XRP (XRP) is recovering once again from the dips earlier last week. The digital currency ended the week with 51 cents. The rise in the value of the digital currency helped it to replace Ethereum (ETH) as the second largest digital currency. The gap between both digital currencies was small. Nevertheless, the gap has extended to over $2 billion.
XRP (XRP) has managed to stay on top of the game due to the developments and partnership surrounding it. From the interoperability of xRapid to a new partnership with the largest bank in Asia, the rise in the value of XRP follows a week of continuous news on XRP and Ripple.
Ripple Inc. Reinvent the Banking System in Asia
While other crypto projects are more focused on luring retail customers to use their digital currencies, Ripple is doing something extraordinary. Ripple Inc. is fostering banking transformation via strategic partnerships with financial institutions across the globe.
The technology of Ripple has a far-reaching impact, and a lot of banks are beginning to feel that impact. The Siam Commercial Bank of Thailand (SCB) is one bank that has realized the impact of this technology on the development of its business.
SCB was looking for a firm to enhance the international payments system in the ASEAN region. According to Colin Dinn, the bank later found Ripple Inc. – a firm that shares the same vision with the bank. Colin Dinn is the Head of Operations and CTO of SCB.
The Deficiency of the Banking Business in Asia
The banking sector in the Southeast countries in Asia has a lot of flaws and inefficiencies. Some of the issues with banking business other there include high transaction fees for cross-border settlements and poor remittance services. It also takes much longer to process transactions due to the lack of reliable correspondent banks.
To remain competitive and relevant, banks have to change their old ways of doing business and embrace technological innovations. They have to look for customer-focused solutions and strategies to meet and exceed expectations.
SCB was looking for a way to enhance its transactions, to make its remittance much faster, cheaper, and easier for its customers. In the search for that much-needed solution, the bank entered into a partnership with Ripple. According to the CTO of SCB, the partnership between Ripple and SCB emanated from a transformational process that began two years ago. The partnership is aimed at exploring new business models and transforming the bank into a new generation tech-savvy bank.
SCB recently launched a RippleNet-based retail product for the Thailand-Japan remittance hallway. RippleNet is a platform that connects financial institutions and banks all over the world for seamless and easy international payments. At the moment, more than 200 firms have joined the network, and the number is increasing as Ripple secures more partnerships.
2019 Could be THE Year of XRP
Garlinghouse claims that XRP is as 1000 times faster than Bitcoin, the original cryptocurrency, spiced up with external predictions that the following year of 2019 will be the year for XRP.
What the future holds for Ripple and XRP and can 2019 become THE year of XRP?
Garlinghouse Claims Ripple is “1000 Times Faster and Cheaper than Bitcoin”
It doesn’t really come as a surprise that there are currencies in the market that are faster than the original coin, Bitcoin, as the majority of forks from the original chain actually have faster processing time with lower fees.
Bitcoin is getting more expensive year by year, while the validation of transactions takes more time. In this scenario, currencies like Ripple, which is deemed to be a fast and cheap method of transacting monetary value, have a great chance to stand out as a potential threat or more benevolently said competition.
In one of the latest interviews, Garlinghouse stated that he is not focused on the price of XRP but that he is rather looking for different ways to utilize the blockchain technology behind Ripple, adding that Ripple has proven to be one of the most efficient currencies that are working on solving the issues that are active in the domain of remittance payments.
On the San Francisco 2018 conference, Garlinghouse also added that Ripple is now 1000 times faster and cheaper than Bitcoin, stating that XRP will be used for designing a decentralized open source product that will solve today’s payment problems.
Moreover, the foundation is set to release xRapid officially as a product that could be used by different banks and financial institutions, that way pushing the adoption of XRP. The official release of the product is scheduled somewhere in October of the following year.
Meet Ripple, the world’s most practical financial network
What are we, as a society, if we aren’t able to build robust relationships based on trust? That, and honor should be in front of every social interaction involving human beings, including financial transactions.
As the world shifts towards a more digital, cryptography-protected way of doing business, traditional banking platforms are being slowly phased out the financial scope. Only those willing to adjust and including more efficient payment system, which is both faster and safer, will be able to maintain in the business and survive.
Ripple Price Today
The Ripple platform represents one of those innovative systems. While it has been around since 2012, it is still solidly backing up banking and financial institutions in their quest to provide more efficient and faster transactions that can be built around customers’ trust in each other and the network.
