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What you need to know about Ripple

The modern world of fintech makes people’s lives better with the different innovations created. With the help of the internet and gadgets, people can now do most things without hassle and at a faster pace like paying their bills online, purchasing items, and even transferring money overseas.

Ripple is an innovation that aims to change the world for the better. With its solution of providing easy money transfers from across the globe, Ripple has become a revolutionary asset to push the archaic banking system forward into the modern age where value and information can be accessed and transferred with just a simple click. 

What is Ripple?

Ripple is an established cryptocurrency that ranks 4th on the list of top digital assets in the globe when it comes to its market cap. Also referred to as XRP, transactions with this cryptocurrency only take seconds and require a small fee, unlike other cryptocurrencies.

Established in 2012 by Ripple Inc., XRP is an open-source payment solution that regulates a cross-border payment network. Compared to most digital assets that use miners to validate transactions, XRP uses a distributed consensus mechanism which utilizes a network of nodes. Most cryptocurrencies cater to peer-to-peer transactions but in Ripple, they make transactions with banks, exchanges, and other payment providers. 

Ripple began in 2004. It was founded by Ryan Fugger who created RipplePay which is the original version of Ripple. Fugger handed RipplePay to Chris Larsen and Jed McCaleb in 2013. There are a total of 100 billion XRP coins on its first launch with 20 billion allotted for the creators and Ripple Labs.

RippleNet and XRP

This cryptocurrency has its own native coin called XRP which people often believe is the same as the Ripple company. They also have a platform called RippleNet that allows their users to create seamless transactions with other banks that use XRP. RippleNet allows its users to make payments using any currency, including other cryptocurrencies as well. 

How Ripple works

Ripple works by converting fiat currencies into XRP through the following core services:


xCurrent’s priority is to process the payments for banks and other payment systems without using Ripple’s coin, XRP. This is the platform where Ripple users can settle their payments and other transactions. 


xRapid’s purpose is to connect banks to cryptocurrency exchanges that convert fiat currencies to XRP. 


Banks can work with xVia once they’re connected to xCurrent and xRapid. This is the main bridge between banks and transactions to make the flow of transactions become seamless. 

Ripple cryptocurrency works by converting fiat currencies with the help of xRapid which will send the transaction through xVia, and transfer it to the bank or crypto exchange. This process is achieved within 4 seconds. 

How to buy XRP

You will find XRP on various crypto exchanges like Bitstamp, Kraken, and GateHub. There are different ways to purchase XRP tokens depending on the exchange site you choose. Here are some applications where you can buy XRP:


With Bitstamp, you can purchase XRP in various ways by trading your EUR, USD, or BTC. Before purchasing XRP tokens, create an account with Bitstamp by going to their website. Afterwards, you will have to deposit funds in your account. 


Similar to Bitstamp, you must sign up for an account. Before you can buy XRP, you will need to purchase XBT first and once you do, you can place an order for XRP by using the XRP/XBT pair.

Where to store XRP tokens

After you purchase your coins from Ripple cryptocurrency, you’ll need a wallet to keep them safe. Wallets for Ripple require a minimum of 20 XRP, unlike other cryptocurrency wallets that are free. There are several types of wallets that you can use to store XRP coins namely software, paper, and hardware wallets. Learn more about these wallets here:

Software wallets

One of the most common ways to store your XRP is through software wallets that are available in various types. You can choose to store your XRP on online wallets and access it from any device available. There are software wallets that store private keys offline. Before choosing the type of software wallet to store your tokens, do your research first and find out if the wallet is capable of keeping your XRP safe.

Here are two types of software wallets:

  • Mobile Wallets – These are applications that you can download on your mobile phone.
  • Desktop Wallets – With these, you can download applications on your computer. Some desktop wallets have a feature where you can use both their mobile & desktop wallets and you can sync your account.

Hardware Wallets

Hardware wallets are physical wallets in the form of a USB. The purpose of this wallet is to allow users to store their tokens offline. With this, you can keep your XRP safe because you can bring it anywhere with you since it’s just a small device. 

A PIN protects your private keys in the hardware wallet making it almost impossible for hackers to tamper with your keys. A recovery phrase also known as seed phrase is also available if you ever lose your wallet. You can move your keys to another hardware wallet with the use of the seed phrase.

Paper Wallet

As its name would suggest, a paper wallet is a piece of paper where the public and private keys of the wallet are printed. Since papers can easily be damaged, you can take precautions to keep it safe by laminating it or storing it in a storage box that no one knows of. 

Invest in Ripple today!

Ripple attests that they’re one of the game-changers in the industry by providing easy digital money transfers with a cheap fee. With a goal of smooth transactions, Ripple has the resources to become one of the most trusted cryptocurrencies in the market. Remaining on the list of top cryptocurrencies, Ripple has proven that it’s a must-have asset in this ever-changing industry.

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