What is Ripple?

XRP is a global system for inter-currency payments, created in 2012 by Ripple Labs. The main advantage of the network is that it allows mutual transfers to anywhere in the world in just a few seconds.This makes Ripple a very attractive choice for banks that rely on a real-time payment system. At the end of 2017, it was announced that the American financial giant American Express and the Spanish-British group Santander would switch to the Ripple Protocol for transatlantic transfers. Also, this Protocol is used by more than 75 payment systems and 90 banks around the world, including UniCredit and Standard Chartered.The currency exchange scheme in the system is simple. For example, a person needs to convert American euros (EUR) to Brazilian reals (BRL). First, he transfers his euros to the internal currency of the Ripple — XRP system, then the transfer is made to the wallet with Reales owned by the Bank. At the end of the operation, the person receives the Brazilian currency. Thanks to xRapid technology, this exchange takes place in just several seconds. This is one of the main advantages of XRP. In addition, all transfers in the system are revocable, that is, they can be canceled and returned.The high speed of transfers in Ripple is due to the fact that the network is supported by 14 servers around the world, as opposed to the same Bitcoin that depends on miners who help to overcome a large load. That is why this system is so attractive for banks.Nowadays, more and more banks are switching to Ripple. This excitement has allowed XRP to make a huge jump in value. Now, this currency by market capitalization ranked third ($20.2 billion) after Bitcoin ($of 119.9 billion) and Ethereum ($of 39.06 billion). The cost XRP is $0,517754 despite the fact…