XRP Price (XRP)
XRP to USD
$2.20
Resources
About XRP
XRP was introduced by Ripple Labs, a privately-held fintech company, in 2012. Serving as a payment network built on the XRP Ledger, XRP connects banks and payment providers, enabling them to settle transactions almost instantaneously. With over 300 customers utilizing its technology, Ripple has established a robust network of financial institutions worldwide, transforming the landscape of international payments.
The Ripple Network
The XRP Ledger is designed to enable quick and cost-effective cross-border transactions. The architecture of the Ledger utilizes a unique node list to enhance transaction speed and stability.
Transactions on the XRP Ledger are processed every 3 to 5 seconds using a consensus protocol that relies on independent validators.
Unlike many cryptocurrencies, XRP does not rely on mining for transaction validation but uses a consensus algorithm among trusted validators. The Ripple Protocol Consensus Algorithm facilitates fast and secure transaction approvals without energy-intensive computations.
The total supply of XRP is capped at 100 billion tokens, ensuring scarcity and predictability. Approximately 56.71 billion XRP tokens are currently circulating in the market. All XRP tokens were pre-mined, which means they were created at the launch of the Ripple network rather than generated over time. Ripple, the company behind XRP, uses escrow accounts to manage the release of XRP into the market, preventing sudden supply increases.
XRP Community and Culture
The XRP community is supported by the XRPL Foundation, which aims to promote the growth and adoption of the XRP Ledger. Ripple has formed strategic partnerships with various banks and financial institutions to optimize cross-border payment solutions using the XRP Ledger.
XRP today is primarily used for cross-border payments, positioning it as a liquidity solution for financial institutions. XRP is also utilized as a bridge currency within the Ripple network to facilitate efficient exchanges between different currencies.
XRP enthusiasts are commonly referred to as the ‘XRP Army’ across the internet.
