Ripple (XRP) Price

In a world where cryptocurrencies are becoming increasingly popular, Ripple XRP has solidified its position as one of the leading cryptocurrencies in terms of market capitalisation. Even though XRP is considered to be a cryptocurrency, it is inherently different from other players out there like Bitcoin and Ethereum. To assume that Ripple XRP is the next Bitcoin will be a disastrous mistake.

Simply put, Ripple is a back-end infrastructure that supports real-time payment protocol for anything of value. This can be pretty much anything, ranging from fiat money, cryptocurrencies, and commodities, to any other unit that has a value like frequent flier miles and mobile internet data. You can think of Ripple as a technology services provider that facilitates currency exchange in real time, swiftly and efficiently.

What is Ripple?

To truly understand the beauty of Ripple and how it is already changing the way financial transactions across the world are performed, it is important to understand the concept of liquidity in international transactions.

Liquidity in a transaction is essentially the ease with which an exchange in a particular instrument or security can be performed, or the ease with which an asset can be converted into cash for withdrawal. By default, cash is the most liquid asset while real estate is the least liquid asset, mainly because it can take a long time to sell.

For domestic transactions like a sale through debit card or cheque deposits, liquidity is high since the exchanges are taking place in a single currency. However, when we consider the same for international transactions, we will notice that it is not as simple as its domestic counterpart. They face many hurdles and delays owing to currencies and country-specific regulations. There is also a variance in time and price that could very well affect the pricing on both sides of the exchange. Furthermore, international payments may take anywhere from one-five days to settle and are usually quite expensive.

That’s why, financial institutions need to pre-fund their Nostro accounts (accounts that the bank holds in foreign currency in another bank). These accounts with balances in local currencies improve liquidity and help make international transactions seamless. However, this means that at this very moment, an astounding amount is sitting dormant in these Nostro accounts across the world - capital that could be utilised more productively. Owing to the cost and complexity of maintaining these accounts, only a handful of banks can effortlessly process global transactions, while the rest have to rely on these big financial entities for processing international transactions, all of which is done for a fee.

Which is why when you want to send money from India to your nana in America, not only will it take a couple of working days, but you will have also have to pay a significant amount as the transfer fee.

This is where Ripple comes in.

Ripple protocol has been designed to perform every transaction through the cheapest price available in the market. It essentially serves as a neutral entity to facilitate transactions for financial institutions. It is based on a cryptographic, publicly shared ledger that stores all the necessary information and is powered by a network of peer-to-peer servers and its content are decided by consensus.

Instead of relying on Nostro accounts, banks and other financial institutions simply need to incorporate Ripple protocol into their own systems and watch the magic happen.

Ripple protocol provides the much-needed liquidity for a seamless transaction through an international network of financial brokers, market makers, hedge funds, or pretty much any entity that can offer their cash positions. This is just like having a global marketplace for cash. As a result, businesses need not keep funded accounts in the countries they send payments to. This also ensures that international payments do not take the conventional SWIFT trail, which is rather time-consuming, expensive and difficult to scale. In many ways, Ripple is quite similar to the age-old hawala system, except its highly digitalised and cryptographically secured.

As for Ripple XRP, it is a digital asset native to the Ripple consensus ledger and serves as an efficient way to bridge the gap between the numerous currencies that are in use worldwide. For instance, assume that you, a resident of India, want to send money to your friend in Argentina. For this to happen successfully, Indian Rupees (INR) will have to be first converted into US Dollars (the most common currency) which will then be converted into Argentine Peso.

The above process is not only time consuming, but also quite expensive owing to the fees at every step of the exchange. Ripple protocol aims to solve this problem by introducing XRP as the common currency for all international money transfers. In short, it aims to become a global settlement network for all currency exchanges at low cost and higher efficiency.

It is important to remember that Ripple XRP has been built for enterprise use as it offers banks and payment providers on-demand liquidity which, in turn, significantly lowers costs while enabling real-time cross-border payments. XRP is like a vehicle that banks use to move funds, only it is much cheaper than using the USD.

