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What is XRP (XRP)?

XRP basic info

Name:XRP
Ticker:
Introduction:

Hello, and welcome to this new article from Bitget Academy. In this article, we will explain what Ripple is.

Ripple (XRP) Introduction

Ripple is a primary cryptocurrency whose sole purpose is to offer fast and low-cost financial transactions. While other cryptocurrencies provide advanced features like smart contracts, Ripple focuses on the basics.

It should also be noted that, unlike Bitcoin, the Ripple currency is designed to be controlled by its issuing company, the Ripple Corporation. This company, founded in 2012 in San Francisco, is behind the Ripple payment protocol and the Ripple currency, which all have the same name but should not be confused. The company's goal is to replace the SWIFT system, a system that allows funds to be transferred securely between two banks. The main problem with this method is that it is slow compared to a cryptocurrency since a minimum of 1 day is needed to validate a transaction, while the Ripple protocol allows this transfer in a few seconds.

Differentiation

As you have noticed, the company, the cryptocurrency, and the protocol all have the same name as Ripple, but it is important to differentiate them. The Ripple company is, therefore, the issuer of the Ripple currency, which more or less controls the network and decides on the evolution of the protocol.

Ripple describes itself as a company that provides solutions for making money transfers on a global scale. The Ripple currency is an independent digital asset with an open-source blockchain, but it is still somewhat of a product sold by the Ripple company. When we talk about XRP, we are actually talking about the Ripple currency that is referred to by this identifier on exchange platforms.

Finally, there is the Ripple protocol which is the code base used to create the Ripple currency. This code can be used to create something else, such as the Stellar currency, which was initially based on the Ripple protocol. Even if the Ripple currency has a strong link with the company of the same name, its success is not guaranteed by the company's success. Indeed, it may decide to create another currency based on the same protocol to serve its customers, such as a cryptocurrency for exclusive use by banks.

XRP

There are currently just under 44 billion Ripple coins in circulation, but that's not even half of the total number of Ripples in existence, which is almost 100 billion. The reason is that the creators of Ripple have 55 billion locked up in an escrow. The escrow in question is a semi-automated system with unclear triggering conditions. The escrow in question is a semi-automated system with unclear triggering conditions, which transfers a certain number of Ripples into the company's wallets every month according to supply and demand. Any unsent Ripple is placed in a new escrow which is programmed to be triggered one month after the last scheduled escrow. On average, 204 million Ripples are put into circulation each month. Of the 44 billion that are in circulation, about 6 billion are currently held by the company.

The network is designed to be centralized. Anyone can create blocks, but it is very difficult to have them accepted by the network without having the trust of the other participants. How to get this trust? Well, the best method is to be part of a special whitelist whose members are automatically deemed to produce trustworthy blocks. Of course, it is the company Ripple that defines the content of this whitelist. For the time being, validators are, to our knowledge, only large companies, banks, or research institutes.

Operation

Ripple theoretically supports 1,500 transactions per second for transactions of up to 5 seconds in length. Relatively fast, but it is important to repeat what is difficult within the blockchain technology universe is not to make a fast system but to make a system that is both fast, decentralized, and secure. To go so fast, the Ripple protocol is obviously not proof-of-work based like Bitcoin or proof-of-stake like Ethereum. Instead, the consensus system called Proof-of-Correctness is based on a voting system. When a transaction is to be added to the blockchain, validators produce blocks with the list of transactions, and then the set of validators vote for the best block produced for that session. This is a simple and fast solution, but it only works in an environment where we are sure that the majority of validators will not lie.

Finally, it should be noted that Ripple is also theoretically deflationary. With each transaction made in XRP, a small portion of the coins disappear and since Ripple still holds many that are not in circulation, it is difficult to consider Ripple deflationary in practice. If the current pace is maintained, inflation will continue for 20 years.

The Ripple Company

The Ripple currency is not the only product offered by the company of the same name. Ripple's goal is to offer an ecosystem rather than a suite of independent software. Ripple wants to improve international payment processes and supports SWIFT and ISO20022 formats which are the two main messaging formats used by most banks in the world. Thus, one objective is to improve the exchange of information between banks and to coordinate movements between financial institutions.

Secondly, Ripple is also aimed at payment services such as VISA or Mastercard which wanted to reduce their costs as much as possible. Payments often require pre-funded accounts, which implies high set-up costs. Ripple, therefore, proposes to significantly reduce the requirement for funds in terms of liquidity by using the Ripple currency to provide liquidity on demand, thus reducing costs while allowing real-time payments on all markets.

