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The Ripple currency

Ripple is a major cryptocurrency traded under the cryptocurrency ticker symbol XRPK. The currency and technology are designed and managed by the Ripple Lab to facilitate fast and reliable payments globally.

Here, we'll take a look at Ripple, how it works, why it's so popular, and the ongoing challenges facing XRP that every crypto investor should know.

Keep reading to learn all about Ripple and how it might fit into your cryptocurrency basket portfolio.

What is the Ripple currency?

Ripple is a cryptocurrency created by Ripple Labs to facilitate instant and reliable payments.

The latest version of the XRP protocol, the software behind the Ripple blockchain, was finalized in a white paper released in February 2018.

Like other cryptocurrencies, XRP runs on a distributed ledger where multiple computers check in.

Known as a transaction validation contract, it keeps a record of all past XRP activities.

But unlike Bitcoin and Ethereum, which are known to be expensive and slow, XRP is designed to confirm transactions almost instantly at a much lower cost.

Ripple Labs has big ambitions with respect to XRP, including operating Central Bank Digital Currencies (CBDCs).

However, it wasn't all smooth sailing for Ripple, the US Securities and Exchange Commission tasked Ripple with creating an unregistered securities offering.

This has resulted in some cryptocurrency exchanges pausing XRP purchases as the case is making its way through the courts until the future of XRP is better understood.

Ripple special features

The launch of Ripple aims to beat the sometimes slow transactions you get with other currencies.

The typical time of 10 minutes to create a new block can rise to an hour for some bitcoin transactions to complete, depending on network congestion.

While Ethereum is generally faster with an average of around 15 seconds, that is still too slow for some important transactions.

Ripple XRP settles in less than four seconds with a grid fee of just a fraction of a cent.

To speed up the transaction process, XRP requires fewer nodes compared to Proof of Work currencies, such as Bitcoin and Ethereum, to instantly show consensus on a transaction.

XRP is not mined, and with a relatively constant supply of Ripple in the market, there is unlikely to be any kind of major inflation.

Because XRP uses consensus rather than the “Proof of Work” used by other coins.

XRP transactions are cheaper, faster, and possibly more energy efficient 10

How to buy or invest in Ripple currency

You cannot buy Ripple from any old cryptocurrency exchange, especially if you are based in the United States.

Due to the SEC action, most exchanges such as Coinbase, Kraken, and Gemini have suspended XRP trading in the US.

However, you can exchange other cryptocurrencies for XRP using distributed exchanges and some international exchanges.

XRP coin wallets

Since XRP is very popular, it is widely supported by many crypto wallet providers.

Even some in the US like Coinbase which does not support it for buying and selling. You can also keep XRP in a hardware wallet like the ones on Trezor and Ledger.