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XRP price today is $0.245097 USD with a 24-hour trading volume of $1,462,167,390 USD. XRP is down 0.94% in the last 24 hours. The current CoinMarketCap ranking is #4, with a market cap of $11,090,146,445 USD. It has a circulating supply of 45,248,061,374 XRP coins and a max. supply of 100,000,000,000 XRP coins. You can find the top exchanges to trade XRP listed on our crypto exchanges page.
What Is XRP?
To begin with, it’s important to understand the difference between XRP, Ripple and RippleNet. XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.
The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant monetary transactions globally. While XRP is the cryptocurrency native to the XRP Ledger, you can actually use any currency to transact on the platform.
While the idea behind the Ripple payment platform was first voiced in 2004 by Ryan Fugger, it wasn’t until Jed McCaleb and Chris Larson took over the project in 2012 that Ripple began to be built (at the time, it was also called OpenCoin).
How Does XRP Work?
XRP was created by Ripple to be a speedy, less costly and more scalable alternative to both other digital assets and existing monetary payment platforms like SWIFT.
RippleNet’s ledger is maintained by the global XRP Community, with Ripple the company as an active member. The XRP Ledger processes transactions roughly every 3-5 seconds, or whenever independent validator nodes come to a consensus on both the order and validity of XRP transactions — as opposed to proof-of-work mining like Bitcoin (BTC). Anyone can be a Ripple validator, and the list is currently made up of Ripple along with universities, financial institutions and others.
How Do You Buy XRP?
You can buy XRP on any exchange that offers the digital currency. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs tab. Remember to do your own research before choosing an exchange!
How Do You Store XRP?
You can either store your XRP on an exchange, where the exchange is responsible for the safety of your asset, or store your XRP in a cold or hot wallet.
- 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.