Advantages of Ripple Protocol

  • Through Ripple XRP, payments can be settled in a maximum of 4 seconds in a stark contrast to other means like Bitcoin and traditional systems, which can take up to more than an hour and 3-5 working days respectively. Additionally, the transaction fee with XRP is comparatively lesser over other cryptocurrencies. The standard transaction fee when using Ripple is 0.0001 XRP, while the same in case of Bitcoin can be anywhere between $0.30 - $30.
  • XRP is scalable. Presently, it handles up to 1,500 transactions per second, 24x7. This is an astounding improvement over Ethereum, which can handle up to 15 transactions per second and is well in line with Visa’s ability to handle numerous transactions.
  • Ripple XRP, by improving liquidity, also makes cross-border payments in real-time cheaper and faster. This is particularly true for emerging markets, where currency exchange costs run high. This has actually enabled Ripple to enter emerging markets in countries such as India, China, and Brazil.

How many Ripple XRP are out there?

At the time of creation, the Ripple Company created 100 billion XRP initially with no provision for making any more. Of these 100 billion, 55 billion XRP have been kept into a cryptographically-secured escrow account with the provision to release 1 billion of them at the start of every month, from months 0 to 54 - roughly for a period of five years. Whatever XRP is unused at the end of each month will be added back to the queue into a new escrow account. This account will release the leftover XRP only after the previous accounts in the queue have been cleared.

As of now, roughly 38 billion Ripple XRP are in circulation. Another interesting thing about XRP is that a small amount of it is destroyed with each transaction and this amount is mentioned for every transaction.

Worldwide acceptance of Ripple

The technology behind Ripple has proven to be such a huge hit that financial institutions all around the world have already started implementing the Ripple protocol into their own systems, though the scale of its operation varies. Depending on the type of application - payment processing by banks for their customers, sourcing on-demand liquidity, and sending payments by businesses - Ripple has designed respective platforms for the aforementioned applications. Owing to its low cost and high speed, the following institutions are already a part of Ripple blockchain network:

Mitsubishi UFJ Financial Group, Santander Group, Standard Chartered, Credit Agricole, MoneyGram, Axis Bank, American Express, Yes Bank, UniCredit, IndusInd Bank, BBVA, Currencies Direct, et cetera.

Where to buy Ripple cryptocurrency?

After Bitcoin and Ethereum, Ripple is one of the most popular cryptocurrencies out there. Therefore, it comes as no surprise to see it listed on some of the most prominent cryptocurrency exchanges in the world - Bitstamp, Kraken, Bitso, Binance, Gatehub, et cetera.

Ripple Wallet

When it comes to wallets, Ripple XRP holders have plenty of options to choose from. However, the important thing to remember here is that regardless of the wallet you choose, you need to have a minimum balance of 20 XRP tokens. Without these 20 XRP tokens, you cannot get a wallet address.

Some of the most popular wallets are Gatehub, Exarpy, CoinPayments, Rippex, Toast, Ledger Nano S, et cetera. You can also look at paper wallets to eliminate any risks pertaining to hacking and malicious virus.

Ripple Mining

If you have any ambitious plans of mining ripple, you should know that it is absolutely impossible. The maximum supply of 100 billion XRP tokens are already out there.

Ripple XRP Price Trend

Just like every other prominent cryptocurrency like Bitcoin and Ether, Ripple XRP too witnessed a dramatic increase in price in the second half of 2017. However, unlike its other two counterparts wherein they have to be mined, XRP does not require any kind of mining in order to be generated. As stated earlier, 100 billion XRP have been created and that is all there ever will be, at least for the time being.

