XRP

What is Ripple (XRP)?

Ripple is an open-source platform that can be used by developers to create applications for global payments and remittances. The underlying blockchain infrastructure that supports Ripple is called the XRP Ledger while XRP is the network’s native asset.

Ripple’s offering RippleNet enables mainstream financial institutions around the world to build and operate highly efficient payment systems using the power of blockchain technology. The company leverages the power of blockchain technology and the XRP cryptocurrency via RippleNet’s On Demand Liquidity service to drive financial inclusion the world over.

The XRP Ledger (XRPL) is Ripple’s very own public blockchain network. Its open-source and permissionless design can process XRP transactions within five seconds. The XRP token serves as a convenient method for users and organizations to transfer payments all around the world using the RippleNet ODL service in a decentralized manner.

Its unique technology also makes it a great way to enable cross-border remittances or transactions that require the conversion of one fiat currency into another. The XRPL uses the power of the decentralized ledger to enable cheaper and more scalable payment transfers across the world.

The XRP is also one of the top 10 cryptocurrencies by market cap. As one of the largest cryptos based on market cap, it is one of the most popular digital assets to invest in among crypto traders.

How Does XRP Work?

Ripple’s blockchain, the XRP Ledger (XRPL), uses validator nodes within the network to perform consensus operations and verify all transactions taking place. Once a validator checks and validates a transaction, it gets added to the public ledger as a new block.

New blocks within the XRPL get created every 3-5 seconds - the time taken to confirm a new set of transactions. According to Ripple’s official website, as of April 2022, the XRP Ledger has 36 validators. The company itself runs six of them, accounting for 16% of validators.

XRP has a far higher throughput than several of its peers, including Bitcoin, Ethereum, and Litecoin, making it one of the most attractive options for mainstream financial institutions to turn to when enabling blockchain-based global payment transfers. XRP boasts a 1,500 TPS and has the ability to match payments leader Visa in terms of throughput.

It also boasts a far more energy-efficient operation than leading Proof-of-Work blockchains, giving it one more distinct advantage when it comes to mainstream adoption. Settlements on the XRP Ledger happen in 3.90 seconds and have extremely low transaction fees of less than $0.00020.

History of Ripple and XRP

Ripple was co-founded by Chris Larsen and Jed McCaleb in 2012 as Opencoin. The XRP Ledger was originally known as the Ripple Consensus Ledger and was also created in the same year as an open-source public ledger secured by cryptography.

XRP was launched by Ripple in 2013 as the company’s blockchain network’s native token. The total supply of XRP was fixed at 100 billion at the time of release. 80 billion tokens were given to Ripple while the remaining 20 billion XRP tokens were distributed among the three co-founders, Larsen, McCaleb and Ryan Fugger.

Once the XRP Ledger was released, Ripple targeted financial institutions to use their technology to enable digital payments. Ripple received a BitLicense from the State of New York in 2016, making it a more attractive technology to adopt from a regulatory perspective.

Other key developments along the way since launch include the formation of SBI Ripple Asia to drive commercial adoption of blockchain technology in the Japanese and Korean markets. This was followed by the launch of RippleNet and commercial availability of its ODL service.

Ripple then went on to announce RippleX, with a focus on developing infrastructure and supporting the growth of innovative projects within the blockchain industry.

How to Buy Ripple’s XRP

As one of the largest cryptocurrencies by market cap, Ripple’s XRP is listed on several popular centralized and decentralized cryptocurrency exchanges. KuCoin is one of the leading exchanges that offer an easy way to buy XRP.

➢ Set Up Your KuCoin Account

The first step is to register for an account with KuCoin if you don’t already have one. Make sure that you follow the steps to complete KYC verification to access all features your account has to offer.

➢ Add Funds to Your KuCoin Trading Account

Convert your trading capital from fiat into crypto by one of three methods on KuCoin. Use KuCoin’s Fast Buy system to purchase USDT from over 70 payment options, including Visa, Mastercard, PayPal, and SEPA. You can also buy USDT via KuCoin’s P2P service or through interaction with third-party sellers on the platform.

➢ Buy XRP With Your Existing Cryptocurrencies

You can also add existing cryptocurrency funds to your KuCoin account. Simply transfer your crypto holdings from your digital wallet to your KuCoin account to get started.