Ripple is a project based on small free software that pursues the development of a credit system based on the end-to-end paradigm. Each Ripple node functions as a local exchange system, in such a way that the entire network forms a decentralized mutual bank.
In other words, the Ripple platform is a distributed social service based on the honor and trust of existing people in real-world social networks. In this way, financial capital is based on social capital. A reduced version of the Ripple network would consist of an extension of the existing hierarchical banking system.
Ripple: an exciting, feature-rich network
To understand Ripple’s place in the crypto universe, we have to value its contributions to the industry. In addition to being one of the most renowned digital tokens out there – even competing for the second spot in market share, behind Bitcoin, with options such as Dash, Litecoin, and Ethereum – it is also one of the most efficient payment networks for financial transactions in the planet.
The Ripple technology is, in fact, more widely known for its digital payment protocol than for being a cryptocurrency. Since being co-founded by Chris Larsen and Jed McCaleb in 2012, it has flourished, reaching worldwide recognition and market success via the digital coin, the XRP.
Ripple functions in a decentralized platform that fosters money transfers in any form. It is open source and peer to peer, and can work with several exchanges and currencies, physical or crypto, such as US dollars, Yen, Litecoin, and Bitcoin.
To work correctly, Ripple implements the Gateway medium, which serves as the link in the trust chain between two parties wanting to make a transaction. Gateway is the credit intermediary, the one in charge of receiving the funds to public addresses managed within the Ripple platform. In Ripple, anyone can sign up and open a gateway that authorizes that person to be the middleman for exchanging currencies.
The XRP (Ripple) is the associated cryptocurrency of the platform. It performs the part of a bridge currency to other tokens without discriminating between fiat and crypto, facilitating exchanges between different coins.
According to Ripple’s chief cryptographer, David Schwartz, the payment systems of today are where the email was in the early ’80s. Every provider built their system for their customers, and if people used different ones, they couldn’t easily interact with each other. The purpose of Ripple is enabling the connection of different payment systems together.
2012: Ripple is born
Ripple’s original and intellectual authors are Arthur Britto, David Schwartz, and Ryan Fugger. They formed the Ripple Company in 2012 and came up with the initial release. The latest version or release was on February 20th, 2018.
The project is written in C++ code, under the operating systems GNU/Linux (RHEL, CentOS, Ubuntu), Windows, and OS X. We can consider Ripple to be a real-time gross settlement, currency exchange, and remittance network.
Ripple’s first significant period ranged from 2012 to 2013, involving OpenCoin and Ripple Labs. OpenCoin started the development phase of a new payment protocol, named Ripple Transaction Protocol (RTXP), with Fugger’s ideas, primarily instant money transfer between two parties. By that time, the company had already created its digital currency, the XRP, in the same mold as Bitcoin.
Later, between 2014 and 2017, Ripple began to focus on the banking market, with Ripple Labs taking part in related projects. They experimented with an App for iPhone that enabled users to send and receive transfer between them. Since 2013, the Ripple protocol has been adopted by numerous financial institutions to offer an alternative remittance option to people.
German bank Fidor was the first to use the Ripple network to allow cross-border payments, in the first part of 2014. American institutions Cross River Bank and CBW Bank quickly followed, and later on, Ripple began working with Earthport.
From that point on, success followed, and more prominent banking institutions, such as HSBC and Bank of America, utilize the Ripple protocol to perform operations in astonishingly quick times.
Ripple’s bread and butter: the consensus protocol
Bitcoin, along with other renowned cryptocurrencies in the market, performs its operations with the proof-of-work system. Others, such as Nxt, use proof-of-stake; but Ripple implements the consensus protocol.
The consensus protocol validates account balances and transactions in the network, improving overall integrity by avoiding double spending. The system will automatically delete malicious advances from morally shady people looking to send one deal to multiple gateways.
In short, the protocol consists of distributed nodes deciding by consensus the transaction’s pecking order through a majority vote. One would think that they take a lot of time to complete. Well, five seconds isn’t a whole lot, is it? Ripple is a decentralized platform because it doesn’t involve any governance or central authorities in any part of the process.
While the transactions are all made public in the consensus ledger, there is still anonymity because they can’t be linked with the involved people’s ID or account. All users or gateways have a database of every registered IOU.
