Although Ripple is a new name in the world of Crypto, it performs extraordinarily well, going up 35.500% just this year. Let’s take a closer look at Ripple and its mean features.
First of all, it’s worth stating that the official name of the coin is not Ripple, it’s XRP. Ripple Labs is the name of the development team behind XRP coin. The team is currently offering 3 different products, XRP coin being just one of them. Another product is called xCurrent, which lets banks do transactions with each other in a reliable way, regardless of the currency. American Express and Santander have been known to use this product. xRapid is the name of the third product that trades XRP token via the xCurrent system. This product has several key advantages including opening up the new markets and making transactions even faster, but it is hasn’t gained popularity yet.
Another distinctive feature of Ripple is that it can’t be mined. Every Ripple coin there is has already been calculated, although not all coins are in circulation. It’s estimated that only about forty percent of XPR tokens are currently available.
Ripple is not designed for payments. It can be used for such purposes, but adoption of Ripple by retailers seems unlikely any time soon. Instead of payments, Ripple is designed to be a transfer coin for moving money from one point to another, which is cheaper, quicker, and more efficient than regular bank transfer.
Ripple network provides instant transactions, in contrast with Bitcoin and Etherium. It also has much smaller fees. The highest transaction cost this currency has ever had has been about 3 cents.