What Is Ripple (XRP)?
Ripple is a real-time gross settlement (RTGS) system designed to facilitate instant global currency transactions. While XRP serves as the native token of the Ripple Ledger, users can trade in any currency on the platform.
Launched in 2012 by Chris Larsen and Jed McCaleb, Ripple functions both as a cryptocurrency and a digital payment network. It acts as a transaction system for banks and financial institutions, streamlining international money and securities transfers.
- Key Distinction: Ripple refers to the company and financial network, while XRP is the platform's token. XRP acts as a bridge currency for temporary settlement between two currencies or networks.
Founders of Ripple
Chris Larsen
A serial entrepreneur and angel investor, Larsen co-founded E-Loan in 1996, pioneering peer-to-peer lending during the early web era. In 2012, he co-founded Ripple with Jed McCaleb. Forbes estimated his net worth at $59 billion in 2018.
Jed McCaleb
A key contributor to Bitcoin’s early development, McCaleb later co-founded Ripple to simplify international finance.
How Does Ripple (XRP) Work?
Ripple leverages decentralized blockchain technology to accelerate international transactions, offering:
- Real-time messaging, clearing, and settlement.
- Global liquidity via modern APIs.
Supported Ripple Products
- xCurrent: Enables banks to process real-time cross-border payments.
- xRapid: Reduces liquidity costs using XRP for on-demand funding.
- xVia: Facilitates payments with embedded invoices (no software required).
Use Cases
Ripple Network serves:
- Banks, payment providers, and corporations.
- Applications like invoicing, supply-chain payments, and P2P transfers.
Notable Partners
- Santander (USA)
- MoneyMatch (Malaysia)
- Mercury FX (UK)
👉 Explore Ripple’s network impact
XRP Circulation and Supply
- Total Supply: 100 billion XRP.
- Circulating Supply: 99.99 billion (as of latest data).
Distribution:
- 20% retained by founders.
- 77.8% allocated to Ripple.
- 0.2% airdropped for adoption testing.
XRP’s value hinges on institutional adoption and efficient cross-currency exchange.
How to Buy Ripple (XRP) in Canada
Follow these steps to invest in XRP:
- Choose a Reputable Exchange: Select platforms supporting XRP trading pairs.
- Create an Account: Complete registration and verify your identity.
- Deposit Funds: Use CAD or crypto to fund your account.
- Purchase XRP: Trade via spot or futures markets.
Popular XRP Trading Pairs
- XRP/USDT
- XRP/USDC
FAQs
Q: Is XRP a good investment?
A: XRP’s potential depends on Ripple’s partnerships and adoption in financial networks.
Q: How long do XRP transactions take?
A: Transactions settle in 3–5 seconds, far faster than traditional systems.
Q: Can I store XRP in any wallet?
A: Yes, use wallets supporting XRP (e.g., Ledger, Exodus).
Additional Resources
Disclaimer: Cryptocurrency investments carry risks; research thoroughly before trading.
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