XRP was released in 2012 as a native cryptocurrency for RippleNet – a global payment network that scores hundreds of financial institutions. The purpose behind creating XRP was to build “the Internet of value” and enable cheap and more scalable transactions. XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently. Besides, XRP transactions rely on a consensus protocol in order to validate account balances and transactions on the system.
XRP runs on XRP Ledger, maintained by various independent participants of a global “XRP Community”. Every XRP transaction requires an agreement from the independent validator nodes. This agreement is called consensus and serves as the final and irreversible settlement. The ledger reaches a consensus on all transactions every 3 to 5 seconds.
Cryptocurrency is a major investment opportunity nowadays. Unlike years ago when it used to be a “fringe” investment, there’s hardly an average investor now who doesn’t know about Bitcoin (BTC).
Binance became the largest cryptocurrency exchange due in part to its high trading volume, and the delisting of LUNA may be a move that may be considered by other prominent trading platforms.
The decision to add XRP to SBI’s payment options comes as no surprise given that the two companies are on a joint venture to promote the use of XRP in Asia.
The crypto market bounces back just ahead of the FOMC meeting this week. It seems the last month’s 20% correction in the crypto market has already priced in the Fed’s upcoming interest rate hike.