The Ripple company is therefore working with several banking institutions such as American Express or Crédit Agricole to set up a more modern solution than SWIFT. No Ripple product has its own identity today. The services offered by Ripple are always attractive and can be offered with or without the Ripple currency.

Consider investing in Ripple (XRP)? It only takes 2 minutes to create an account on Bitget and start trading XRP.

Disclaimer: All products and projects listed in this article are not endorsements and are provided for informational purposes only.

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Current price:
All-time high:$3.84
All-time low:$0.002802

XRP supply and tokenomics

Circulating supply:57,252,380,000 XRP
Total supply:99,986,807,248 XRP
Max supply:100,000,000,000 XRP
Market cap:$130.00B
Fully diluted market cap:$227.06B
Tokenomics:

Uniqueness

The XRP Ledger presents a wide variety of applications and use cases related to payments including micropayments, DeFi, and, soon, NFTs. Deployed in 2012, the XRPL supports enterprises and Python, Java and JavaScript developers with powerful utility and flexibility. On the XRP website, developers can access different tutorials to help them get started using different coding languages, building apps, managing accounts and more.

Alongside its native coin, XRP, the XRP Ledger is used by developers to create solutions that solve inefficiencies, including remittance and asset tokenization. Currently, the five main applications of the XRP Ledger are payments, tokenization, DeFi, CBDCs and stablecoins.

Token utility

$XRP is used as a native currency within the XRP Ledger. $XRP can be used for peer-to-peer payments within the XRP network. With its fast block times, $XRP aims to offer high throughput and quick transactions offering 1500 transactions per second capacity and 4-second settlement times. $XRP's primary use is as a bridge currency for financial institutions exchanging value between multiple fiat currencies using Ripple's xRapid, an on-demand liquidity solution.

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What is the development prospect and future value of XRP?

The market value of XRP currently stands at $130.00B, and its market ranking is #4. The value of XRP is widely recognized by the market. When the bull market comes, the market value of XRP will likely continue to increase.

Moreover, if XRP can play a greater role in practical applications, such as XRP builders fully leveraging the potential of XRP, partnering with more businesses, and increasing its user base, the long-term value of XRP will be significantly enhanced.

What will the price of XRP be in 2025?
Based on XRP's historical price performance prediction model, the price of XRP is projected to reach $2.39 in 2025.
What will the price of XRP be in 2030?
In 2030, the XRP price is expected to change by +8.00%. By the end of 2030, the XRP price is projected to reach $3.16, with a cumulative ROI of +36.72%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of XRP and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is XRP worth investing or holding? How to buy XRP from a crypto exchange?

If you want to buy XRP, the following information may be helpful for your investment decisions:
In the last 7 days, the price of XRP has fallen by -6.56%, leading to negative returns for most XRP investors. The market is currently pessimistic about the price trend of XRP.
It is important to note that the current price of XRP has retreated by -40.90% from its all-time high. This coin is currently considered medium-risk, and its price may rebound or continue to fall.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether XRP is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in XRP or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of XRP, if you want to buy or sell XRP, you can consider Bitget for your trading needs. The best place to buy XRP is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in XRP has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy XRP. Here's a step-by-step guide on how to buy XRP on Bitget.

How to get XRP through other methods?

Using cash to buy XRP is not the only way to obtain XRP. If you have the time to spare, you can get XRP for free.
Learn how to earn XRP for free through the Learn2Earn promotion.
Earn free XRP by inviting friends to join Bitget's Assist2Earn promotion.
Receive free XRP airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to XRP through Bitget Convert, Bitget Swap, or spot trading.

What is XRP used for and how to use XRP?

The use case of XRP may expand as the crypto market and the project itself develop. Currently, you can use XRP to achieve the following goals:
Arbitrage by trading XRP: Since XRP is a frequently traded cryptocurrency, the price of XRP is always fluctuating. Earn more XRP by buying low and selling high on the exchange. Bitget spot market provides a variety of XRP trading pairs to fully meet your needs.
Earn by staking XRP: You can also generate income through financial management methods such as staking XRP or lending XRP. Bitget Earn offers a variety of financial products designed to help you earn more income from your XRP.
Send or pay XRP: If you want to give XRP to your friends, a charity, or a fundraiser, or you want to pay someone with XRP, you can quickly and easily send XRP to the recipient through their payment address.
You can also go to the official website of the XRP project to learn more about the use cases of XRP. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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