As the saying "a single drop into the ocean can create a ripple" goes, one can attribute the 'drop' to the emergence of digital money and the ensuing effect of it is the emergence of cryptocurrencies such as Ripple.
Created by Ripple Labs Inc., Ripple is a currency exchange, remittance network and a real-time money transfer system with its own digital currency called XRP.
Seen earlier as a copycat of Bitcoin, Ripple has gained reputation as a solid alternative that aims to expedite the procedure of cross-border payment transfers and improve payments system worldwide.
Classified as both a currency and a platform, Ripple has an open source protocol designed for cheap and quick transactions.
Ripple's XRP digital coin can be traded on the eToro online investment platform.
It's not surprising if you're already having the idea of trading Ripple's XRP but just in case you do, all you need to do is click the button below and this will open eToro's online trading platform page for XRP. Via this page, you'll be able to see how it looks like. And if you're really serious in trading this crypto, simply click the "Sign up" button and you'll be able to open an account in a few minutes.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Ripple was founded in 2005 by Jed McCaleb, Arthur Britto and David Schwartz, as financial platform offering secured payments through a global network.
The Ripple Exchange debuted in 2013 and then followed by the introduction of the company's digital currency XRP.
Since then, Ripple's XRP has become the world's second largest cryptocurrency with a value of US$73 billion.
Unlike Ethereum and Bitcoin, Ripple doesn't run on a blockchain. This fact may give others pause, because blockchain is an important element that verifies transactions. Ripple solves its blockchain shortcoming by developing its own patented technology: the RCPA or the Ripple Protocol Consensus Algorithm.
The operative word on this Ripple protocol is "Consensus". This means, every transaction is agreed upon, verified and considered okay before pushing through. It’s like having its own blockchain without having its own blockchain.
Simply said: XRP is considered as a distributed ledger and NOT as a blockchain. XRP requires no mining and vastly improves payment system worldwide.
Here are the leading banks that support Ripple:
Currently, other banks are starting to consider supporting Ripple. As of this writing, more than 4,500 merchants accept the XRP digital currency as payment.
Currently, there are about 50 billion XRP coins in circulation in the market while having a total supply of 100 billion XRP tokens.
An in-built smart contract protocol controls the release of XRP tokens. Ripple is planning on releasing 1 billion XRP every month into the market.
Any unbought or unused XRP released each month will go directly to an escrow account. This system eradicates the probability of oversupply of XRP tokens.
Remember: Ripple is the company that created XRP coins. If you buy XRP, it doesn’t mean buying on Ripple stocks as Ripple is not a publicly traded company.
What makes Ripple different from Bitcoin is the speed on how it concludes its transactions.
As the Ripple payment system uses its own XRP coins on their network, an example of its use would look like this:
Mark has a client from another country who will pay him $100. By using the Ripple payment system, the client can easily transfer the $100 into its equivalent of XRP tokens into Mark's account in the Ripple network without taking days to process and eliminating transfer and conversion charges.
Upon verification of the transaction through Ripple's own RCPA, Mark will instantly receive his XRP coins and have the option to convert it to any currency of his choice or retain it as XRP.
Simply say: Ripple has a faster verification and transfer process than Bitcoin. XRP is ideal for remittance, payment settlement and asset exchange types of financial transactions.
There is no official Ripple wallet for XRP yet, but there are good wallet options for you to choose from:
In order to use eToro's XRP wallet service, you will need to transfer an XRP position via the eToro trading platform under your name to the crypto wallet under the same account. The good news is that you won't incur any fees opening an XRP wallet and also transferring the XRP crypto to this wallet.
XRP opened with a value of $0.005 when it was launched and increased to $0.40 in 2017. Towards the end of 2017, it crossed the $1.00 mark and peaked at a high of $2.30.
Today, the current 52-week average of XRP stands at the range of $0.1742 - $1.965.
At the time you opened this page, the value of 1 XRP is
No need to move a muscle. Clicking on the button below will take you to eToro's XRP trading page and if you want to try it out, you can quickly open an account.
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