XRP (XRP) GBP Price

XRP Price Data

XRP (XRP) currently has a price of £0.99 and is up 1.25% over the last 24 hours. The cryptocurrency is ranked 5 with a market cap of £62.1B. Over the last 24 hours, it saw £1.8B of trading volume. The token has a circulating supply of 62.9B 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.

Unique Features of XRP:

Fast transaction processing

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.

Low transaction fees

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.

When was XRP created or founded?

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.

What are some notable events in the history of XRP?

• September 26, 2013: OpenCoin changes name to Ripple Labs.
• November 16, 2017: Ripple announces partnerships with several major financial institutions, including American Express and Santander.
• September 26, 2018: XRP briefly surpasses Ethereum to become the second-largest cryptocurrency by market capitalization.
• October 1, 2018: Ripple launches xRapid, a product utilizing XRP for cross-border payments.
• December 21, 2020: The U.S. Securities and Exchange Commission (SEC) files a lawsuit against Ripple Labs, alleging that XRP is an unregistered security.
• March 8, 2021: Ripple winds down its partnership with MoneyGram, a global money transfer company.
• March 30, 2021: Ripple Labs acquires a 40% stake in Tranglo, a leading cross-border payments specialist, to expand its presence in the Asia-Pacific region.
• April 6, 2021: Ripple Labs wins a discovery ruling, allowing access to internal SEC discussions regarding cryptocurrencies, potentially impacting the outcome of the lawsuit.
• July 13, 2023: Ripple wins ruling in SEC case that XRP is not necessarily a security.