The top Ten Crypto Hacks in History compilation is here. Cryptocurrency exchanges have suffered massive hack attacks, leading to huge losses to the exchange and its cus...Read More
Prices are in USD.
|Market Cap Rank||#7|
|Price Change 24H||0.00%|
|Price Change Percentage 24H||0.79%|
|Market Cap Change 24H||$128,551,384.00|
|Market Cap Change Percentage 24H||0.84%|
|Circulating Supply||48,343,101,440 xrp|
|All Time High||
January 7, 2018
|All Time Low||
May 22, 2014 -
|Explorers||https://bithomp.com/explorer/ , https://blockchair.com/ripple , https://xrpcharts.ripple.com/ , https://xrpcharts.ripple.com/|
|Wallets||ledger.com , trezor.io , https://crypto.com/en/defi/wallet/|
|Community||https://reddit.com/r/ripple , https://twitter.com/Ripple , https://www.facebook.com/433523166761374|
XRP is a cryptocurrency that focuses on providing a cryptocurrency with speedy transactions. Additionally, it provides a cryptocurrency with ample scalability. These are two of the biggest problems facing Bitcoin as a payment mechanism. Therefore, XRP seeks to provide an alternative to Bitcoin.
There is no denying the success of this coin in the market. The cryptocurrency community approves of this coin. It allows them to settle transactions in three to five seconds. It is the fastest cryptocurrency in the world.
Additionally, it has ample scalability. The RippleNet blockchain can handle 1,500 transactions per second. This means that this payment option is usable in many sectors. The developers of the platform believe this is the best digital asset for global assets.
XRP has a lot of social and economic incentives. It operates within the original vision for cryptocurrencies. There is no central institution facilitating transactions. Therefore, users have complete control of their assets. Moreover, users do not have to pay hefty fees in transactions. Let’s see how it works.
XRP transactions run on the RippleNet blockchain. The developer of this blockchain is the team from Ripple. The RippleNet blockchain can host transactions for any cryptocurrency. But the main currency on this blockchain is the XRP coin.
Further, the platform has its own distributed ledger. The XRP ledger keeps track of all transactions and balances of users. The community manages this ledger by validating transactions. Additionally, the Ledger is open-source. This means that anyone in the community can contribute to its development.
However, the ownership of the RippleNet blockchain is totally under Ripple. Therefore, this blockchain has centralized governance. The Ripple company makes all executive decisions on the development of the project.
Moreover, Ripple is heavily involved in the validation process. Additionally, Ripple owned most of the XRP coins during the start of the blockchain. To this date, they continue to hold the majority of XRP coins.
This is not very appealing. It shows the hunger of the developers to exert control of the payment system. However, this has not had a massive effect on XRP. XRP is still in the top five in market cap share among cryptocurrencies.
It is not possible to mine XRP coins. RippleNet runs a Proof of Stake consensus that does not support mining. In this consensus, anyone can run a validator node. There are two tiers of validators on the RippleNet system. This includes trusted validators and untrusted validators.
Validators can issue validation messages for evaluation by the XRP Ledger network. This is how they contribute to keeping the network secure. However, merely issuing a validation message does not mean a validator has a say in the consensus process. Only trusted validators can contribute to the consensus process.
Trusted validators make up the Unique Node List on the blockchain. However, untrusted validators still have a role to play. They are the standard measure of trusted validators. Trusted validators have to agree with most of them to remain in the Unique Node List.
The XRP project has a great team of professionals behind it. The company behind this project is Ripple. The CEO of Ripple is Brad Garlinghouse. Brad served as the CEO of the Hightail company. Additionally, he was the President of Consumer Applications at AOL. Further, he worked at Yahoo and Dialpad Communications. Brad has excellent experience leading technology companies.
Beside him is David Schwartz, who serves as the CTO of Ripple. He was a vital contributor to the development of the XRP Ledger. Previously, David served as the CTO of WebMaster Inc. Additionally, David developed cloud storage and messaging systems for institutions like CNN and the National Security Agency. He brings a unique technological background to the team.
Further, the team consists of Eric van Miltenburg, Asheesh Birla, Monica Long, among others. These individuals also have vast experience in diverse areas. Hence, it is safe to say that the XRP project is in the hands of experts.
It is essential to talk about the regulatory status of XRP. This is because Ripple was recently charged by the SEC for Unregistered Securities Offering. The SEC states that the co-founders sold the coin in an unregistered securities offering. They did this to raise money for the Ripple company.
This is still an ongoing case. Still, it is a significant cause of concern. Many exchanges delisted this coin due to this case. Therefore, it dramatically affects the value of XRP in the market. Additionally, it affects its accessibility.
This and the control that Ripple exerts significantly affects the image of XRP. It has since fallen from the second to the fourth rank in market cap share.
The RippleNet blockchain is an entirely secure network. It is a closed project. Therefore, it is hard to find entry points into the network. Moreover, it is a distributed system. This means that there is no central database to secure.
Additionally, distributed nodes in the network work together to keep the network secure. Further, they maintain a consensus. This means they can help each other recover in the case of a successful attack.
Many experts believe there are not many security risks in using the RippleNet blockchain. They state that security risks mainly lie in wallet systems. Hence, it is upon users to secure their wallets.
In terms of privacy, transactions are transparent on this blockchain. The distributed ledger keeps a record of all transactions on the RippleNet blockchain. However, these records are immutable. Hence, they are secure.
The coin is one of the best cryptocurrencies in the market. It offers fast and secure transactions. Add9itionally, the RippleNet blockchain has excellent scalability. It can support up to 1,500 transactions per second.
However, the recent SEC charges threaten the value of XRP in the market. Due to this case, some exchanges delisted the XRP coin. This greatly affects the trust of users and investors. Moreover, Ripple exerts too much control in XRP operations.
If you think this coin is for you, then you can proceed to buy it. The best place to buy cryptocurrencies is from exchanges. The best exchanges to buy XRP include Binance, Poloniex, and Bitfinex. However, Binance plans to delist the coin on January 16th, 2021. More exchanges may follow after that.
You can easily store this coin in the XRP cold or hot wallet. However, this does not seem like a great idea. At the time of writing this, XRP is recording a steady fall in value. Hence, you may end up with coins less valuable than you had if you choose to hold them.
The value proposition of XRP is very appealing. For many years, this coin ranked second or third in market cap share. However, the SEC charges are significantly affecting its price. The case reveals a betrayal of the trust of users and investors.
Moreover, Ripple exerts immense control on the XRP coin. To this day, they own the majority of XRP coins. As it stands, XRP does not seem like a wise investment.