Overview: Understanding of Ripple (XRP)

A few years ago, the word “cryptocurrency” must have meant some fishy or underworld banking or monetary term to people involving shady traders, but today the entire scenario has witnessed a paradigm shift. In fact, on the contrary, it is the fiat system whose roots are shaken by the pandemic unable to withstand the recession.

XRP Overview

Cryptocurrency XRP
Ticker Symbol XRP
Price $0.4522
Price Change 24h +3.64%
Price Change 7d -5.65%
Market cap $19,231,261,521
Circulating Supply 48,343,101,197 XRP
Trading Volume $854,123,769
All time high $3.84
All time low $0.002802
XRP ROI +6659.23%

Jurisdictions worldwide are scurrying to put into place legislation and regulations to allow or make it easier for companies to carry out initial coin offerings (ICOs) or token issuances. So ultimately, it boils down to the only one question “Cryptocurrencies: Are they here to stay?

In essence, cryptocurrency is an entirely decentralized currency mainly based on blockchain algorithms, which means by no means is it governed by any central bank or monetary authority. Rather, it is a peer-to-peer community governed computer network made up of users’ machines or “nodes.” That blockchain network will confirm and verify all new entries into the Ledger, as well as any changes to it. Established via mining, these digital currencies are gaining momentum and seem to be weathering all recessionary monetary storms.

Among the four leading cryptocurrencies, viz. Bitcoin, Ethereum, and Tether, also feature Ripple (XRP) cryptocurrency, mainly due to the awe-inspiring and innovative endeavors by Corporate Ripple helping it establish the peak position.

History of Ripple (XRP)

Before starting with XRP price prediction, let’s know a little bit more about XRP. Way back in the year 2004, Ripple found its foothold through Ryan Fugger, who first initialized the Ripple Payment Network. Soon Jed McCaleb and Chris Larsen took reigns of this Payment Gateway project in the year 2012, and that is exactly when Ripple created XRP Ledger! Until 2013, Jed McCaleb served as the CTO of Ripple.

Originally the XRP Ledger was called “Ripple” for the way the technology allowed payments to Ripple through multiple hops and currencies. The creators chose the ticker symbol “XRP” from the term “Ripple” and the X prefix for non-national currencies in the ISO 4217 standard. The company registered itself as “Ripple Labs.” Later, to avoid confusion due to similar names, in 2018, it selected the name for the company and XRP for a digital coin.

What is XRP?

XRP is the cryptocurrency that runs on RippleNet, a digital payment network. This happens to be on the zenith of the Ledger distributed database. The XRP Ledger is open source and is not based on a blockchain but rather on the distributed ledger database. Some of the desirable properties of XRP price prediction come from the nature of this Ledger and consensus process. It does not require mining, and the consensus process does not need multiple confirmations for immutability, which makes it faster and more efficient at processing transactions than other cryptocurrencies.

This distributed Ledger database has been growing in leaps and bounds all these years, with its competitors like Bitcoin and Ethereum showing consistent improvement in its price trends. Though initially considered vulnerable but capable, researchers have focused their study on Ripple (XRP) with prime attention to the price movement and sentiment it has constantly demonstrated. The most crucial and prominent characteristic of Ripple has been the rapid and secure payment gateway that it has manifested, allowing users all over the world under no encumbrances of government or any other financial institution, making it customer-oriented completely.

The Ripple Kingdom

Certainly, the robust solutions offered by Ripple (XRP) are the bi-product of the brains and toil of some of the leading tech and management experts who have lent their phenomenal contribution to these remarkable services. At the helm is Brad Garlinghouse, who chairs the Ripple Empire as Chief Executive Officer (CEO), followed by David Schwartz, the Chief Technology Officer, and Eric Van Miltenburg as Chief Business Officer. The leadership is supported by renowned sub-divisional Heads like Asheesh Birla, Monica Long, Kiersten Hollars, and Stuart Alderoty, to name a few.

The Massive Mission of Ripple

The Motto of Ripple, being the Internet of Value (IoV), basically propels all activities of the Corporate and stakeholders thereof.

