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XRP
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XRP
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About XRP

The price XRP today is 0.625979 USD, and the trading volume in 24 hours - 3,791,142,009 USD. The crypto asset has grown by 4.21% over the day. Currently, the coin’s market capitalization is 28,961,107,775 USD, and has 46,265,302,471 coins in circulation with the max supply of 99,990,338,186 coins XRP.

What is XRP?

XRP is a token that is used on the Ripple network to facilitate money transfers between different currencies. Existing settlement systems typically use US dollars as the common currency for conversion between other currencies. This entails a fee for currency exchange and takes time, so Bank transfers between accounts in different countries often take up to three days.

If you first convert the transfer amount to XRP rather than US dollars, the exchange fee is eliminated and payment processing is reduced to seconds.

Launched in 2013, XRP aims to complement traditional payments by transferring transactions that occur today between databases controlled by financial institutions to a more open infrastructure.

XRP , one of the most ambitious cryptocurrencies to follow Bitcoin, features a design that has sparked ongoing discussions about how blockchains can be designed and what use cases they should try to address.

This is because XRP Ledger has introduced a new way to manage the blockchain's transaction and record system, which one proponent believes makes it more suitable for regulated organizations that must comply with strict money transfer laws.

XRP is a token used to transfer value through the Ripple network. Unlike Bitcoin, where new coins are created (up to a limited level) as a reward for participants offering computing power to support the blockchain network, Ripple has created 100 billion XRP coins from the very beginning.

Ripple recently added a new feature through which, through a smart contract system (escrow), the company itself issues 1 billion XRP each month to help finance business operations, incentivize customers, and sell them to accredited investors. Any unused tokens will be returned to escrow. 

The company, dubbed Ripple, now acts as the chief executive in the financing and development of the XRP Ledger. and it plays a huge role in its development and the digital economy.

What is the difference between Ripple and XRP?

Today, Ripple is a company, XRP Ledger is software, and XRP is a cryptocurrency. However, this was not always the case.

Both XRP Ledger, the software that allows the use of the XRP cryptocurrency, and Ripple, the company founded to promote and develop XRP, have undergone a number of rebrands over the years in response to changing market dynamics.

For example, Ripple was founded in September 2012 as OpenCoin. Later in 2013, the startup changed its name to Ripple Labs, and at the end of 2015, it settled on Ripple.

Similarly, the XRP Ledger was called the ripple open payment system, the Ripple network, and the Ripple Consensus Ledger (RCL) before it was renamed the XRP Ledger.

XRP, by contrast, has always had the Ticker XRP, although these cryptocurrency units were commonly referred to as" ripples "or" ripple credits " in the early days of the project.

Who created the XRP?

Unlike other cryptocurrencies, XRP doesn't have a single famous creator or founder. However, there is a number of people who have been involved in the development of new technologies and related business structures.

This includes the founders of OpenCoin (now Ripple), technologist jed McCaleb, who founded Mt Gox, the first successful cryptocurrency exchange, and Stellar, the software that runs the XLM cryptocurrency, and Chris Larsen, the founder of FINTECH companies E-LOAN and Prosper. McCaleb is also credited with inventing the new technical design of the XRP Ledger.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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