Get to know Ripple’s benefits
The consensus ledger that the Ripple system implements is versatile and fast enough that each day, more and more banks and financial institutions are adopting it as their preferred way to perform their business operations.
Ripple provides an improvement on the traditional way that banks use to work. The transactions are completed, settled and registered in a matter of seconds despite the high amount of traffic that the platform experiences every day. That is a vast improvement over, say, the Bitcoin system, which takes an average of ten minutes to complete an operation.
Traditional banks and financial institutions can take days, or even weeks, to perform a wire transfer, and let’s face it, that delay isn’t going to cut it in our current financial reality. On top of all that, the transaction fees in Ripple are almost non-existent: the minimum is 0.00001 XRP. That’s nothing if you compare it to the costs of a cross-border payment.
Ripple, the token
The Ripple network has an associated cryptocurrency; the XRP, which has the power of liquidity by serving as a bridge between other means of payment, making the exchange more comfortable for all parties involved in a transaction.
Ripple Token info
52-week High: 3.3153
52-week Low: 0.1500
While there are no central authorities that control Ripple’s price and behavior in the market, the right answer to the question seems to be no: the platform is not entirely decentralized. That doesn’t mean it isn’t successful, as worldly famous financial institutions such as Santander, Bank of America, UBS, American Express, RBC, and Westpac, just to name a few, use it for operations.
The blockchain technology doesn’t allow any party or the network itself to control anything regarding transactions, whereas these banks and institutions, using the Ripple’s distributed ledger, can charge their specified transaction fees.
People can’t pre-mine XRPs, unlike the cases of Ethereum and Bitcoin. They are fully decentralized platforms backed by millions of miners all around the planet. No person or entity can have control over them. Ripple, administrated by the Ripple company, sees its nodes handled and managed by the mentioned financial institutions.
There is a maximum number of Ripple tokens to be hand in the world, set at the moment of its inception to the market. The said number can’t go higher, which means that there aren’t any new XRPs being created.
Ripple and Bitcoin: differences and complementary traits
While numerous people within the industry state that Bitcoin and Ripple are competitors, that may not be precisely the case. There are some differences, though: Bitcoin implements the proof-of-work system, which is a piece of data difficult (costly, time-consuming) to produce but easy for others to verify. It has to satisfy a set of requirements, too. In the case of Bitcoin, it implements the Hashcash proof of work system.
Ripple, meanwhile, uses the already explained distributed ledger, the “consensus” one, so there are notable differences in the modus operandi. Ripple is owned and administrated by OpenCoin and the Ripple Company, whereas Bitcoin is a decentralized system in which there are no central authorities.
Now, what would you say if we told you that Ripple’s traits and features could benefit Bitcoin users? Remember, Ripple is best known and has attained most of its international recognition, as a payment system or protocol.
Ripple can provide Bitcoin with more ways to connect with those using other forms of currency, as it preaches expedited transactions and increased stability. On top of that, Ripple is a distributed network and therefore does not depend on a single company to manage and secure the transaction database. As a result of that scenario, users don’t have to wait for block confirmations.
Selena Larson of CNN Tech explains that Ripples (XRP) cannot be created, or “mined,” by users as it happens with Bitcoin and other cryptocurrencies. The company has control of its destiny in that regard.
Ripple Price Prediction in 10 Years
Ripple’s 10 year projection: success!
After a down period recently, Ripple’s value is starting to go up again. This may be your last chance to buy on the cheap! Experts agree upon the notion that, given the network’s popularity, well-built platform, worldwide investing interests and penetration in the media and mainstream society, Ripple is bound to grow in the short, medium, and long-term.
For starters, pundits continually say that the possibility of Ripple ending 2018 at a value nearing $1 is very much attainable. You may see the figure and may think that is not a lot, but consider that it is currently at less than a dollar: that would be more than ten times its actual price! Imagine how much money could be made with high volume investments.
Based on current projections, most people within the business agree that Ripple’s value can go up to the $200-$300 range in ten years. It is in the company’s best interest if the price continues to rise, because it will make XRP less volatile.
In conclusion, not only is Ripple one of the most relevant payment and exchange networks in the industry but also, it is one a prominent cryptocurrency in a world full of them. That is not the interesting fact about it: the XRP is trending up, and has tons of room to grow!
Pundits and cryptocurrency experts point at Ripple when they are asked about the digital tokens with the most potential for 2018 and beyond. After Bitcoin, which is the industry’s leader, there is no clear-cut second placeholder. Maybe, we are starting to experience the rise and consolidation of Ripple.
