Ripple [XRP] 101 and its Upcoming Partnerships to look Forward
Ripple [XRP] the third largest cryptocurrency rocking the $32.8 bln cap is one of the top performing coins out there during 2017 with 37,233% gain from $0.0060 in the beginning of the year to $2.24 end of December.
For starters, Ripple is not the name of the cryptocurrency that we are talking about as it is officially called XRP so the right way to say I bought 100 Ripple I bought 100 XRP. The term Ripple that everybody uses comes from the firm that actually developed the digital currency – Ripple Labs. However, as it seems people do find it easier to remember and its a lot catchier.
Alongside the crypto-XRP, Ripple delivers more products that are not using XRP at all, like xCurrent. xCurrent has been developed with the purpose of allowing banks to transact with each other while providing compatibility with currencies in general like fiat and not only digital ones. In fact, this is the product used in the well-known partnership with American Express and Santander.
Although there are 100 billion XRP tokens in existence, the majority of them aren’t in circulation yet. Ripple Labs owns about 60 billion XRP as of this writing, 6.25 billion of which are directly owned and 55 billion of which are in escrow accounts for future distribution. Over the next few years, 1 billion XRP will become available per month to be distributed.
To have it clear, it is not that all digital currencies are designed to be methods of payments as there are already many that are trying to do that. However, various coins/tech are planned to offer solutions to existing financial problems or make the existing methods better. Ripple is cryptocurrency with the goal to act a method of payment transfer; in which case being supported by the above mentioned coin, money would move faster, cheaper and more efficient.
The latest reports claim that Ripple (XRP) is getting more and more recognized on the territory of Asia, as well as the EU. Some of the news from these areas even claim that five additional companies are planning to enter a partnership with this digital currency. The plan seems to be to tap into Ripple’s xVia API, and make a well-defined, new corridor that will be used for sending funds throughout RippleNet.