What is Ripple (XRP)?
The Ripple network and its cryptocurrency XRP were launched in 2012. XRP is different from other cryptocurrencies in that it is owned by a single company and not run by a decentralised community. It also does not position itself as an alternative to traditional currencies. Instead, XRP wants to be a kind of middleman currency to allow global trade between any unit of value, like from cryptocurrencies such as Bitcoin to euro or other fiat currencies.
Ripple already works closely with banks and financial institutions. The main goal of Ripple is to establish a network that allows as many transactions as possible to simultaneously run as fast as possible. Ripple aims to attract companies like large banks, remittance services and payment providers who are interested in the technology. Keeping this in mind, itâs easy to see that Ripple is more of a competitor to established financial infrastructure services such as SWIFT than to other cryptocurrencies like Bitcoin or Ethereum.
Definition of Ripple (XRP)
Ripple is the name of the company that issues its own cryptocurrency. The exchange code for that currency is XRP.
How does Ripple work? 
Even in the technology department, Ripple differs greatly from other cryptocurrencies. First, the Ripple network doesnât run on a blockchain. Second, XRP doesnât rely on mining to mint new units of XRP or to validate transactions. Instead, transactions on the Ripple network run through validating servers, which constantly compare the information they receive and process with a common ledger. For this reason, Ripple doesnât expend as much energy and computing power while still allowing for faster transaction speeds.Â
Rippleâs validating servers use a consensus mechanism called HashTree. The main difference between the Ripple network and a Proof-of-Work blockchain is that consensus is reached by comparing not all the data, but only a single value, which is derived by summarising the ledgerâs data. These independent validating servers are either run by individuals or by banks and institutions.
What is the Ripple (XRP) price history?
Just like any other cryptocurrency, Ripple is considered to be a highly volatile asset and the Ripple price tends to fluctuate in response to events happening in the market. Ripple reached its all-time high in January 2018 when the XRP price reached $1.96 and All time low $0.12. It has dropped significantly since then and has currently been experiencing a daily high of $0.615 and a daily low of $0.591.
Ripple (XRP) in the news
SEC allegations:
In 2020, allegations by the U.S. Securities and Exchange Commission against Ripple caused some turmoil. According to the SEC, XRP is a security and was not declared as such. The reasoning behind the claim is that about 50% of the total XRP tokens are owned by Ripple. In its official reply, Ripple defended itself by stating that the XRP network is completely decentralised and that holding XRP does not mean receiving a portion of Rippleâs revenues or profits.
XRP Prediction đ„đ
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