What is Ripple?
Ripple is a protocol which has been created in order to transfer money anywhere around the world almost instantly. It is one of the fastest cryptocurrencies when it comes to completing the transaction. The transaction is completed using the token of the platform which is XRP.
Thus, it is able to complete a transaction from one place to another place in the world almost instantly. The fees of Ripple are actually much less as compared to the normal transactions which are conducted through banks. The fees of the Ripple network are even less than the other cryptocurrencies which can be used in order to transfer money all over the world. This is one of the main reasons why Ripple is gaining more and more prominence.
You need to understand that there are many banks all over the world which are using the Ripple protocol now in order to transfer money. This is done in order to ensure that they are able to provide international transfers to their customers almost instantaneously. Moreover, since the fees are on the lower side, you can be sure that the customers would be able to benefit as well. Also, the reduced time ensures that banks are able to use the networks and IT infrastructure more efficiently. This is another reason why Ripple is gaining more and more prominence.
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Price appreciation of XRP:
If you look at the price of XRP token in the last one year, you would realize that it has increased by more than 100 times. This is because it is a unique cryptocurrency which has a real-world application as well. Even the banks are using the Ripple protocol in order to initiate the transfer’s of money quite quickly. This is one of the main reasons why XRP is so valuable.
So, the next time around you’re looking to invest in a different cryptocurrency which has a very strong application, do make sure that you are trying XRP out. It would ensure that you are able to invest in a cryptocurrency which actually has application in the real world and is used by various banks all over the world.
- Ripple lacks room in the triangle, must decide its next movement soon
XRP/USD in good position to move ahead first
XRP/USD 240 Min
Ripple is approaching the vertex of the triangle that has been confining it since mid-December. There is no further room in the triangle, so it must make a decision on its next trend soon. However, the zone is tricky and potentially dangerous, since levels are next to each other and any slip could have important effects.
According to the current situation, the ripple has had a hard time finding buyers. Currently, it trades at (check price chart for current price).
RIPPLE PRICE PREDICTION
Ripple still has some growing room left, but meteoric rises like those seen at the end of 2018 will naturally be few and far between, and it’s safe to assume that the price changes will settle into more sustainable ranges. This is especially likely for a coin like Ripple which can benefit from price stability.
With its large supply, and currently limited use, investors will want to be wary of readjustments following price rises. This is especially true for a coin like Ripple that benefits from stable pricing, and is designed more for corporate use than individual use.
Before buying Ripple, find out how it works (finder.com/ripple) and decide whether you’re in it for the long haul or a quick buck. This can help inform your decision-making going forwards.
If you’re in it for the short term, you’ll naturally want to take care to buy low. It’s also worth paying attention to upcoming hype. Ripple’s becoming a household name so getting ahead of the news can pay off.
If you’re in it for the long run you’ll need to pay close attention to the features and current applications of Ripple, and ask yourself some big questions about the future of the global economy. You should also be paying close attention to Ripple’s sister coin, the Stellar Lumen.
55 billion XRP in escrow
Despite a total supply of 100 billion coins, the Ripple company has put 55 billion XRP in escrow. These are held in place by a smart contract which releases 1 billion XRP per month over 55 months. Any unused amount will be put to the back of the queue, for release in month 56, 57 and so on.
Unlike everyday inflation, the release of these might be good news for prices. This is because they’re released to Ripple partners and other affiliates to help get them involved, let them test drive Ripple and start using it with low costs.
So rather than going to the exchanges, newly released XRP is being used to grow the its use. It’s worth keeping this in mind.
Ripple is designed to facilitate international money transfers by acting as a settlement layer. Essentially, it lets people make international money transfers much faster and with minimal fees.
It’s been picked up by a range of banks and international organizations, and is mostly designed to facilitate transfers in a business setting. Individuals will likely be using Ripple indirectly through their banks, and indirectly benefiting with faster transfers and lower fees.
If XRP becomes the industry standard for international money transfers, it will still grow enormously and could conceivably top US$100 per coin.
Ripple is more than just a transferable store of value. It also aims to offer smart contract functionality which will increase its applications considerably. Institutions will be able to use XRP for a range of different purposes.
You only need to look as far as the 55 billion XRP in escrow for an example of potential applications. Those funds are being held with Ripple’s own smart contract application.