DateOpenHighLowCloseVolumeMarket Cap
Nov 12, 2018 0.507833 0.525536 0.500816 0.517165 605,042,000 20,792,881,924
Nov 11, 2018 0.506895 0.508318 0.496930 0.505913 292,675,000 20,340,489,540
Nov 10, 2018 0.500300 0.511176 0.499791 0.506698 328,038,000 20,372,050,864
Nov 09, 2018 0.492847 0.515509 0.492847 0.500668 509,865,000 20,129,611,646
Nov 08, 2018 0.536640 0.539282 0.491286 0.493508 686,221,000 19,841,740,204
Nov 07, 2018 0.549319 0.549319 0.524965 0.535707 631,230,000 21,538,372,467
Nov 06, 2018 0.497102 0.560547 0.497102 0.549080 1,333,160,000 21,639,288,294
Nov 05, 2018 0.461444 0.497412 0.460769 0.497412 556,519,000 19,998,705,113
Nov 04, 2018 0.455225 0.470722 0.449935 0.462691 429,629,000 18,602,729,463
Nov 03, 2018 0.458899 0.459135 0.454453 0.455667 275,311,000 18,320,325,933
Nov 02, 2018 0.456506 0.461451 0.455729 0.458685 401,300,000 18,441,666,174
Nov 01, 2018 0.448620 0.456303 0.446069 0.455722 346,501,000 18,494,536,425
Oct 31, 2018 0.445268 0.450401 0.438760 0.448382 367,008,000 18,092,481,285
Oct 30, 2018 0.441968 0.448306 0.440880 0.444759 245,858,000 17,769,546,760
Oct 29, 2018 0.461598 0.462128 0.437057 0.441514 341,648,000 18,558,791,184
Oct 28, 2018 0.457169 0.463931 0.455456 0.462406 280,005,000 18,380,731,242
Oct 27, 2018 0.459176 0.460376 0.455284 0.456348 211,006,000 18,461,412,032
Oct 26, 2018 0.456961 0.460288 0.453618 0.459288 235,514,000 18,372,344,917
Oct 25, 2018 0.455780 0.462766 0.452681 0.458052 273,380,000 18,230,128,937
Oct 24, 2018 0.461505 0.467070 0.454497 0.457237 295,115,000 18,459,092,599
Oct 23, 2018 0.453070 0.471596 0.439644 0.462058 445,238,000 18,121,722,845
Oct 22, 2018 0.456089 0.458188 0.450583 0.453109 249,302,000 18,242,475,905
Oct 21, 2018 0.458863 0.463629 0.455411 0.456694 262,867,000 18,353,416,238
Oct 20, 2018 0.453936 0.461899 0.451070 0.459151 277,061,000 18,156,365,400
Oct 19, 2018 0.457344 0.460625 0.450369 0.454178 303,401,000 18,292,697,001
Oct 18, 2018 0.467653 0.474622 0.447294 0.457725 476,876,000 18,705,009,203
Oct 17, 2018 0.469701 0.478521 0.460343 0.468197 526,538,000 18,786,911,870
Oct 16, 2018 0.448066 0.470990 0.445319 0.470253 605,102,000 17,921,587,053
Oct 15, 2018 0.401654 0.472133 0.396701 0.447316 1,041,470,000 16,065,199,320
Oct 14, 2018 0.418573 0.424992 0.401460 0.403286 289,195,000 16,741,923,546
Oct 13, 2018 0.416294 0.425624 0.414515 0.418878 373,875,000 16,650,777,937
Oct 12, 2018 0.379313 0.439544 0.378914 0.419115 820,154,000 15,171,606,884
Oct 11, 2018 0.461497 0.461497 0.381614 0.383130 791,202,000 18,458,793,401
Oct 10, 2018 0.479151 0.479151 0.459042 0.462387 412,207,000 19,135,108,955
Oct 09, 2018 0.490604 0.491133 0.471116 0.479857 416,867,000 19,592,477,417
Oct 08, 2018 0.484018 0.496593 0.479386 0.489751 540,832,000 19,329,458,625
Oct 07, 2018 0.490268 0.490268 0.469887 0.482039 548,645,000 19,579,049,942
Oct 06, 2018 0.519354 0.520882 0.470532 0.488082 672,167,000 20,740,595,570
Oct 05, 2018 0.527530 0.530432 0.510320 0.519026 589,636,000 21,067,120,536
Oct 04, 2018 0.528892 0.547161 0.526250 0.526606 621,615,000 21,121,535,016
Oct 03, 2018 0.517220 0.536097 0.512269 0.528162 789,229,000 20,655,379,543
Oct 02, 2018 0.577145 0.577145 0.518287 0.520837 743,705,000 23,048,516,946
Oct 01, 2018 0.583511 0.602337 0.537349 0.576461 1,412,800,000 23,265,129,410
