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Ripple rate (XRP)
XRP acts as an intermediary in numerous transactions between fiat currencies and cryptocurrencies. Unlike most digital currencies, the Ripple system can be considered centralized. This is also the biggest advantage as well as the disadvantage of the XRP platform in the eyes of fans.
Ripple was released in 2012, co-founded by Chris Larsen and the founder of one of the most popular bitcoin exchanges (Mt. Gox) - Jed McCaleb. Ripple is primarily a digital payment protocol, also known as RTXP, but it has its own cryptographic token, thanks to which it operates. In theory, Ripple operates on a decentralized peer-to-peer platform that allows smooth cash transfer in Bitcoins, USD, PLN or even JPY. The XRP token itself was digged out before it was circulated. 55% of the currency is in deposits made to third parties, less than 6.5% belongs to Ripple, and just over 38.5% is in the hands of users. As more than half of the available stock of digital currency is controlled by several large investors, XRP causes mixed feelings related primarily to the centralization threat. So far - this situation did not take place, and Ripple business practices do not indicate any suspicious activity.
The biggest players in the world of banking, such as Santander, Crédit Agricole and American Express, showed interest in the Ripple protocol. The RTXP bandwidth is about 1500 transactions per second, and thanks to blockchain technology, they are much more efficient (from the point of view of both time and costs). To fully understand how Ripple works, it is worth operating on a simple example. The system used goes back to the past, operating on the principle of mutual trust and intermediation. If the person A wants to transfer a 100$ to the person who lives in a different city, he can use the broker for that. He transfers his money and password to his agent A1, thanks to which B will be entitled to receive. A1 informs agent B1, who is in a more immediate location to B, about transaction and password. If B gives the right password, the broker will give him an agreed 100$.
Such a solution has advantages and disadvantages that appear at first glance. The biggest advantage is to simplify the whole process, because thanks to the mediation, A does not have to cover many kilometers to transfer money to B. In addition, by transferring money to agent A1, A does not have to worry about the transaction. B receives money from B1, and agents settle the transaction between each other - as befits an institution. But how can I be sure that A1 will not just take the money and run away? Here a trust element appears between A and A1, A1 and B1, as well as B and B1. Although the Ripple network is much more complex, the example provided illustrates the basic operations on which it operates. Instead of individual agents, Ripple uses a medium known as Gateway, acting as a link in the chain of trust between the parties to the transaction. Gateway is a loan broker who processes incoming and outgoing transactions into public addresses in the Ripple network. Both a simple person and a company can register and open their own payment gateway, thanks to which they will be entitled to intermediary in currency exchange, maintaining fluency and transferring payments in the RTXP network.
The XRP token acts as a bridging currency between different cryptocurrencies and fiat. Thanks to its universal character, Ripple has become a digital exchange market. Each currency in the system has its own gate, thanks to which it is possible to perform XRP/BTC, XRP/USD or XRP/PLN transactions. If you refer to the example, if A did not have any cryptocurrencies, only fiat, while B would like to receive a Bitcoins, the RTXP system can solve the problem of each party. A transfers to the platform (A1) the payment in dollars, this one is exchanged with B1 at the USD/Ripple rate. Then the chain is extended by a link that functions like the Ripple/Bitcoin exchange (C1), after which the receivable is transferred to B in the desired BTC currency. It is worth noting that the payment protocol is not three separate agents, but one large gate with many entrances, exits and an optimized route of transaction, thanks to which time and effort are saved. All this thanks to a chain of trust that constantly "waves" between users.
Why banks and companies investing in RTXP are so important? It's simple - these are institutions endowed with higher public trust. It is enough to look at how much the Ripple course increases after announcing each larger partner establishing cooperation with the company. About 24 hours after the publication of the official announcement of Microsoft's rejection of Bitcoin, the Ripple/Dollar exchange recorded a significantly higher volume of that pair and an increase in the Ripple price. This was due to the belief that the technological giant's decision is equivalent to switching to XRP. In the end, Microsoft has become part of the Ripple chain, as has MIT, the CGI Group and many other reputable companies.
As of June 23, 2017, Ripple was the third largest digital currency due to market capitalization of 11.94 billion USD, Bitcoin (BTC) - 45.26 billion USD and Ethereum (ETH) - 31.53 billion USD. The Ripple rate fluctuates constantly, but all indications are that over time it can only gain value. In 2018, XRP/USD exchanges recorded a significant increase in Ripple's interests.