➢ Place a Trade Order to Buy XRP/USDT

Once you have added funds to your trading account, head to the KuCoin Spot Trading section to find the XRP/USDT crypto pair. Check the latest XRP price, perform fundamental and technical analysis on Ripple’s XRP price chart, and place your buy order.

Confirm the amount of USDT you wish to exchange for XRP. Review the amount of XRP you can receive in the trade and verify the trading fees on the transaction. Click Buy to execute the buy XRP trade order on KuCoin.

➢ Store Your XRP Safely

A few minutes after your trade goes through successfully, your trading account will be funded with the XRP tokens you have purchased. You can choose to store Ripple’s XRP on your KuCoin account or transfer them to an external wallet for higher security.

FAQ

How Much is Ripple XRP Worth?

Ripple’s XRP remains among the top 10 digital assets by market cap, although its price has experienced significant volatility over the past few years. From an all-time low of $0.002802 touched in July 2014, the XRP price has soared to a record high of $3.84 in January 2018 during one of the initial bull runs in the crypto market.

However, the lawsuit filed by the SEC against Ripple in late 2020 saw XRP fail to make many gains during the mass adoption of other cryptocurrencies among investors worldwide through 2020 and 2021. On the other hand, most of its peers as well as several new entrants into the market registered massive gains during the period, causing XRP market cap and price to slide lower in the rankings.

There is widespread belief among XRP holders and the wider crypto community that Ripple’s token could see its price take off once the lawsuit concludes. A victory would give a decisive boost to investor confidence and send the Ripple price and market cap surging.

On the other hand, if the lawsuit goes against Ripple, the company could face some fines which could weaken the XRP price momentarily. However, given Ripple’s widespread adoption among mainstream businesses, it is unlikely that XRP will suffer too much of a loss, bouncing back once the shock wears off.

Is Ripple XRP a Good Investment?

One of the strongest testaments to Ripple’s XRP is its ability to remain within the top 10 cryptos’ list despite its legal hurdles in the US. Even though its price was unable to rally through 2021 when most cryptocurrencies, including Bitcoin, hit new ATHs, there was not much of a crash in the XRP price through the course of the lawsuit either.

The XRP cryptocurrency remains a formidable crypto asset even in the face of legal troubles mainly on account of the rising adoption of the Ripple network among financial institutions around the world. Ripple has spread into the emerging markets, Middle East, Asia and Africa, enabling faster and cheaper cross-border transactions for banks and payment providers in these regions.

Unlike several new cryptocurrencies, the XRP token already enjoys considerable use by mainstream players, a key advantage that sets it apart. In addition, Ripple has committed to developing the XRP Ledger further, giving it capabilities to support NFTs and other versatile applications on its blockchain. Such a move could potentially make Ripple’s token an even more attractive digital asset to add to investors’ portfolios.

What is the Difference Between Ripple and XRP?

Although many investors use the terms interchangeably, there is a vast difference between Ripple and XRP. Ripple is a shorter representation of Ripple Labs Inc., the company that has developed the Ripple payment protocol using the XRP Ledger - its own blockchain network.

XRP is the native digital asset used to conduct transactions on this network. It is also a cryptocurrency that can be traded on exchanges or held as a store of value by investors.

Ripple, the company, uses XRP as a bridging currency within its payment protocol. Users wishing to conduct transactions over RippleNet can send cross-border payments, convert one fiat currency into another, using the decentralized system built of XRP Ledger. This system utilizes the XRP tokens as the method of facilitating the transaction.

Can I Mine Ripple XRP?

Ripple does not use a proof of work consensus mechanism like Bitcoin, as a result of which its token XRP cannot be mined like BTC. At the time of launch, Ripple’s developers created a fixed total supply of 100 billion XRP coins.

Apart from the 20 billion XRP given to the company’s founders and the tokens that have already entered the market, Ripple controls the circulating supply of the remaining tokens. The company periodically releases XRP tokens from its supply (escrow account) to provide liquidity and maintain the XRP price.

However, if you wish to own the XRP coin, you can do so by buying the crypto from crypto exchanges and trading platforms. Ensure that you check the current price and perform some analysis of the Ripple token before making your trade.