Sep 30, 2018 0.568045 0.618702 0.564195 0.581572 1,329,720,000 22,648,482,209
Sep 29, 2018 0.539412 0.587431 0.529954 0.571228 1,034,370,000 21,506,830,064
Sep 28, 2018 0.543030 0.548805 0.522197 0.539112 718,255,000 21,651,113,979
Sep 27, 2018 0.516478 0.550922 0.513967 0.541381 824,083,000 20,592,429,897
Sep 26, 2018 0.520288 0.566711 0.491498 0.516308 1,821,610,000 20,744,361,360
Sep 25, 2018 0.487622 0.546061 0.441519 0.526941 1,639,680,000 19,441,931,263
Sep 24, 2018 0.570614 0.580377 0.489646 0.494712 1,034,380,000 22,715,618,493
Sep 23, 2018 0.575220 0.595025 0.559651 0.570689 1,043,970,000 22,898,988,896
Sep 22, 2018 0.565468 0.609112 0.495737 0.570798 2,411,430,000 22,510,774,201
Sep 21, 2018 0.452836 0.769380 0.429052 0.561462 4,101,490,000 18,026,983,451
Sep 20, 2018 0.326441 0.477467 0.322347 0.449918 1,291,360,000 12,995,296,506
Sep 19, 2018 0.320324 0.334734 0.313853 0.326053 489,609,000 12,751,815,823
Sep 18, 2018 0.271452 0.332653 0.271010 0.321860 600,216,000 10,806,270,795
Sep 17, 2018 0.281545 0.283361 0.268184 0.272251 246,489,000 11,208,027,091
Sep 16, 2018 0.281723 0.281846 0.276549 0.281166 197,009,000 11,215,132,456
Sep 15, 2018 0.277006 0.283564 0.276765 0.282008 205,361,000 11,027,367,618
Sep 14, 2018 0.281184 0.284941 0.273855 0.277159 269,029,000 11,166,631,222
Sep 13, 2018 0.270783 0.284655 0.267846 0.280583 311,799,000 10,753,576,244
Sep 12, 2018 0.263166 0.272626 0.255756 0.270087 298,449,000 10,451,083,575
Sep 11, 2018 0.270167 0.274917 0.255917 0.263710 200,330,000 10,729,099,551
Sep 10, 2018 0.280237 0.282113 0.263820 0.270321 204,958,000 11,111,435,989
Sep 09, 2018 0.278661 0.291261 0.274478 0.278680 168,991,000 11,048,955,365
Sep 08, 2018 0.291119 0.296207 0.273789 0.279333 169,208,000 11,542,912,112
Sep 07, 2018 0.301431 0.305307 0.287287 0.291435 213,961,000 11,951,803,040
Sep 06, 2018 0.283500 0.305327 0.276112 0.302710 329,763,000 11,240,798,945
Sep 05, 2018 0.331465 0.334100 0.283601 0.283601 344,488,000 13,142,626,421
Sep 04, 2018 0.335184 0.340320 0.330305 0.331652 241,419,000 13,290,111,416
Sep 03, 2018 0.343137 0.343684 0.334542 0.335961 201,147,000 13,605,424,981
Sep 02, 2018 0.347323 0.349541 0.338393 0.342523 240,907,000 13,771,423,148
Sep 01, 2018 0.335313 0.352657 0.334467 0.347721 257,267,000 13,295,224,488
Aug 31, 2018 0.335474 0.338988 0.328373 0.335332 219,139,000 13,301,609,033
Aug 30, 2018 0.344546 0.346640 0.325641 0.335444 263,925,000 13,661,315,450
Aug 29, 2018 0.350833 0.353745 0.341238 0.344803 275,908,000 13,899,357,389
Aug 28, 2018 0.337527 0.356798 0.334971 0.351837 329,550,000 13,372,216,711
Aug 27, 2018 0.323643 0.337781 0.323066 0.336903 227,284,000 12,791,844,745
Aug 26, 2018 0.328162 0.328327 0.320571 0.323776 168,718,000 12,970,457,794
Aug 25, 2018 0.327650 0.331530 0.324468 0.328230 167,363,000 12,950,216,379
Aug 24, 2018 0.327390 0.328584 0.318217 0.327606 244,571,000 12,939,944,898
Aug 23, 2018 0.319573 0.328813 0.319176 0.327709 217,578,000 12,630,954,713
Aug 22, 2018 0.334434 0.350122 0.316613 0.319803 286,845,000 13,167,469,147
Aug 21, 2018 0.318219 0.338100 0.316983 0.335177 248,735,000 12,529,064,599
Aug 20, 2018 0.344451 0.351689 0.317692 0.319283 311,144,000 13,561,851,038
Aug 19, 2018 0.327363 0.353079 0.321945 0.343978 327,300,000 12,889,055,633
Aug 18, 2018 0.363027 0.369954 0.317115 0.327100 434,332,000 14,293,247,833
