by Tanzeel Akhtar
If you haven’t heard of (XRP) already, now is a good time to get to know the digital currency. Though still low key, Ripple has huge potential and could soon rival .So what exactly is Ripple?
Ripple uses blockchain and distributed ledger technology. It is a global settlement network. In order to make a settlement, a fee must be paid in XRP and these are what trade on cryptocurrency markets.
Ripple aims to provide a “frictionless experience” to send money globally using the power of blockchain. Ripple has also been adopted by a number of banks including Spain's BBVA (MC:), Royal Bank Of Canada (NYSE:), Bank of America (NYSE:) and Standard Chartered (LON:). Indeed, buzz about Ripple indicates it could have the potential to revolutionize the financial services sector.
Currently Ripple is considered to be the third most popular cryptocurrency after Bitcoin and . At the time of writing, XRP was trading at $0.186. The currency has a market cap of almost $9 billion, after starting the year with a valuation around $250 million.Ripple: considered exciting and solid
Jeremy Epstein advisor to OpenBazaar, IOTA and ZcashRipple explains he has been a fan of XRP ever since he read the Ripple whitepaper fifteen months ago.
Epstein says:“I was excited about Ripple. I think their focus on a specific use case and being the common overlay for the global banking system of settlements is spot on. The effort to make XRP a de facto settlement coin is strategic brilliance.“
He adds:“At the same time, as banks continue to mobilize on the blockchain front, they have an existential threat in the form of industry consortia that, sensing Ripple's potential dominant role, will respond in kind. The good news for Ripple is that consortia have a poor track record, so I like their chances.”
Another huge fan of Ripple is David Drake, the chairman of wealth preservation fir...