The Ripple crypto coin has an extensive history that dates as far back as 2012. Today, it is one of the quickest and most reliable cryptocurrencies that sports a clear functional advantage of use. Its central appeal is in the smooth money-sending system that it offers globally in tandem with its affordable price point, though it did have to go through some growing pains and evolve to get to where it is now since its inception. It took about half a decade for Ripple’s value to increase from just $0.10 to over $3.
One thing that makes Ripple unique is that, unlike many other cryptocurrencies which are operating on a blockchain network that is decentralized for miners, Ripple is not. They were clearly affected in their development by Bitcoin, as their build raises some big questions, as it would for any cryptocurrency in their situation. Let’s talk about some interesting facts that you might be curious to know about Ripple.
Shocking Facts About Ripple Coins:
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1. Ripple Originated With Just a Few People In 2005
Originally, Ripple’s pioneering development of its crypto coin began in 2005, with the advantage of being a crypto company early in the crypto-development sphere to operate in a tight network of digital currency. With the help of Ryan Fugger, who was instrumental in catapulting Ripple’s original system, Ripple was built by an expert team of Jed McCaleb, Arthur Britto, and David Schwartz.
Fugger’s contribution was the bolstering of the original model of OpenCoin, which would, over time, transform into Ripple, with the original intent of making a secure financial service for the exchange of payments, while giving an online community the ability to conduct transactions in a private and secure manner.
Originally motivated to build and protect a built global network, Ripple has since outgrown its original community by leaps and bounds, becoming an accepted form of transaction conductivity in the payment system of many banks.
2. Ripple Is Known As XRP
Due to its longevity, the name Ripple has become synonymous with crypto coins and tokens, though the latter is not known as “Ripple” but rather XRP, though the two entities (XRP and Ripple) are interlinked.
Why the difference? It really comes down to the ability of users to remember it. While Ripple is certainly a catchy name, an XRP token was determined to be easier to remember, so initially, it was best suited for use. To this day, the XRP network is utilized to process Ripple digital tokens as part of customer payments and transactions in financial institutions. While Ripple allows financial institutions to leverage its XRP currency, it is not actually needed to process any of the crypto transactions.
3. Ripple Is Not A Payment Currency, But Rather A Part Of A Payment System
Most cryptocurrencies serve as payment currencies, but Ripple works differently, and the distinction is important to understand. What makes Ripple unique is that it cannot be used for making online payments of any sort. Its best utility is that of a transaction based system, moving money between distinct accounts.
The Ripple coin’s functionality, aside from being readily affordable, is used to work as an asset exchange or payment system. It can be leveraged as a remittance system, likened to SWIFT, as well, but it is primarily utilized for security and international money transfers.
4. Ripple Transactions Are More Affordable Than Those Of Their Competitors
A low cost of conducting transactions is very appealing to those who are investing in crypto coins, and Ripple offers transaction costs that are significantly lower than those of their competing crypto platforms. Typically, fees are paid to mine the currencies, but Ripple has easier transaction capacities and mechanisms since there is no mining involved.
Ripple transaction fees are lower than Bitcoin and Ethereum, with an average media cost of about 0.00001 XRP per transaction. At the moment, one Ripple XRP costs $0.29. When factoring in the nominal cost of the transaction, the fee becomes so small that for all intents and purposes, it’s fair to consider as being free.
5. The Ripple Network Is The Fastest Cryptocurrency Network Out There
Using the Ripple network achieves faster results and services, as well as being easy to use, which is a big plus for anyone utilizing a cryptosystem, especially when just starting out. By comparison to Bitcoin and Ethereum, Ripple is an overall faster system, which is very important for those seeking to achieve immediate transactions and transfer results.
Ripple’s system can handle taking up 50,000 transactions per second, with the ability to process about 1,500 of them in that time. This is a very attractive attribute of the Ripple network since speed is a huge upside when making international transfers. While being faster, the transactions on Ripple can handle higher traffic and more volume, creating a lot more opportunities and growth from an investment perspective.
6. Ripple Does Not Support Crypto Mining
While other cryptocurrencies like Bitcoin can be mined, Ripple cannot. Bitcoin’s supply of crypto coins can increase, while Ripple’s is more limited. While investments can be grown with other crypto coins, Ripple itself does not support mining. Every XRP coin Ripple has, is already in circulation, and therefore the network cannot be expanded at any time, with currently about 100 billion in circulation as a target, but more can be released.