Why Ripple investors should also pay attention to Stellar
Ripple performs an essential service, and it does it very well. So at this stage one of the only things that could derail the currency as a whole might be a continued shift towards direct peer-to-peer systems that cut Ripple and banks out of the equation.
This is where Stellar Lumens come in.
Stellar Lumens are Ripple’s sister coin. Lumens are also designed to facilitate international money transfers, and its price increase has closely mirrored Ripple’s. The main difference is that Stellar is designed for individuals to make international money transfers, or currency exchanges, directly with each other peer-to-peer.
Essentially, it lets people exchange currencies and send money overseas by trading directly and automatically with each other, and cutting banks out of the equation.
And for Ripple’s price to see major growth it needs to have banks using Ripple to conduct international transfers on behalf of individuals. While it’s still a long way off, the future of technology is increasingly based on decentralized peer-to-peer systems like Stellar, rather than centralized systems like Ripple.
This town is big enough for both Stellar and Ripple, but there’s only so much money to go around. Ripple still has plenty of growing room, but anyone in it for the long run will want to pay close attention to the news, and how the world’s changing.
Ripple is designed to enable banks as well as individuals to transfer money anywhere around the world
The ripple protocol is designed to enable banks as well as individuals to transfer money anywhere around the world at the click of the button. Overall, more than 100 financial institutions are currently using the ripple protocol in order to transfer money.
Many of the banks are also trying to use the ripple protocol in order to transfer money for their clients. As the number of these clients goes on increasing, the value of ripple would also go on increasing. In the future, with the rise in the value of ripple, you can be sure that the founders are of ripple would be much more valuable as well.
Ripple is lightning fast and also it can deliver money to the recipient anywhere around the world
The truth is that the founders of ripple have actually created a product for which, the need was around for quite some period of time. If you compare it with the techniques which are used by banks as well as financial institutions to transfer money around the world, they are still pretty old and it takes between 2 to 3 days in order to transfer the money. On the other hand, when you’re speaking about the usage of the ripple, you would realize that it is lightning fast and also it can deliver money to the recipient anywhere around the world almost instantly. This is one of the main reasons why ripple is so valuable as well. The usage of ripple is increasing significantly as well.
Since touching a high of $ 3.84, ripple; however, has fallen off from those levels. It remains to be seen whether ripple is able to gain those levels again or not. One thing which is for sure is that the numbers of companies which are using the ripple protocol in order to move the money around are surely increasing. That is why it is an expectation among the investors that ripple would also be able to get new high and owing to this very reason, the ripple would be able to make its founders as well as investors richer in the future as well.
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What’s The Difference Between XRP’s Tech And Other Cryptocurrency Assets?
Spot the difference between XRP’s tech and other cryptocurrency assets.
Sometimes, it appears like there is no public support for cryptocurrency networks, but this isn’t the case: at least not exactly. It’s true that cryptocurrencies come in different forms, but they all share the same logic regarding programming, private key cryptography, and peer-to-peer networking.
So, What Makes XRP Different?
XRP was created in 2012 but has already secured $40 billion in value. Regarding market capitalization, it ranks as the third largest cryptocurrency worldwide. Ripple, the company in charge of its operations, has been able to link up some impressive partnerships for the asset successfully.
New reports have revealed that the asset, XRP, isn’t as successful as it appears. Ripple’s other financial products have contributed to its overall value. If you want to benefit from the market, learning as much as you can about the distinction between Ripple’s tech and other products (say Bitcoin and Ethereum) in the market will be helpful.
Although Ethereum, Bitcoin, and XRP trade on public exchanges, the method of operation is different. For starters, the ledger and consensus algorithm isn’t the same. XRP as a cryptocurrency runs on the XRP ledger. The difference between this cryptocurrency and others is how the system solves a common challenge. The main problem people face with an algorithm like this is the double-spend problem. Ethereum and Bitcoin solve this problem with the proof of work algorithm. However, XRP solves it with an alternative trust-based system that depends on a segment of nodes to make the ultimate decision.
The segment is referred to as Unique Node List. This system allows the blockchain to cope with a higher throughput of transactions compared to other systems that depend on the proof of work.
The development and governance, supply and token economics, and value proposition techniques all contribute to make XRP a rather exceptional product. Statistics have revealed that it will continue to rise in value as time goes on.