What is XRP (Ripple)? History and How to Buy XRP

XRP also known as Ripple, is one of the leading cryptocurrencies on the market today. With its large capitalization and strong growth ability, Ripple is attracting the attention of many investors and businesses around the world.

However, not everyone clearly understands this project and how to buy XRP. So, this article by AZCoin will provide detailed information about Ripple and how to buy XRP for those who are interested.

What is XRP (Ripple)?

Ripple or Ripple Labs is a blockchain company founded in 2012 in San Francisco. The company develops a real-time payment system (RTGS) to create a fast and convenient international payment network.

Ripple manages XRP on the XRP Ledger, a public and decentralized blockchain. XRP is used for fast, low-cost and highly reliable cross-border transactions, supporting the exchange between fiat and cryptocurrency.

Information about the Ripple project

Ripple’s main development team

Ripple’s CEO is Brad Garlinghouse, who has many years of experience in the field of technology and finance. Other members of the development team include David Schwartz – chief engineer and Ms. Monica Long – product manager. All have extensive experience in the field of technology and payment solutions.

Investors

Ripple has attracted the attention of many large investors around the world such as Google Ventures, Andreessen Horowitz (a16z), CME Ventures, BCG Digital Ventures, and Accenture. 

In addition, Ripple also received investment capital from large companies such as Santander and Standard Chartered.

Partner

Ripple has established partnerships with many banks and financial institutions around the world to strengthen the international payment system. Notable Ripple partners include American Express, SBI Holdings and Western Union.

History of formation and development of Ripple

The Ripple project was founded in 2012 by Ryan Fugger and Jed McCaleb. Initially, Ripple was called OpenCoin and later changed its name to Ripple Labs Inc. in 2015. In the early stages, Ripple developed a cryptocurrency called XRP for use in the project’s payment system.

Since 2013, Ripple has attracted the attention of many banks and financial institutions, especially companies looking for solutions to reduce international transaction costs. Thanks to the combination of blockchain technology and modern payment solutions, Ripple has quickly become one of the most highly regarded blockchain projects on the market.

In 2018, Ripple achieved many significant achievements, including establishing partnerships with many major banks and financial institutions around the world. In addition, Ripple also announced a new product, xRapid – a product that uses XRP tokens to exchange between different currencies. This is considered a big step forward in solving problems related to international payments that Ripple is aiming for.

Pros and cons of Ripple

Pros

• Allows transactions to be made within just 3-5 seconds.
• The cost per transaction is extremely low, only about 0.0001 XRP.
• Ripple is managed by an experienced and competent team.
• Many large banks and financial institutions have been using Ripple.
• XRP Coin has no inflation. Since all tokens are issued from scratch and available, the management team has all the experience in the financial sector.

Cons

• Centralization: Unlike other cryptocurrencies, Ripple tends to be more concentrated in large corporations.
• Links with banks: Some people argue that the link between Ripple and banks goes against the decentralized nature of cryptocurrency.
• Open source code: Vulnerable to hacker attacks and withdrawal of coins.

Basic information about XRP token

Technical information

• Token name: XRP
• Ticker: XRP
• Blockchain: XRP Ledger, BNB Chain, Klaytn
• Token standard: BEP-20
• Token type: Utility token
• Avg. Block time: 4 seconds
• Consensus: XRP Ledger Consensus Protocol
• Smart contract: 

BNB Chain: 0x1d2f0da169ceb9fc7b3144628db156f3f6c60dbe

Klaytn: 0x9eaefb09fe4aabfbe6b1ca316a3c36afc83a393f

• Market capitalization: 29,614,268,846 US$
• Circulation supply: 55,288,951,055
• Total supply: 99,987,612,649
• 24-hour trading volume (May 21, 2024): 1,413,873,673 US$

Allocation of XRP token

With a total maximum supply of 100,000,000,0000 XRP tokens distributed as follows:

• Ripple Labs: 80%
• Founder: 20%

Which wallet stores XRP safely?

Currently, there are many best crypto exchanges that support Ripple Coin transactions. Some popular exchanges are: Huobi, Binance, Bitfinex, Bithumb, Mxc, OKX, etc. 

Where to buy and sell XRP tokens?

Currently, there are many cryptocurrency exchanges that allow you to buy and sell XRP with other currencies such as USD, Bitcoin or Ethereum. So, to buy XRP, you need to create an account on an exchange and fund it.

Should you invest in XRP?

Currently, XRP coin is in 8th place in the cryptocurrency market capitalization ranking on Coingecko after BTC, ETH, USDT,… However, unlike other cryptocurrencies, Ripple Coin XRP isn’t mineable and there are 100 billion XRP tokens in supply. About 46 million XRP tokens are currently in circulation, with the remainder owned by Ripple Labs.

Ripple Coin has also demonstrated its ability to transfer money quickly and at low costs. Large companies are also supporting Ripple Coin, promoting its development.

Ripple Coin has also demonstrated its strength in fast, low-cost money transfers. Also the big companies behind are always focused on promoting it and pushing it forward.

No one in the world can accurately answer the question of investing in Ripple Coin, but if you believe that Ripple has the potential to succeed in a lawsuit with the SEC, invest in it. However, be careful to only invest enough money, because any investment is risky and no one will indemnity you.

Conclusion

The above article has introduce an overview of the virtual currency XRP coin. We hope that the information we provide will bring users the right decisions, be successful in investing and bring great profits to themselves.