Welcome back to our 12 days of
Wirex has dedicated 12 blogs in 12 days to keep you up-to-date with the top, trending cryptocurrencies. We know you’ll need a couple of conversation starters to make sure you’re the life of the Christmas party so we’ve got you covered here. Tune in for a new cryptocurrency every day until Christmas.
Today, we have the love-it-or-hate-it, Ripple (XRP).
But before we get started, as usual, we encourage you to develop a strong understanding of projects before investing (don’t succumb to FOMO!)
What is Ripple?
Ripple(XRP) is the first real-time, gross-settlement system to utilise blockchain technology. It allows users to make secure, instant payments with almost no fees to anywhere in the world.
When did this project start?
Ripple began back in 2004 with the development of the ripplepay network as a method of creating a decentralised monetary system that could allow users to effectively create their own money. However, it wasn’t until 2011 that the development team behind ripplepay began to use blockchain technology in order to create a cryptocurrency which was initially branded as OpenCoin. In 2013, Opencoin was then re-branded to Ripple, the brand which we all know and recognise today
A bit more about Ripple:
- Circulating Supply: 38,739,144,847 XRP
- Total Supply: 100,000,000,000 XRP
- Current Market Cap: $18.2 billion USD
At the beginning of 2017, Ripple started at $0.006416 US dollars.
Today it’s close to $0.60 USD
That’s nearly a 10000% return on your investment in the year!
Source: Coin Market Cap
Why the love-hate relationship?
Ripple was a fast mover (in terms of price) for the second quarter of 2017. Aside from that period, Ripple has been either down-trending or stagnant and in this relatively young industry (with generally upward trending prices), Ripple had let down its impatient investors.
Along with this, Ripple Labs is said to hold a large portion of its own tokens (XRP) which warrants accusations of the project being centralised or open to manipulation.
Why the Hype?
Ripples main purpose was to integrate blockchain technology with Major financial institutions such as banks and major exchanges.
So it comes as no surprise that Ripple has made many partnerships with many of these banks and financial institutions. This includes partnerships with American Express, Santander, Gates Foundation and many more in the making that are currently unannounced. As a result, it has had considerable coverage in mainstream media, and in various Cryptocurrency forums like Reddit and Bitcoin talk.
Many in the Ripple Community believe it will become the first cryptocurrency to be fully utilised as a medium of transfer rather than as a store of currency due to its minimal (almost 0) transaction fees, instant transfers, and adoption amongst large financial institutions. This gets further reinforced as Bitcoin’s transaction fees have reached a point in which it is hardly feasible as a medium of transfer.
Buy, Store & Spend Ripple(XRP) with Wirex
Did you know you can spend your Ripple (and other altcoins) with the Wirex app?
Although Wirex does not yet have Ripple Wallet Integration (coming in 2018), you can still deposit XRP into your Bitcoin wallet (we’ve integrated with Shapeshift), making it ready to spend via your Wirex card.
It’s just a few taps away. If you’re new to Wirex, it’s free to sign up.
With anything, please, please, please do your own research! And let us know what you think about Ripple in the community forum.