Ripple is a cryptocurrency, just like Bitcoin.
More precisely, Ripple is the name given to the system, while the token issued by the company is called XRP.
In concrete terms, when we talk about the Ripple price, we’re actually referring to the price of the currency itself, XRP.
Ripple was founded on the premise that transferring money from one bank to another takes time and money, and involves numerous intermediaries.
For example, if you send money to someone abroad, the money will be processed by several banks and that person won’t receive the funds for several days at best, and often for weeks.
Ripple aims to provide a solution to this problem, enabling secure, instantaneous and almost free global financial transactions of any amount.
If two banks both use the Ripple protocol, an international transaction will take just a few seconds.
Logically, the same applies to domestic transactions.
Faster, cheaper international payments, based on a shared public database using a consensus mechanism for decentralized payments, exchanges and remittances.
A safe & innovative protocol
This protocol is favored by many companies and institutions, because it offers the possibility of exchanging all kinds of goods and assets, including precious metals.
What’s more, the system’s reliability, security and speed (transactions are processed in less than 5 seconds) have earned it the trust of operators.
This has contributed to the stability of the Ripple price over time.
Currently, one of the solutions proposed by Ripple to enable very fast international bank payments is called Xrapid.
A protocol that puts the XRP token at the center of the picture, with the asset serving as the bridge.
To understand in detail how Ripple works and how the XRP token is used, read our article dedicated to Ripple.
Buy Ripple with Coinhouse.
