XRP (XRP) currently has a price of $0.63 and is up 2.10% over the last 24 hours. The cryptocurrency is ranked 5 with a market cap of $34.1B. Over the last 24 hours, it saw $1.1B of trading volume. The token has a circulating supply of 53.9B tokens out of a total supply of 100B tokens.
XRP is a digital asset and cryptocurrency that is largely associated with Ripple Labs. It is designed to enable fast and low-cost international money transfers.
XRP has a rapid transaction processing capability. Unlike most other cryptocurrencies, XRP offers near-instant transaction settlement, making it suitable for real-time applications and cross-border payments. Unlike traditional banking systems that can take days to process international transactions, XRP can complete transactions within seconds.
This swift transaction processing is made possible by XRP's consensus algorithm, the XRP Ledger. Instead of relying on mining like Bitcoin, XRP employs a distributed agreement protocol that allows for faster and more efficient transaction validation. This consensus mechanism guarantees quick and secure transaction processing without the need for extensive computational power. However, Ripple has a default Unique Node List, which arguably undermines the level of decentralization that it claims to offer.
XRP typically has low transaction fees. These low transaction fees make XRP particularly suitable for microtransactions, cross-border transactions, and remittances. It provides a practical solution for small-value transactions that would typically be hindered by high fees in traditional banking systems. That said, it has to compete against stablecoins, which can offer similar cross-border payment abilities without the price fluctuations of the XRP token.
XRP was created in 2012 by a team of developers, some of whom would later found the Ripple company and gift the tokens to the company.
The founders of XRP and Ripple Labs are Chris Larsen and Jed McCaleb. Chris Larsen, a prominent entrepreneur in the fintech industry, played a crucial role in the development and early adoption of XRP. Prior to Ripple Labs, Larsen co-founded several successful technology companies, including E-LOAN. Jed McCaleb, on the other hand, was responsible for the technical aspects of XRP's creation as the lead developer. McCaleb had a background in cryptography and would later go on to leave Ripple and start a similar cryptocurrency called Stellar.
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