Aug 17, 2018 0.292808 0.373619 0.292766 0.366676 497,206,000 11,528,558,090
Aug 16, 2018 0.282034 0.300958 0.278203 0.292436 238,219,000 11,104,340,439
Aug 15, 2018 0.276797 0.301744 0.276797 0.282005 332,432,000 10,898,166,615
Aug 14, 2018 0.278738 0.279615 0.253983 0.274272 276,768,000 10,974,569,489
Aug 13, 2018 0.297572 0.310680 0.276544 0.277466 235,117,000 11,694,547,623
Aug 12, 2018 0.300604 0.309376 0.297057 0.297870 178,827,000 11,813,701,285
Aug 11, 2018 0.321122 0.321210 0.291582 0.301262 284,423,000 12,620,041,078
Aug 10, 2018 0.346167 0.347973 0.316909 0.320426 249,264,000 13,604,325,471
Aug 09, 2018 0.333771 0.359654 0.332608 0.346771 325,775,000 13,117,166,262
Aug 08, 2018 0.380875 0.380875 0.326996 0.331944 360,857,000 14,968,341,740
Aug 07, 2018 0.413776 0.415917 0.379526 0.381006 244,448,000 16,261,364,052
Aug 06, 2018 0.433886 0.435794 0.406680 0.414081 242,075,000 17,051,681,452
Aug 05, 2018 0.428580 0.434594 0.427522 0.433638 186,848,000 16,843,146,733
Aug 04, 2018 0.441039 0.443058 0.427125 0.428507 185,678,000 17,332,793,629
Aug 03, 2018 0.430397 0.443633 0.426481 0.440571 278,870,000 16,921,348,859
Aug 02, 2018 0.447016 0.447645 0.429939 0.430254 204,898,000 17,574,734,907
Aug 01, 2018 0.435562 0.459134 0.427168 0.445852 323,200,000 17,124,399,552
Jul 31, 2018 0.445892 0.446124 0.427753 0.435225 228,767,000 17,530,533,747
Jul 30, 2018 0.453469 0.454549 0.436964 0.446107 247,714,000 17,828,443,993
Jul 29, 2018 0.456606 0.457140 0.450249 0.453306 191,966,000 17,951,776,768
Jul 28, 2018 0.454599 0.456170 0.449695 0.453667 157,346,000 17,872,869,376
Jul 27, 2018 0.449623 0.459486 0.445224 0.453635 203,720,992 17,677,234,176
Jul 26, 2018 0.459447 0.466983 0.446849 0.449920 199,587,000 18,063,500,000
Jul 25, 2018 0.455842 0.465526 0.450719 0.459829 255,872,000 17,921,700,000
Jul 24, 2018 0.445559 0.466819 0.438565 0.457623 319,956,000 17,517,500,000
Jul 23, 2018 0.449121 0.461783 0.444498 0.445276 194,542,000 17,657,500,000
Jul 22, 2018 0.455002 0.460989 0.449140 0.449311 158,906,000 17,888,700,000
Jul 21, 2018 0.446219 0.458755 0.438318 0.455410 180,339,000 17,543,400,000
Jul 20, 2018 0.476485 0.476485 0.436483 0.446994 295,403,000 18,733,300,000
Jul 19, 2018 0.487577 0.491237 0.471724 0.476433 293,942,000 19,143,500,000
Jul 18, 2018 0.505118 0.519560 0.477234 0.486389 367,989,000 19,832,200,000
Jul 17, 2018 0.481301 0.516604 0.470048 0.505587 347,700,000 18,897,100,000
Jul 16, 2018 0.446413 0.483401 0.444505 0.483401 269,283,000 17,527,300,000
Jul 15, 2018 0.439095 0.448987 0.437194 0.445894 152,903,000 17,239,900,000
Jul 14, 2018 0.438561 0.441646 0.433895 0.439271 134,841,000 17,219,000,000
Jul 13, 2018 0.436514 0.444508 0.434805 0.438741 179,403,000 17,138,600,000
Jul 12, 2018 0.449882 0.449972 0.428033 0.435364 182,139,000 17,663,500,000
Jul 11, 2018 0.445127 0.452545 0.443574 0.450233 183,887,000 17,476,800,000
Jul 10, 2018 0.473855 0.474336 0.443261 0.445042 230,418,000 18,604,700,000
Jul 09, 2018 0.477291 0.480774 0.472653 0.474270 206,345,000 18,739,600,000
Jul 08, 2018 0.492319 0.494895 0.475966 0.477749 226,644,000 19,329,600,000
Jul 07, 2018 0.478617 0.492477 0.467716 0.492477 214,979,000 18,791,700,000
Jul 06, 2018 0.480579 0.481473 0.462414 0.479151 245,003,000 18,868,700,000
Jul 05, 2018 0.490422 0.497402 0.472966 0.481625 279,999,000 19,255,000,000
