Ripple token or XRP is an independent digital asset, native to the Ripple Consensus Ledger. Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency (XRP).
Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Ripple’s partner Moneygram will work with Google Cloud and Amazon Web Services to enhance its opportunities and increase customer satisfaction.
The partnership between Ripple and Bitso is proving fruitful as millions of Latin Americans can use the service to send cross-border payments and enjoy cheap, fast and efficient transactions.
All technical indicators convinced commentators that Ripple’s XRP has taken on a bullish path after the Supreme Court of India reversed a bitcoin ban imposed by Reserve Bank of the country.
The price of XRP has been impressive this year. However, some fear is setting in as large transactions are recorded on the XRP Ledger.
Unfortunately, the crypto market still fails to return to the phase of good growth. The assets are currently testing important support levels, and we can soon see a bounce and the beginning of an upward movement.
The UAE-based National Bank of Fujairah PJSC (NBF) said that it will use the RippleNet platform for facilitating instant payment and settlement solutions to its customers. The NBF bank has also partnered with India’s IndusInd Bank to use this facility for its Indian customers.
Even though Brad Garlinghouse has repeated more than once that both Ripple and XRP are different, the CEO has recently mentioned that selling XRP keeps the company afloat.
According to Ripple CTO David Schwarz, stablecoins are a major trend among institutions and even the Central Banks this year. It is expected that stablecoins will soon launch on the XRP ledger.
The recent analysis has shown that such a factor as a number of mentions on Twitter has a great influence on the price of XRP.
Once a month, one billion XRP coins get unlocked from Ripple’s escrow wallet, which ensures that the company’s large stash of the cryptocurrency (over one-third of the total supply of the asset) does not get depleted too fast.
According to Ripple CTO, the new exciting features are coming from the Ripple developers. They will allow third-party tokens to work on top of the system. Also, XRP Ledger will soon have the ability to eliminate accounts of possible network spammers.
Ripple failed to persuade a judge in Oakland, California to dismiss the class-action lawsuit. Will this situation seriously influence XRP price and the company’s plans for an IPO?
Ripple’s partner, SBI Remit will closely work with Fukushima Bank, which is one of the major Japanese financial institutions, to enable the fast transfer of money.
Within its new partnership with Ripple, Azimo will use Ripple’s On-Demand Liquidity service for fast payments into the Philippines.
Though Ripple hoped that it would manage to stop its class-action lawsuit, the legal battle seems to continue.