Cryptocurrencies are becoming increasingly popular with the passage of time. It's because these are revolutionizing the way we do trading. Now, even governments, banks, and payment transfer companies are adopting blockchain technology and cryptocurrencies for cross-border transactions.
Currently, Ripple's XRP stands at the third spot in global cryptocurrency rankings. One of the most prominent works of Ripple is that it enables payment platforms for the quick processing of cross-border payments. Ripple is embracing the latest blockchain technology and has succeeded in reducing payment processing time to only four seconds.
RippleNet and Ripple XRP were formed in 2012 to enable the transfer of digital assets and money in no time. Ripple XRP is scalable to such an extent that it handles 1500 transactions per second. Also, one of the vital features of Ripple is that there's no need to own XRP (cryptocurrency) to use its platform. Due to its ability to process payments with lightning-fast speed and scalability, the number of companies joining its platforms is rapidly increasing.
Another interesting fact is that Ripple has experienced a surge of about 35000% in value in the year 2017, making it the largest increase in the value of all the cryptocurrencies in the world. Now, experts believe that Ripple is going to have an excellent year ahead as well and would achieve much more value in 2018.
Another reason for Ripple's unforeseen rise in the last few months is that the company has escrowed 55 billion XRPs. Earlier, investors were skeptical about investing in Ripple and its future. However, this escrowing of funds has diminished their worries and now more and more people are investing in it.
One of the most significant differences between other cryptocurrencies and Ripple is the type of blockchain these digital currencies use. Ripple uses a protocol instead of using blockchain to transfer money.
The increasing number of banks and financial institutions joining Ripple has forced the creators to extend the number of transactions per second to 50000.
The creators are also planning to bring XRP into the mainstream currency landscape to further facilitate cross-border transactions in the minimal possible time. However, crypto experts believe that the value of Ripple won't come down if it puts the XRP currency on a halt. It's because the majority of global payment firms and banks are depending on its protocol for cross-border payments.
Ripple is also considered an attractive cryptocurrency as it's very easy to sell, buy, and trade it. In fact, almost every popular crypto exchange platform in the world has kept Ripple on its list for trading activities. If you are looking for developing top-quality crypto exchange platform software, here's a compact guide of features to keep you ahead of the competition.
Here's some advice, you must contact a blockchain development company or contact Ripple directly if you're a financial institution. But, for individuals (investors), Ripple is available through numerous cryptocurrency exchanges and trading platforms around the globe.
In addition, all the transaction happening in the Ripple Blockchain Platform are stored in an open-source decentralized ledger.
XRP is also supporting many fiat currencies on countless crypto exchanges. It means anyone can exchange Ripple XRP with any other digital currency.
To conclude, we can say that Ripple Blockchain and XRP's future is bright. It has the potential to revolutionize cross-border payments through its inventive technology. It is also eliminating middlemen's work to expedite cross-border payment processing.