Jul 04, 2018 0.485584 0.503604 0.475774 0.490043 313,829,000 19,065,000,000
Jul 03, 2018 0.486259 0.515696 0.480843 0.485223 410,226,000 19,091,500,000
Jul 02, 2018 0.461606 0.488924 0.453839 0.486122 335,919,000 18,123,600,000
Jul 01, 2018 0.465944 0.466280 0.450816 0.461358 267,225,000 18,293,900,000
Jun 30, 2018 0.454112 0.480147 0.454112 0.466245 345,529,000 17,829,400,000
Jun 29, 2018 0.448354 0.458340 0.427302 0.453080 309,778,000 17,603,300,000
Jun 28, 2018 0.470330 0.471683 0.445750 0.448458 220,566,000 18,466,100,000
Jun 27, 2018 0.455551 0.472758 0.451960 0.470370 215,618,000 17,885,900,000
Jun 26, 2018 0.482381 0.482872 0.456001 0.456001 179,426,000 18,939,300,000
Jun 25, 2018 0.477106 0.491110 0.475560 0.481753 231,729,000 18,724,200,000
Jun 24, 2018 0.491773 0.493725 0.450048 0.477380 369,520,000 19,299,800,000
Jun 21, 2018 0.539228 0.547007 0.530697 0.534775 194,312,000 21,162,200,000
Jun 20, 2018 0.549738 0.550554 0.525859 0.539286 256,920,000 21,574,600,000
Jun 19, 2018 0.538614 0.558059 0.534595 0.549621 255,400,000 21,138,100,000
Jun 18, 2018 0.528820 0.547794 0.511833 0.537495 276,527,000 20,753,700,000
Jun 17, 2018 0.535536 0.538881 0.525215 0.528216 166,028,000 21,017,300,000
Jun 16, 2018 0.537106 0.539293 0.523588 0.534784 202,682,000 21,078,900,000
Jun 15, 2018 0.560062 0.560062 0.534301 0.537707 241,685,000 21,979,800,000
Jun 14, 2018 0.535435 0.570590 0.526614 0.561306 379,825,000 21,012,800,000
Jun 13, 2018 0.562845 0.564642 0.517036 0.534663 359,865,000 22,088,500,000
Jun 12, 2018 0.602136 0.602139 0.556653 0.562933 309,544,000 23,630,400,000
Jun 11, 2018 0.586198 0.604066 0.568721 0.604066 336,547,000 23,004,900,000
Jun 10, 2018 0.659514 0.659514 0.561237 0.588126 492,555,000 25,882,200,000
Jun 09, 2018 0.674778 0.678893 0.659755 0.659755 175,990,000 26,481,200,000
Jun 08, 2018 0.677586 0.679668 0.660804 0.674343 221,887,000 26,591,400,000
Jun 07, 2018 0.675313 0.688223 0.673146 0.678128 244,568,000 26,500,300,000
Jun 06, 2018 0.677901 0.681668 0.660059 0.674797 273,966,000 26,601,900,000
Jun 05, 2018 0.661898 0.683840 0.641428 0.677015 386,328,000 25,973,900,000
Jun 04, 2018 0.692466 0.703623 0.644603 0.661425 558,131,000 27,173,400,000
Jun 03, 2018 0.643412 0.673594 0.640891 0.671205 327,804,000 25,248,500,000
Jun 02, 2018 0.623462 0.648982 0.619477 0.643451 315,206,000 24,465,600,000
Jun 01, 2018 0.612893 0.624824 0.609069 0.623364 263,088,000 24,019,200,000
May 31, 2018 0.603452 0.621636 0.596089 0.612622 283,328,000 23,649,300,000
May 30, 2018 0.603769 0.627679 0.590058 0.605817 320,605,000 23,661,700,000
May 29, 2018 0.556084 0.610749 0.551635 0.601241 380,744,000 21,792,900,000
May 28, 2018 0.608368 0.609781 0.552299 0.552299 327,903,000 23,841,900,000
May 27, 2018 0.612040 0.612884 0.603328 0.607881 186,963,000 23,985,800,000
May 26, 2018 0.610118 0.626494 0.603800 0.612708 213,242,000 23,910,500,000
May 25, 2018 0.632924 0.636208 0.603334 0.611001 289,816,000 24,804,300,000
May 24, 2018 0.599207 0.640258 0.589272 0.631997 440,533,000 23,482,900,000
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Another fact to consider here is that a significant chunk of it is held by the Ripple Company, which means that they can technically flood the market with massive amounts of their XRP to keep the price under control.

