0

Rank

XRP, XRP

$0.345159 ( 0.28% )

Market Cap

$17 376 525 032

24 Hour Volume

$601 324 533

Available Supply

50 343 500 506

XRP / US Dollar Chart, XRP/USD ()


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Average price: 0.0
Close price: 0.0
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Change: 0.0%

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About XRP


Ripple is a peer-to-peer payment system based on RTXP (Ripple Transaction Protocol). It is designed for operations with currency and money transfer. It supports both cryptocurrencies and tokenized funds: fiat money, exchange commodities, and digital assets. Validation is provided by the RippleNet distributed network, which consists of 300 financial institutions. The basic currency of the system is its own cryptocurrency XRP. One unit can be divided into a million fractions called drops.

The crypto project was established in 2011 by Jed McCaleb, David Schwartz, and Arthur Britto. In 2012, they invited Chris Larsen to join the team. He is a founder of credit companies E-Loan and Prosper. Then they invited the fifth member of the team — Ryan Fugger, whose concept and fintech startup RipplePay founded in 2005 became a prototype for the future project. In September 2012, they collectively established OpenCoin Inc. and renamed it Ripple Labs Inc. one year later.

Ripple accomplishments

Chris Larsen became CEO of Ripple Labs, and David Schwartz took the position of CTO. Arthur Britto is a consultant and works on Polysign, a subsidiary project. Ryan Fugger is also a consultant, but he works part-time (he suffers from chronic fatigue syndrome). As per Jed McCaleb, he left OpenCoin Inc. back in July 2013 to create a new crypto project — Stellar (XLM). In April 2015, Ripple Labs hired Brad Garlinghouse for a position of COO.

The company did not conduct ICO or a token sale but got the funding from institutional investors. Generally, such news about funding led to an increase in the Ripple price. The company can boast the following investments:

  1. April 2013 — $2.5 million in angel investments.
  2. May 2013 — $3 million in angel investments.
  3. November 2013 — $3.5 million in seed investments.
  4. May 2015 — $28 million in the Series A round.
  5. October 2015 — $4 million in the Series A round.
  6. September 2016 — $55 million in the Series B round.
  7. December 2019 — $200 million in the Series C round.

Ripple features

Despite all the accomplishments and values that Ripple brings to the financial sector through its fintech solutions, the crypto community treats the company and its currency sceptically. Enthusiasts do not even regard it as a cryptocurrency because technically XRP is neither a coin (it does not have its own blockchain) nor a token (it does not use a third-party blockchain). As for miners, they do not like it due to the lack of mining. Users are outraged at a requirement to always have 20 XRP as a non-expendable deposit upon wallet creation. Although it is just spam protection and not an attempt to fish 3.77 US dollars from each person.

The issue is limited to 100 billion XRP, half of it is frozen for regulating the Ripple exchange rate to the dollar. Each month one billion XRP is unfrozen and issued in the market. The current amount of circulating units is indicated under the XRP chart. Transactions are written to XRP Ledger based on the consensus protocol and DLT (distributed ledger technology). Taking into account all details and also a centralization (300 nodes in RippleNet in total), XRP can be regarded as a digital currency.

XRP prediction, perspective, and dynamics

In 2018, XRP set a record on 7 January on the mark of 3.38 USD, which is still an overall maximum. After going through a market drop, XRP attempted to rally twice synchronously with BTC. The first reversal was in February — the price rose from 0.69 to 1.20 USD. After a crypto winter, the price increase was in April — from 0.49 to 0.92 USD. In mid-September, when BTC entered the flat, the XRP price first fell to 0.26 USD (this was the year’s minimum) and then jumped to 0.57 USD. The increase was facilitated by the Swell conference, which Ripple Labs holds annually.

In April 2019, when the uptrend began on the market, XRP could not get out of the flat for another month and a half. The level breakout happened in mid-May, and the price rose from 0.31 to 0.46 USD. This awakening was facilitated by the Consensus 2019 conference, in which Ripple Labs also participated. The currency’s downtrend started in July, and the price dropped to 0.25 USD by mid-September. An attempt to revive in October was unsuccessful, and starting November, one more downtrend started, which dropped the price to the year’s minimum of 0.18 USD.

Although crypto enthusiasts do not have a soft spot for Ripple, the company does an important job of helping financial institutions to become familiar with the world of cryptocurrencies. In April, news appeared about Xpring and On-Demand Liquidity products, which the company is intensively developing. On 28 September, Ripple Labs will gather at TeamZ Blockchain Summit in Tokyo; on 14-15 October, it will hold its conference Swell Global 2020.

Here are the XRP price predictions for 2020 from technical analysis experts:

Analysts August 2020 October 2020 December 2020
Digital Coin Price $0.37 $0.31 $0.38
Long Forecast (EFA) $0.17 $0.13 $0.14
Trading Beasts $0.23 $0.22 $0.22
Wallet Investor $0.08 $0.07 $0.11

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