Apart from building a global payments network, initiatives like Xpring bring in collaboration and investment for scaling innovative blockchain projects. Xpring today is a global network of developers on similar lines as RippeNet, which is the global network for FIs. Xpring offers an entire gamut of tools and services in the payment gateways helping the customers transact across any kind of network using the Interledger Protocol. Eliminating siloed networks unlocks the true potential of the entire ecosystem of novel payment gateways that are fast, secure, and low-cost.

Ripple bespoke of a heritage and values which are founded on the framework of greater economic fairness and opportunity for all through research, education, and philanthropy.

Rippled & Tripled Advantages:

Cross-blockchain transactions, micropayments, and web monetization for an abundant mix of industries have been made possible by XRP. It has acted as a catalyst to boost industries like media and gaming, which have flourished due to the channel partnerships of Ripple (XRP). It has proven to be the pervasive way to make payments and a good investment by bridging the gap between any fiat or digital currency and forms. Developers who build with ILP experience infinite scalability and are not locked into a single crypto market ledger. Together, ILP and XRP enable trading in media and gaming.

On the one hand, Ripple is garnering the IoV technology benefit, while on the other, it also addresses the wider community triggering the chain of innovation.

  • Call the community to get involved.
  • Begin to build features for new use cases on the XRP Ledger
  • Send test payments with ILP
  • Build on top of the Xpring SDK
  • Run a validator…….etc.

These are only some of the ways by which Ripple intends to step in tandem with cryptocurrency industry conglomerates.

Another major focus area of Ripple has been to meet growing Consumer Demands by unlocking the power of Blockchain, especially strengthening the global payments infrastructure. Exploiting the power of digital asset technology, Ripple has been successful in drastically accelerating the speed, cost reduction, and trustworthiness of the masses, especially in the way they execute transactions. One of the best examples of this is the transfer of multi-million dollars by TechCrunch founder Michael Arrington. Ripple facilitates the transfer of $50 mn dollars in just 3 seconds with only a 20 to 30 cents charge.

Ripple (XRP) has also significantly eroded the role of intermediaries by bringing all financial solutions into a decentralized infrastructure. Accessibility is at the core of all these initiatives. Ripple has ensured it stays abreast of an all-inclusive system no matter where people are, irrespective of the varied time zones.

The mission of IoV has been an instrumental role-player in generating a new approach to globalization, redefining entire industries, and giving rise to new ones apart from the 55 countries it currently operates with. Offering alternative liquidity solutions using the XRP Ledger and token, Ripple has worked collaboratively within the existing financial ecosystem. This has manifested in Ripple shaking hands with regulators, governments, and central banks to ensure the offerings are secure and compliant.

Institutional trading is another icing on Ripple’s platter of offerings. Investors use XRP as a tool that is synonymous with high-speed, cost-efficiency, and dependability collateral. This translates to grabbing arbitrage opportunities, servicing margin calls, and managing general trade inventory in real-time. By leveraging technology (DLT) and XRP, the resistance level for the universal asset for the exchange of value worldwide, Ripple can deliver access to services that were not previously possible.

Analyzing the Technicalities: XRP Price Analysis

The future of all crypto assets is very uncertain. However, our forecast tries to give the most realistic future values of cryptocurrencies. It is amazing to see how XRP has traversed its historic path all these years. XRP coin had made its entry into the crypto market with a meager $0.0058 and continued trolling the same for quite a few months. Then spread, the news of Ripple’s network joining hands with Tokyo-Mitsubishi bank in the year 2017, and then it totally transformed the journey for this historical platform.
The end of December 2017 proved a tough voyage for XRP price as Bitcoin and other already established cryptocurrencies pinned it a little down. However, post-February 2018 markets, XRP resurfaced, showing consistency in terms of price, market cap, and proactive market sentiment.

If we look at the historical price movement and the last year’s XRP price prediction, the currency was trading at the market value of $0.25 and with a market cap of $9,206,907,569 in January 2020. Later, the Ripple coin marked slight momentum. And the price of XRP reached around its resistance above $0.25. Until the start of March 2020, Ripple’s price increased significantly from its starting price performance and ranged at around $0.35. However, it did not sustain and started to plummet after that by the end of the quarter, i.e., March, and its price went down to $0.15.