Ripple’s transactions are handled by central blockchain technology, making transactions more secure and faster. This is specifically because mining, which slows other cryptocurrencies is not a factor in Ripple’s processing.
7. A German Bank In Munich Was The First To Fully Adopt Ripple
There is a higher level of validation afforded to those cryptocurrencies that are utilized by banking institutions. The German Fidor Bank, based in Munich, was the first customer who opted to utilize Ripple. Their decision was not one without consequences.
Banking rules and regulations were still growing and evolving, especially in terms of financial growth through leveraging cryptocurrencies. The usage of online banking, a trend that is only about a decade old, came as a huge upside for Ripple.
This partnership proved pivotal for Ripple’s overall growth and innovation. The markets were volatile right after 2008’s financial crash, so it was hard to achieve legitimacy for further growth. Having the Fidor Bank give Ripple a chance, immensely contributed to the cryptocurrency’s legitimacy in the crypto market, and therefore was instrumental in its early stages of success.
8. Ripple Is Adored By Various Institutions And Banks More Than By Celebrity Influencers
With Ripple’s primary objective being the secure link of payment settlement and asset exchanges, it is little wonder that there would be support and notable enthusiasm from major corporations and financial institutions. By including additional intermediaries between markets and currencies, Ripples is able to offer security and international transfers.
Ripple also offers other banking advantages, a fact that has eluded most celebrity rappers and influencers who hyperfocus on traditional cryptocurrencies like Bitcoin and Ethereum. The offering of liquidity for banks for international transfers offered by Ripple, will not easily be overlooked by banks though.
As noted earlier, Ripple is different from most other cryptocurrencies in that it does not operate on a decentralized blockchain technology network for coin miners, but rather has all transactions validated by a network of servers, and guarantees their processing based on consensus.
9. Ripple’s XRP Might Be The World’s Third Largest Cryptocurrency
Ripple has amassed a surprisingly wide and representative segment of the market’s cryptocurrencies, and in terms of market capitalization, it can be ranked as the third biggest crypto coin in the world, with the XRP currency valued with market capitalization at roughly $13 billion.
Standing successfully in head-to-head comparisons with Ethereum and Bitcoin, Ripple has outshined those two crypto giants in several arenas. A large share of Ripple’s coins is accounting for all of the coins in circulation, which in terms of the whole crypto scene essentially means that all 100 billion XRP Ripple coins could be added to an escrow account, with an estimated market capitalization valued at $31 million.
10. Owners Of Lots Of Ripple’s Coins Are Quite Wealthy
After starting slow, the Ripple XRP finally took off on its rise. Anyone who was lucky enough to purchase the XRP, especially early on in the game, was handsomely rewarded as the price of Ripple continued to explode. Those who owned a lot of Ripple XRP coins on initial purchase (at the start when they were worth merely pennies), have a lot more equity tied to them today.
Needless to say, Ripple is host to many happy investors who have gained significant gains from their early trust and belief in Ripple’s crypto model. Ripple’s CEO, for example, is among the richest Americans in the world according to the Forbes Top 400 list. While it took time to grow in value, those who were patient have certainly been reaping the rewards of trusting Ripple.
Facts About Ripple Coins, Conclusion:
In conclusion, Ripple coins are a fascinating aspect of the cryptocurrency world and have many surprising elements to them. From their fast transaction speeds to their focus on banking and financial institutions, there’s much to learn about this digital asset. We hope this article has shed light on some of the most intriguing facts about Ripple coins.
If you’re interested in exploring more about the cryptocurrency world, be sure to check out our next article on the Top 10 Shocking Facts About Litecoin Coins. Get ready to have your mind blown once again!
frequently asked questions:
Which Exchange Can Ripple Be Purchased On?
As the largest cryptocurrency exchange in the world, nearly every crypto coin can be purchased on Binance. They host trading for more than 500 cryptocurrencies, with Ripple being among them, that can be purchased for fiat currency or exchanged for a variety of cryptos. Coins can be purchased on Binance via credit or debit cards, as well as SEPA and bank transfers.
Why Is The Price Of XRP So Low?
Ripple’s XPR currency is low in cost specifically due to a lawsuit filed against Ripple by the SEC (US Securities and Exchange Commission) to the tune of $1.3 billion. This lawsuit is expected to last at least until the end of this year, but likely sometime after that too.
Where Can We Expect XRP In 10 Years’ Time?
In the next ten years, experts at Ripple Coin News project that the price of Ripple is likely to go up to $30, but most other financial experts agreed that it is possible for the price to actually grow to the $250 to $300 range in the next decade.
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