XRP Price

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.

XRP - Ripple’s native cryptocurrency, 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.

You can learn more about XRP (XRP) at our KuCoin Blog.

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 (transactions per second) processing speed 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.

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.