What is Ripple?
Ripple is a real-time gross settlement ledger, currency exchange and remittance network created by Ripple Lab Inc. It was founded in September 2012 as an open source project. It is designed to allow cheap and fast transactions. The transaction fee to process transactions on ripple is fixed and extremely low (as low as 0.01 XRP ~ Rs. 22). The Ripple platform has its own currency called XRP or Ripple coin.
Ripple is preferred by Banks and Financial Institutions because of it’s cheap and fast transactions. Ripple has a growing global network of nearly 200+ customers. Ripple transactions are processed in nearly 5 seconds.
What is XRP?
XRP coin is the native currency of the Ripple platform. There is no mining in Ripple coin (XRP), unlike Bitcoin. The XRP supply is fixed and cannot be changed.
Can you mine ripple?
No. Unlike Bitcoin, all the Ripple coins have already been created. A lot of people think that it’s possible to mine XRP. They’re wrong. XRP cannot be mined.
Unlike Bitcoin’s miners, validator nodes in Ripple don’t receive a reward for validating transactions. However, they do earn voting rights on the network. These validator nodes are chosen by the company behind Ripple. Therefore, Ripple is thought to be more centralized than other blockchain projects
How is Ripple cryptocurrency (XRP) different than Bitcoin?
Fixed supply: Ripple coin has a maximum supply of 100 billion coins while bitcoin has a maximum supply of 21 million coins. On creation, 100 billion XRP coins were created and cannot be mined more. Bitcoin current total supply is 17 million coins and can be mined by the miners.
Centralized: Since no one can mine ripple coin, only Ripple Inc (the creator of Ripple and XRP) control the Ripple ledger. This makes XRP a centralized coin.
Cheaper coin: Since the supply of Ripple coin is ~5000 times more than bitcoin, the price of Ripple coin is very low (= Rs. 21 as compared to Rs. 3 lakhs in case of bitcoin)
|Maximum coin supply||21 million||100 billion|
|Circulating Supply (2018)||17.5 million||41 billion|
|Creator||Satoshi Nakamoto||Ripple Inc|
|All time high||$20,089||$3.84|
Is ripple coin a good investment?
Ripple coin or XRP is cheaper in price. So even a small fluctuation in ripple price can lead to huge % change making it a good currency for trading.
XRP is also a good choice for investors for the following reasons:
Banks are already using both the Ripple protocol and XRP.
XRP is burned when it’s used to pay for a transaction. This is only a tiny amount but the number of XRP in existence is shrinking. If there is a demand for XRP, the value of each coin should increase.
XRP is used for international payments and cross border settlements. Ripple could potentially become the backbone of the global economy.
The Popularity of XRP in India
Ripple (XRP) coin is the most popular cryptocurrency in India.
Can the ripple price reach Rs. 100,000 someday like Bitcoin?
If the ripple price reached Rs. 100,000 (~$1500), it means its market cap will be $150 trillion. The market cap of Gold is $7 trillion and Apple is $803 billion. Because the ripple supply is so high that it is highly unlikely that XRP price can go Rs. 100,000.
Ripple (XRP) coin stats?
|Maximum XRP supply||100,000,000,000|
|Circulating XRP supply||41,000,000,000|
|% supply issues||41%|
|XRP coin creator||Ripple Labs Inc|
|Parent Ledger Technology||Ripple|
|Founding date||September 2012|
What is the future of ripple?
Ripple future is largely driven by the performance of Ripple Inc and the Ripple ecosystem. Currently, as per the Ripple website, Ripple is being used by 200+ customers globally. It is on all the major exchanges and one of the top performing cryptocurrencies in the world. The all-time high price of XRP was Rs. 273 (~$3.84) (01/04/2018).
XRP ROIs by Year