Nonetheless, the spike in price that took the world by surprise was driven primarily by the growing popularity of cryptocurrencies. As the price of Bitcoin surged in late 2017, so did the price of other cryptocurrencies like Ether and Ripple.

Until April 2017, 1 Ripple XRP was valued to be at around $0.05. In May, the price went up to $0.31 and it stayed on this wavelength till the end of the year, when the cryptocurrency recorded a five-fold increase. On December 31, 2017, 1 XRP was equivalent to $2.28 and by the end of the first week of January 2018, the same was valued at $3.40. The price increased tenfold in a matter of months, thus giving much better returns than the traditional investments out there. However, just like other cryptocurrencies out there, the rally did not last for long and the price came down soon after achieving record highs. At the time of writing this article, 1 XRP is equivalent to $0.55.

Since Ripple is essentially a technology services provider, the ideal thing would be to have the company listed on stock exchanges like NASDAQ and NYSE, and then benefit from the company’s growth. The company is already profitable, which is partly owing to its XRP sale. As more and more banks become a part of the Ripple network to solve their cross-border payment problems, we can expect the Ripple Company to become more profitable.

Risks associated with investing in Ripple

Ripple XRP is definitely different compared to the other players out there. Its blockchain technology is being adopted by some of the leading financial institutions across the world and it serves as one of the few legitimate competitors to the existing financial system. It is already changing the way we move money around the world and in the coming years, we may very well be in for a massive overhaul of international transaction systems. However, for this to happen, a lot of things have to go right for the Ripple Company.

Coming to the Ripple XRP tokens, unless you run a financial institution, there are not that many practical uses of owning XRP. This token solely serves as an efficient way for banks to move money around in different currencies. Therefore, for an average man to get some value out of Ripple XRP, the only feasible way would be through cryptocurrency exchanges, although as we have seen, it is highly volatile and precarious.

Therefore, instead of risking your hard-earned money in these volatile cryptocurrencies, it is better to take the safe way and invest in legal, safe instruments such as mutual funds. It does not require a lot of effort and additionally, it generates steady returns in the long run. Furthermore, it is not subjected to legal issues and controversies like Bitcoin and other decentralised virtual currencies out there.

Ripple (XRP) News and Developments

Ripple has been one of the most popular cryptocurrency projects in the world, primarily because of it real-world applications. Its technology and protocol has been adopted by several prominent financial institutions in the world. Most recently, payment provider TransferGo has decided to use Ripple’s services and infrastructure for real-time transactions.

Ripple has also ramped up its investments in the blockchain space. In June 2018, it launched the University Blockchain Research Initiative Program with 17 premier universities from across the world. The idea behind this program is to promote and support academic research, innovation, projects, and technical developments in the field of blockchain technology, cryptocurrency, and digital payments. It will be donating a total of $50 million to the cause.

The company has also invested in Blockchain Capital for the same purpose. It invested a total of $25 million in XRP to boost businesses and applications built on blockchain technology.

Considering the price of Ripple XRP token, it has been going down ever since the cryptocurrency bubble collapsed in February 2018. After reaching its high above the $3 mark, the price descended back to its previous levels below the $0.8 mark. The price continued to fall gradually and eventually, it went below the half dollar mark.

Disclaimer:

"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

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