Ripple is a crypto platform for cross-border payments that use the XRP token enabling speedy, cheap, and secure money transfers. The Ripple network has been working in the financial market since its emergence. Later, it released the XRP Ripple coin, which is now among the top traced crypto assets. Let’s see what Ripple is about and how its rate changed in 2022.
Ripple Labs and Ripple Coin
XRP was one of the most popular coins in the crypto world its rank was always between 3 and 4. It is still a reputable coin that is ranked 7. The reason for this is XRP’s holder, the main holder of XRP is Ripple. But it’s assumed that the price will not increase recently. Ripple is a money transfer network that was designed to meet the needs of the financial services industry. And XRP is the native cryptocurrency of the Ripple network. So Ripple is the company that is behind the XRP coin. When cryptocurrencies emerge all transactions were then done through Bitcoin. But Bitcoin transaction fees were high and time-consuming. XRP coin used this opportunity, they did the same work in a short period and lower cost. XRP is a network known for its digital payment infrastructure and protocols.
The RipplePay protocol underlying the Ripple network was created long before the world heard about cryptocurrencies. That was the first cheap and speedy payment service that worked with no middlemen and allowed transactions in seconds. After some upgrades, Ripple Labs released its crypto XRP in 2012. The token plays a crucial role in currency conversion and transfers.
Ripple is used by around 200 companies, primarily financial institutions and banks, but also by individuals and app developers.
Here are some features of the Ripple network:
- fast and low-cost payments worldwide (transaction takes 2 – 3 seconds)
- Low fees ($0.0002 per one payment)
- Sustainable consumption of electricity (61,000X less energy than other blockchains)
- The system allows banks to develop and manage their crypto assets
- XRP facilitates business processes.
XRP Ripple Price
The year 2022 turned out to be one of the hardest for the world and the crypto industry in particular. It’s not a secret that crypto rates depend on external factors such as crisis, inflation, and financial problems caused by the full-scale war. That was one of the main reasons why the market of digital assets collapsed in the spring of 2022. Add FED’s increased rates and Binance’s blocking withdrawals, and we get a full-scale crypto collapse gradually flowing into crypto winter.
At the beginning of the year, the Ripple coin price was 0.84, then dropped to 0.61 in February and recovered to 0.81 in April. In October, the price reached 0.45; in late November, the rate was $0.40.
2022 was a tough time for all kinds of businesses and the crypto industry is not an exception. We believe that when the market trend changes, the Ripple coin price will grow. XRP is one of the stablecoins. If you want to buy cryptocurrency, welcome to the WhiteBIT crypto exchange.